The Stock Dynamics between the Upper, Middle and Lower Stream of the Petrochemical Industry
碩士 === 國立高雄第一科技大學 === 財務管理所 === 98 === Taiwan is on the leading edge of global petrochemistry. In this industry, it integrated vertical stream with high efficiency way, and has the completeness with the cooperated model of upper and lower stream. It is a close supply chain relationship. The high val...
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ndltd-TW-098NKIT53050482016-04-20T04:17:30Z http://ndltd.ncl.edu.tw/handle/48684625632042143846 The Stock Dynamics between the Upper, Middle and Lower Stream of the Petrochemical Industry 石油化學工業上中下游股價連動之研究 Chih-chao Tao 陶至超 碩士 國立高雄第一科技大學 財務管理所 98 Taiwan is on the leading edge of global petrochemistry. In this industry, it integrated vertical stream with high efficiency way, and has the completeness with the cooperated model of upper and lower stream. It is a close supply chain relationship. The high value and productivity in this industry make the economic connecting behavior in Taiwan. This study is focusing on stock influence and interrelationship between the upper and lower steam of the petrochemistry, especially 3 companies of “NAN YA Plastics Corporation, NPC”, “Formosa Plastics Corporation, FPC”, and “Formosa Petrochemical Corporation, FPCC”. Using unit-root test, cointegrated test, error correction term and vector autoregressive model find that the stocks of these three companies does not show a unit-root result. That is stationary series. After these steps, using Granger causality test finds out the stocks of these three companies show an interrelationship. The stocks of these three companies also show a cointegrated result, and it is a long term stationary behavior. Stock of GPCC leads NPC, but NPC cannot affect the stock of GPCC. As result, there exists a one-way result. From impulse response function analysis, the fluctuation caused by FPC will be the most severe in NPC; it caused by NPC will be the most severe in FPC. In the end, FPCC will take the most fluctuation effect in NPC. Ming-hsien Chen 陳明憲 2010 學位論文 ; thesis 33 zh-TW |
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碩士 === 國立高雄第一科技大學 === 財務管理所 === 98 === Taiwan is on the leading edge of global petrochemistry. In this industry, it integrated vertical stream with high efficiency way, and has the completeness with the cooperated model of upper and lower stream. It is a close supply chain relationship. The high value and productivity in this industry make the economic connecting behavior in Taiwan.
This study is focusing on stock influence and interrelationship between the upper and lower steam of the petrochemistry, especially 3 companies of “NAN YA Plastics Corporation, NPC”, “Formosa Plastics Corporation, FPC”, and “Formosa Petrochemical Corporation, FPCC”. Using unit-root test, cointegrated test, error correction term and vector autoregressive model find that the stocks of these three companies does not show a unit-root result. That is stationary series. After these steps, using Granger causality test finds out the stocks of these three companies show an interrelationship. The stocks of these three companies also show a cointegrated result, and it is a long term stationary behavior. Stock of GPCC leads NPC, but NPC cannot affect the stock of GPCC. As result, there exists a one-way result. From impulse response function analysis, the fluctuation caused by FPC will be the most severe in NPC; it caused by NPC will be the most severe in FPC. In the end, FPCC will take the most fluctuation effect in NPC.
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author2 |
Ming-hsien Chen |
author_facet |
Ming-hsien Chen Chih-chao Tao 陶至超 |
author |
Chih-chao Tao 陶至超 |
spellingShingle |
Chih-chao Tao 陶至超 The Stock Dynamics between the Upper, Middle and Lower Stream of the Petrochemical Industry |
author_sort |
Chih-chao Tao |
title |
The Stock Dynamics between the Upper, Middle and Lower Stream of the Petrochemical Industry |
title_short |
The Stock Dynamics between the Upper, Middle and Lower Stream of the Petrochemical Industry |
title_full |
The Stock Dynamics between the Upper, Middle and Lower Stream of the Petrochemical Industry |
title_fullStr |
The Stock Dynamics between the Upper, Middle and Lower Stream of the Petrochemical Industry |
title_full_unstemmed |
The Stock Dynamics between the Upper, Middle and Lower Stream of the Petrochemical Industry |
title_sort |
stock dynamics between the upper, middle and lower stream of the petrochemical industry |
publishDate |
2010 |
url |
http://ndltd.ncl.edu.tw/handle/48684625632042143846 |
work_keys_str_mv |
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