| Summary: | 碩士 === 東海大學 === 財務金融學系 === 99 === With the international and liberalization of Taiwan security market and removal the forbid condition of foreign investors gradually since 1983, foreign investors became an influential power in Taiwan security market. Because Taiwan is an export-oriented nation, the specialization of Taiwan economy is easily affected by the international environment. On the other hand, about sixty per cent Taiwan electronic industry is OEM & export-oriented. For this reason, this study is based on 2004 to 2008 Taiwan electronic industry data to analyze the effect between internationalization and foreign shareholding, and explore the difference between high export-oriented group and low export-oriented group.
The result of this study indicate that the higher export-oriented were lead to the lower foreign shareholding, the main reason is foreign investors may held a defensive attitude in the Taiwan security market, causing the foreign investors trend to buy the stocks with low export-oriented firms rather than high export-oriented firms stocks.
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