| Summary: | 碩士 === 南華大學 === 財務金融學系財務管理碩士班 === 101 === Oil is one of the major energy resources currently with its price fluctuation remarkably affecting the economy and politics of every nation around the world. Because we heavily depend on imported oil, the soaring oil prices on international markets recently cause a severe issue to the overall economy of Taiwan. The soaring oil prices have added our financial burden to badly impede our export competitiveness due to cost-up pressure with revenue reduced among local business organizations. Therefore, the fluctuation of the oil prices on international markets is quite an issue worthy of our emphasis.
This study was based on the Multi-factor Market Model proposed by Sadorsky (2001) to explore the influence on the investment return of stock prices caused by the fluctuation of oil prices during the period from 2001 to 2012. In this article, the data collected from the industries separately of shipping, plastic, LED, architecture & construction and banking on the public stock market listed in the Taiwan Stock Exchange Corporation for empirical analysis. It was hoped through cross-industrial comparisons, it was available to delineate the practical influence on the stock prices of the corporations from different industries exerted by the fluctuation of oil prices. This study was conducted by using two major variables, namely the factors of the overall economic side (change rates of oil prices, market excess return, interest spreads and exchange rates) and the individual characteristics of corporations (volume, P/B ratios, revenue and earning ratios).
The empirical results show that for those corporations viewing petroleum as important raw material, the changes happening to oil prices exerted significantly positive influence on stock prices. Other industries showed a remarkable variance because different models were set different models. The investment return on stocks were also affected by the characteristics of different corporations separately.
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