| Summary: | 碩士 === 明新科技大學 === 管理研究所碩士班 === 104 === In order to enhance Taiwan‘s economic competitiveness, the government is committed to the internationalization and liberalization of financial securities markets. They introduced reform measures for Taiwan’s stock trading system in recent years, such as increasing price limit from 7 to 10%, raising credit transactions financing secure rate up to 140% from 120% and implementing existing shares punch and so on, which becomes Taiwan’s biggest reform in stock market trading system within 26 years. However, the current academic research on the impact of these trading systems reform on stock trading liquidity and stock price volatility was mainly conducted prior to 2014. Therefore, it is necessary to do further study on new trading system reform.
The study first reviews the research relating to Taiwan stock market trading system, new reforms in Taiwan stock market trading and stock market trading document and then discusses the impact of day trading and other systems on stock market liquidity also stock price volatility under trading system reform. Therefore, Taiwan OTC market listed companies and investors preferring to day trading volume contain Inotera and AUO as well as basic traditional OTC industries. Moreover, TSTI and FIRICH are taken as sample standards. It contains the current “Taiwan 50 Index” constituent shares as the subject of research, and then conducts the study by descriptive and statistical analysis method, with the scope of research data is between January 1, 2013 and December 31, 2015.
Empirical results show that, after the implementation of stock day trading system by centralized markets and OTC trading, both trading volume and turnover of stock show a gradually growing trend. On January 6, 2014, the policy of first buying and selling later of stock day trading was opened, successfully stimulating the stock market trading volume and activating stock market momentum. In addition, the greater stock price volatility will help investors with preference for day trading have more opportunity to get the most benefit. Consequently, it’s found that because the securities of the small-sized company are easy to become the subject and object of market speculation, the trading sales and risk are relatively high, indicating that investors are more inclined to choose shares of high volatility the on the attitude of risk as the underlying strategy for Day Trading.
Keywords: stock trading; stock day trading; price limit; credit transaction; stock price volatility
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