| Summary: | 碩士 === 國立東華大學 === 企業管理學系 === 107 === This research applies "Annual growth rate of Integrated circuit Production value" and "the highs and lows the stock market index" compiled by the Census and Statistics Department of the Ministry of Economic Affairs from January 1996 to December, 2017. To compare them with the Taiwan's business cycle, we apply the business indicators in Taiwan published by the National Development Council. Furthermore, choosing the stock prices in the Integrated-circuit related industries as the sample to explore the lead-lag relations between their stock prices and the Taiwan's business cycle. The results of the research are as follows:
First, both Integrated circuit industries and the associated stocks lead the business cycle ant the market, which implies that this research can provide investors and business owners of Integrated circuit industries with a good indicator.
Second, the Random Access Memory industry reaches the highs before the peaks of business cycle and the market, which can provide a reference indicator to the managers of Integrated circuit industries and other related suppliers.
Third, the prices of stocks in the Integrated circuit and the Reticle industries are less volatile over the peak and bottom periods of the market as well as business cycles. This indicates that the prices of Integrated circuit and Reticle stocks are less affected than the whole Integrated circuit industry.
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