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| Title: | 股價影響因子與國內外重大事件之探討 -以台灣營建類股為例
A Study of Multiple Factors on Stock Price with Domestic and International Major Events- A Case for Taiwan Listed Stock of Construction Company |
| Authors: | 黃智宏
Huang, Chih-Hung |
| Contributors: | 陳明吉
Chen, Ming-Chi
黃智宏
Huang, Chih-Hung |
| Keywords: | 股價
償債能力
景氣指標
事件
Stock price
Solvency
Business indicators
Event |
| Date: | 2017 |
| Issue Date: | 2017-08-10 09:44:36 (UTC+8) |
| Abstract: | 本研究挑選54檔台灣上市營建類股之股價為研究標的，以季資料的頻率探討股價與財報資訊及總經因子的關係，並分析償債能力的優劣是否影響實證結果。蒐集近二十年國內不動產相關事件及國際重大金融事件，將樣本分類探討，並使用事件研究法討論國際事件對營建股的影響。實證結果顯示，屬於財報資訊的每股盈餘、存貨，屬於景氣領先指標的股價指數、半導體接單出貨比及外銷訂單指數皆對營建股股價有顯著影響。而償債能力較佳的投資組合，模型有較佳的解釋力，償債能力越高，模型的解釋力及與股價顯著相關的變數越多。國內正面及負面事件在實證結果上沒有太大差異，顯著的變數為每股盈餘、存貨、半導體出貨比及核發建照面積。但在各國際重大金融事件發生期間，營建類股普遍皆有顯著負向的累積異常報酬率(CAR)。
This study select the stock price of 54 Taiwan listed construction company as the subject of research. We investigate the relationship between stock price and the factors of financial statement and macroeconomic. We also investigate whether the solvency of each portfolio affect the original results. Collect nearly 20 years of domestic real estate-related events and major international financial events to classify samples and analyze it. Finally, we investigate the impact of international events on construction stocks by event study.
The empirical results show that EPS, inventory, stock index, semiconductor B/B ratio, and export order index have significant impact on stock price. The model has better explanatory power in solvency-high portfolio. The higher the solvency, the more explanatory power of the model and the more significant variables associate with the stock price. There is not much difference in the empirical results of domestic positive events and domestic negative events. EPS, inventory, stock index, semiconductor B/B ratio, and issued area have significant impact on stock price. During the period of major international financial events construction stock generally have significant negative CAR. |
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| Description: | 碩士
國立政治大學
財務管理研究所
104357005 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0104357005 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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