碩士 / 大葉大學 / 國際企業管理學系碩士班 / 100 / The study aims at the relationships between market risk, BE/ME ratio, market capitalization growth rate, revenue growth rate and foreign institutional investor investment in electronics industry stocks in Taiwan and Korea before and after the financial tsunami. Using the sample period by monthly and daily from January 1st, 2005 to April 30th, 2011. To separately analyze the top three foreign investing companies, which invested the largest amount in electronics industry stocks in Taiwan and Korea. And explore the existents of long-term equilibrium relationship and short-term correction capability. Next, adding return on investment to explore the consideration of the holding length of foreign institutional investor investment in electronics industry stocks in Taiwan and Korea and compare the differences before and after financial tsunami happened.
The results shows that the difference of skewness coefficient between foreign institutional investor investment in electronics industry stocks in Taiwan and Korea is the total investment amount, the market value and the revenue growth rate in Korea are less influenced by the financial tsunami. The market risk in Taiwan is more stable than in Korea after the financial tsunami. The difference of kurtosis coefficient between foreign institutional investor investment in electronics industry stocks in Taiwan and Korea is the market risk, the market value and the revenue growth rate in Taiwan are less influenced by the financial tsunami than in Korea. The total investment amount and the market capitalization growth rate in Korea are less influenced by the financial tsunami than in Taiwan.
However, before the financial tsunami happened, foreign investors considered the market risk, the BE/ME ratio and the revenue growth rate before invested Hon-Hai, and they considered the BE/ME ratio before investing Taiwan Semiconductor Manufacturing Company（TSMC）. Before investing Chunghwa Telecom, foreign investors considered the market risk, and they considered the market capitalization growth rate before investing SAMSUNG. Foreign investors considered the market capitalization growth rate and revenue growth rate before investing HYNIX, and they considered the revenue growth rate before investing LG. Nevertheless after the financial tsunami happened, foreign investors considered the market risk, the market capitalization growth rate and the revenue growth rate before investing Hon-Hai. Foreign investors considered the market risk, the BE/ME ratio, the market capitalization growth rate and the revenue growth rate before investing TSMC. Before investing Chunghwa Telecom, they considered the BE/ME ratio, the market capitalization growth rate and the revenue growth rate. Foreign investors considered the BE/ME ratio, the market capitalization growth rate and the revenue growth rate before investing SAMSUNG and they considered the market risk, the market capitalization growth rate and the revenue growth rate before investing HYNIX. Before investing LG, foreign investors considered the market risk and the revenue growth rate.
In conclusion, the optimal holding period of the top three companies which invested the largest amount in electronics industry stocks in Taiwan and Korea are all more than three months before and after the financial tsunami.
| Identifer | oai:union.ndltd.org:TW/099DYU00321040 |
| Date | January 2011 |
| Creators | Lin, Po-Hsien, 林博賢 |
| Contributors | Chen, Mei-Ling, 陳美玲 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 66 |
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