English  |  正體中文  |  简体中文  |  Items with full text/Total items : 52052/87180 (60%)
Visitors : 8894654      Online Users : 122
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/110693

    Title: 國際原油價格波動對台灣航空業股價之影響
    Other Titles: The influence of oil prices on airlines stock prices in Taiwan
    Authors: 李致源;Lee, Chih-Yuan
    Contributors: 淡江大學財務金融學系碩士班
    聶建中;謝志柔;Nieh, Chien-Chung;Hsieh, Chih-Jou
    Keywords: 航空業股價;原油價格;平滑移轉模型;Oil Price;Airlines Stock Price;Smooth Transition
    Date: 2016
    Issue Date: 2017-08-24 23:33:38 (UTC+8)
    Abstract: 燃油成本在航空產業的營運成本裡占了不小的比例,過去文獻得到的實證結果顯示航空公司的獲利明顯地受到國際原油價格波動的影響,從而影響航空產業股票價格。各研究者使用的影響變數不盡相同,本研究認為景氣好壞亦對於航空產業的營收也存在相當比例之影響。同樣的班機在景氣不同的情況下,載客率也不相同,一樣的成本營收卻不同,故本文納入景氣指標以控制其對被解釋變數之影響。
    The study takes an insight into the non-linear impact of crude oil spot price on China Airlines and EVA Airlines with smooth transition model (STR) provided by Granger and Teräsvirta (1993) and Teräsvirta (1994). Further, the study establishes two logistical smooth transition regression (LSTR) with two dependent variables –the stock price of China Airlines (CA) and EVA Airlines (EVA), called model CA and model EVA. In both models, Crude Oil Brent spot price is a major independent variable and also used as a transition variable. Other independent variables are used as control variables, including Crude Oil Dubai price, Index of Export Orders, and exchange rate, USD/TWD.
    The results indicate that the two smooth transition threshold are 82.5384 USD per barrel in the model CA and 79.8286 USD per barrel in the model EVA. Brent has a significantly negative impact on the CA and EVA above the threshold. The same outcome can be seen on Crude Oil Dubai price, which have significantly negative impacts on the CA and EVA above the threshold. Furthermore, Index of Export Orders has a significantly positive impact on the CA and EVA below the threshold, and becomes negative above the threshold. Finally, USD/TWD have an insignificant impacts on two dependent variables.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

    Files in This Item:

    File Description SizeFormat

    All items in 機構典藏 are protected by copyright, with all rights reserved.

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - Feedback