English  |  正體中文  |  简体中文  |  Items with full text/Total items : 52047/87178 (60%)
Visitors : 8705751      Online Users : 132
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/987654321/31781

    Title: 國際油氣公司股價報酬之探討:縱橫資料模型分析之應用
    Other Titles: The study for stock returns of international oil and gas companies:an application of panel data analysis
    Authors: 陳思源;Chen, Szu-yuan
    Contributors: 淡江大學產業經濟學系博士班
    廖惠珠;Liao, Huei-chu
    Keywords: 油氣公司;固定效果;隨機效果;Oil and Gas Company;Fixed effect;Random effect
    Date: 2008
    Issue Date: 2010-01-11 01:15:36 (UTC+8)
    Abstract: 能源對於經濟活動過程扮演著重要的角色。高油價不僅對全球經濟造成重大影響,甚至造成全球的糧食問題、金融市場問題,有關石油相關產業動態受到各方矚目,其獲利因素更是大家所關注。
    The energy is playing an important role to the economic activity course. The high oil price not merely causes great influence on global economy, but also on the global issues of food crisis and financial market turbulence. The petroleum relevant industry''s trends are then attracted much attention by public. The profit-making factor in petroleum industry is paid close attention by everybody even more.

    This paper tried to investigate the relationship of stock price and its relevant variables for oil and gas companies. Those monthly data (1991/05~2008/05)of oil futures price, gas futures price, interest rate spread, market excess return and market value issued by New York Stock Exchange are collected. The price to earning ratio (p/e ratio) and the factor used by Capital Asset Pricing Model(CAPM)from Sharpe is considered also. This paper uses panel data model to implement our analysis.

     It is found that the change of the price of oil gas, market excess return, market value and the change of p/e ratio all have apparent influence on the stock price remuneration for the oil gas company. Oil return, gas return, market excess return, change of the market value, and the change of the p/e ratio also have significantly positive impacts on the oil and gas stock excess returns, while, interest rate factor has significantly negative impact oil and gas stock excess returns. Furthermore, we found the random effect model is more suitable in the panel data model.
    Appears in Collections:[產業經濟學系暨研究所] 學位論文

    Files in This Item:

    File 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