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    Title: 影響半導體IC設計公司外資持股偏好之公司及市場因素探討
    Other Titles: A study of foreign share holding in fabless semiconductor companies of Taiwan
    Authors: 韓昀蓁;Han, Yun-Jhen
    Contributors: 淡江大學企業管理學系碩士在職專班
    趙慕芬;Chao, Mu-Fen
    Keywords: 半導體IC設計公司;外資持股;追踪資料;Foreign Share Holding;Fabless Semiconductor companies;Panel Data
    Date: 2012
    Issue Date: 2013-04-13 11:26:39 (UTC+8)
    Abstract: 自2005年起,外資在台灣股票市場的交易比重已正式地超越我國本土的法人機構,成為台灣股票市場中非常重要的成長及支撐力量。可以觀察近年來全球資訊科技發達的影響之下,使得我國企業的經營規模更加積極地壯大,不僅站穩在國際市場中重要的供給地位及創造可觀的收益之外,同時也成為吸引外資進場加碼投資台股的有利因素。
      因此本研究利用Panel Data檢測2003年1月到2011年12月底止,共108筆「月」資料以研究我國IC設計產業的公司及市場因素與外資持股偏好的關聯程度。
      本研究採用固定效果作為檢測模型,並提出以下的研究發現:首先,公司因素方面,有3項變數與外資持股偏好呈現微量的負向影響;市場因素方面,入選MSCI成份股權重數值及市值淨值比,此兩者對外資持股偏好具有顯著的正向影響;而美元兌台幣匯率也對外資持股偏好呈現微量正向影響;其他入選的市場因素則對外資持股偏好不具影響性;另外,外資也特別偏好「低」股票週轉率及「低」公司系統風險β值的公司股票。
      本研究結果,可提供給國內政府機構、公司財務人員及投資大眾參考外資持股變動的主要變數,並加以調整其策略方向及投資組合,將可在台灣股市中和外資一起共同創造投資利潤。
      Since 2005, the proportion of the foreign investment in Taiwan stock market is formally beyond our local institutions, it becomes very important growth and support force. On the other hand, the developing global information technology makes our enterprises grow more active, it confirms our firm supply position in global market and create a substantial income, while also to attract foreign investors approach Taiwan stock market.
      This paper examines the interrelationship among company factors, market factors and foreign share holding in Taiwan fabless semiconductor companies by panel data from January 2003 to December 2011 including 108 weeks data.
      The Fixed Effect Model is adopted as our methodology, the major findings are as follows: First, three variables of company factors present a small amount of negative impact on foreign share holding. About the market factors, MSCI weight value and market to book value have significantly positive impact, the variable of U.S. dollar against NT dollar exchange rate has a minimal positive impact on foreign share holding. Other market factors have no impact. Furthermore, Foreign investors also prefer those firms with low stock turnover rate and low corporate systematic risk β value.
      The results of this study offer our domestic government agencies, corporate financial officers and the public a strategic portfolio to create profit in Taiwan stock market.
    Appears in Collections:[企業管理學系暨研究所] 學位論文

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