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系統識別號 U0002-2006201201043600
中文論文名稱 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
英文論文名稱 A Study of Foreign Share Holding in Fabless Semiconductor Companies of Taiwan
校院名稱 淡江大學
系所名稱(中) 企業管理學系碩士在職專班
系所名稱(英) Department of Business Administration
學年度 100
學期 2
出版年 101
研究生中文姓名 韓昀蓁
研究生英文姓名 Yun-Jhen Han
學號 799610430
學位類別 碩士
語文別 中文
口試日期 2012-05-27
論文頁數 83頁
口試委員 指導教授-趙慕芬
委員-陳正綱
委員-李雅婷
中文關鍵字 半導體IC設計公司  外資持股  追踪資料 
英文關鍵字 Foreign Share Holding  Fabless Semiconductor companies  Panel Data 
學科別分類 學科別社會科學管理學
中文摘要 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。
英文摘要   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.
論文目次 目錄.......I
表目錄.....III
圖目錄.....IV
第一章 前言 1
第一節 研究背景與研究動機 1
第二節 研究目的 4
第三節 研究流程 6
第二章 文獻探討 7
第一節 國際化 7
第二節 財務績效 16
第三節 研發活動 19
第四節 總體經濟及市場因素 25
第五節 公司股票特性 29
第六節 公司價值 33
第三章 研究方法 36
第一節 研究假說之建立 36
第二節 研究範圍 38
第三節 研究架構 40
第四節 研究變數之定義 41
第五節 分析方法 46
第六節 研究模型 55
第四章 實證結果分析 57
第一節 敍述性統計結果 57
第二節 相關分析與共線性分析 60
第三節 模型檢定與分析 65
第五章 結論與建議 72
第一節 研究結論 72
第二節 投資建議 74
第三節 研究限制與後續研究建議 76
參考文獻 78
一、中文參考文獻 78
二、英文參考文獻 80
表目錄
表 1 單一國際化衡量指標表 ................................................................ 9
表 2 多重構面國際化衡量指標表 ...................................................... 10
表 3 公司股票特性與機構投資人的持股關聯性研究 ...................... 31
表 4 台灣上市IC 設計公司(至2011 年12 月為止) ........................ 38
表 5 本研究採用之台灣上市IC 設計公司 ........................................ 39
表 6 美國費城半導體指數成分股 ...................................................... 42
表 7 變數敍述統計量 ......................................................................... 59
表 8 研究變數之相關係數表 ............................................................. 62
表 9 研究變數共線性檢測結果 ......................................................... 63
表 10 適用模型檢測結果 ................................................................... 65
表 11 假說之驗證結果 ....................................................................... 66
表 12 固定模型下自變數參數估計值與檢定結果 ........................... 69
表 13 對外資持股偏好達到顯著影響水準之自變數列表說明 ....... 70
表 14 外資持股比重-個別公司係數 ............................................... 71
圖目錄
圖 1 研究流程圖 ................................................................................... 6
圖 2 研究架構圖 ................................................................................. 40
圖 3 選定模式流程 .............................................................................. 51
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