| Summary: | 碩士 === 國立高雄應用科技大學 === 商務經營研究所 === 96 === According to statistics of Taiwan stock exchange, foreign juridical people have much more influences than before in Taiwan stock market. Many domestic individuals even herd foreign juridical people. Regarding to natures and purposes of foreign juridical people’s investments, we can separate FDI from FPI. Most literatures support two types of foreign investments have different effects to stock prices and volatility of targeted companies. And the study will investigate the influences of stock prices and the change of QFII’s shareholdings in situations that FDI or FPI controls the targeted companies.
The study analyses monthly and daily data of electronic industry in Taiwan during 2000 to 2007 and finds that the targeted companies of high rate of foreign shareholdings have better stock performance than companies of low rate of foreign shareholdings. Whatever targeted companies have high or low rate of foreign shareholdings, targeted companies whose ownership are controlled by FDI do not have better stock performance, but have lower volatility than companies whose ownership are controlled by QFII.
Regarding to the effect of stock performances caused by current change of QFII’s shareholdings, the study finds a positive relationship. Especially smaller scale targeted companies whose ownerships are not controlled by FDI, but by QFII have the highest relation between two variables. However, the bigger scale targeted companies whose ownerships are controlled by FDI have the lowest but positive relationship. Above of findings suggest the impact may vary on basis of targeted companies’ difficulty speculated by QFII, the natures, and the purposes of foreign shareholdings. Regarding to the effect of stock performances caused by laggard change of QFII’s shareholdings, two variables have positive relationship at first, and then negative whatever targeted companies’ scales and whoever controlls the ownerships.
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