| Summary: | 碩士 === 淡江大學 === 企業管理學系碩士班 === 98 === In recent years, the global semiconductor industry environment is accelerated because of increasing interaction to cooperative country, Taiwan play a important role in the industry so that it attracts investments from many foreign institutions. However, foreign institutions, fund managers and market analysts desire to explore company stocks through industry sector lens, rather than assess stocks country by country. Base on the Feature of industry co-reaction will influce by global factors, this paper start to research the topic.
This paper examines the interrelationship between foreign factors (the stock indexes, macroeconomic variables and company factors) and foreign share holding in Taiwan semiconductor industry by the panel data from January 2004 to December 2009 including 306 weeks data.
The Fixed Effect Model is adopted as our methodology, the major findings of this study are as follows: First, three types of variable have significant influence on foreign share holding, they was divided into positive and negative sing. Second, the evidence suggests that the foreign institution’s preference for firms will be different. Firms of high share holding represent positive intercept and reverse direction will be negative, means foreign institution prefer these firms with famous and financial transparency. These findings might have important decision-making implication either for local investors who want to follow foreign institution investment’s strategy, or for firm’s financial managers who want to draw foreign institution’s attention to notice fluctuation of these variables, investors can change investment portfolio when these variables change and get the same decision with foreign institutions.
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