The Study of Influence Factors for Foreign Institutional Investors’ in Taiwan Electronics Industry Stock Market Before and After the Financial Tsunami

• Main Authors: Ling-Yuan Chi, 紀伶苑
• Other Authors: Mei-Ling Chen
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/78557851069602776784

碩士 === 大葉大學 === 管理學院碩士在職專班 === 99 === The study aims at the net buy/sell position of foreign investors in Taiwan. The samples are monthly data from 2003 to 2010. The purposes include the relationships of foreign investment among the buy/sell of electronics industries, the Taiwan Index, interest rate, currencies, money supply, and the three factors. Moreover, the research examines whether the financial tsunami cause structural change of foreign investment in the stock market in Taiwan. The empirical results display that foreign investment has no structural change in terms of the first five big electronics companies. In other words, the financial tsunami didn’t have significant influences on the foreign investments. Exchange rate, money supply, and the Taiwan Index have great influence on the net buy/sell position of foreign investors in Taiwan Semiconductor Manufacturing Company (TSMC), United Microelectronics Corporation（UMC）, Advanced Semiconductor Engineering Inc（ASE）,and Foxconn Technology Group（FTG）. As Compal Electronics Inc, the net buy/sell position of foreign investors has been great influenced by firm size, book-to-market ratio, and money supply. According to the analysis of investment strategies, the foreign investors often use momentum strategy on the five electronics companies. The two major factors are currency and money supply. The results show that the macroeconomics factor plays a greater role on the foreign investment in the first five big companies.