The Relationship between Taiwan 50 Index Returns and Exchange Rate、Interest Rate、The Total Rate of Foreign Investment

• Main Authors: Miao-en Chen, 陳妙恩
• Other Authors: Kuang-Wen Chang
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/27766059381369525881

碩士 === 東吳大學 === 企業管理學系 === 99 === Abstract Exchange Traded Fund (ETF) is stock investor’s favorite in recent 20~30 years. The first ETF in Taiwan is “Taiwan Top 50 Tracker Fund” (TTT) on June 30, 2003.The underlying index of TTT is the Taiwan 50 index, which is calculated using the trade prices of the largest 50 listed companies by total market value. To understand wheather the 3 variables impact TTT. Variables are decided by the important factor in the financial market. Three variables are exchange rate、interest rate and the total rate of foreign investment. It’s separate 3 periods that are whole period、pre-period、later period in this research. And May, 2008 is the time point to separate. The findings of this research results are as follows： 1. Exchange rate variable is negative impact to TTT in 2 periods. 2. Interest rate variable is positive impact to TTT in 1 period. 3. The total rate of foreign investment is positive impact to TTT in 2 periods. Key Words：Taiwan Top 50 Tracker Fund、ETF、exchange rate、interest rate、the total rate of foreign investment