| Summary: | 碩士 === 東海大學 === 管理碩士在職專班 === 99 === The paper examines the relations between stock prices of display companies and macroeconomic variables, industrial factors and electricity demand of display plants with methods of cointegration, error correction models and VAR. First, we investigate the short- and long-term effects of macroeconomic factors on prices of display stocks and study the existence of correction and adjustment. Second, while taking specific industrial features of display industry into account, we explore whether electricity consumption of factories, operational equipments and managerial equipments with varying degrees are significant determinants for stock price changes. The results may provide valuable referrals for energy-saving policies. Third, we verify the impacts of industrial factors on stock prices as considering macroeconomic components contemporaneously, and compare differences in magnitude of both two effects. With Johnsen maximum likelihood test, cointegration between stock prices and electricity demand is observed. The outcomes also show that there is a long-term equilibrium relation between stock prices and macroeconomic variables, industrial factors and electricity consumption of display companies. Through the error correction models, we find that the stock prices reverse and adjust to a long-run equilibrium when short-run deviations of equity prices and electricity demand occur based on macroeconomic and industrial factors.
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