The Impact of Wood Pulp Prices on the Stock Prices of Paper Making Companies in Taiwan

• Main Authors: Ming-Hsiang Chiang, 江明祥
• Other Authors: Wen-Chi Lin
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/16493226699656327204

碩士 === 大葉大學 === 管理學院碩士在職專班 === 102 === ABSTRACT This study uses the unit root test and vector auto-regression model to explore the impact between international pulp price and Taiwan paper industry stock price. The article will indicate the cause and effect between pulp price and paper industry stock price. In this research, we adopt the empirical approach and collect data from October 9th, 2006 to August 26th, 2013. After analyzing these data, we came out with the following results. First, if the international pulp prices increase, the stock price of Shin Lin company will have negative effect after one week and the stock price of Cheng Long company will have negative effect after three weeks. Second, the international prices will have negative effect on stock prices of Long Chen, Yuen Foong Yu, and Chen Long companies during the financial crisis period. In other words, the change of international pulp prices will have highly impact on these three paper making companies in Taiwan. Key Words: Taiwan Paper Industry, Stock Price of Paper Making Company, Wood Pulp Price, Vector Auto-Regression, Financial Crisis