| Summary: | 碩士 === 國立雲林科技大學 === 會計系 === 102 === As depletion of traditional fossil energy, the oil price continually increases, and the issue of carbon emission for environmental sustainability becomes an inevitable concern. Various governments have been actively developing renewable energy industry. Solar industry has become highly valued in emerging industries. In 2009, the solar industry is the main ethnic groups of Taiwan's high-priced stocks, but the past few years, already fell into the groups of the four miserable industry. The purpose of this paper is to examine that the impact of industrial chain position and competitive advantage on stock prices of solar industry in this uncertain environment . In this study, an extension of Ohlson (1995) evaluation model, add sub-industry’s supply & demand overview and relative competitive advantage as non-financial information, and the study uses data of listed companies in Taiwan for 2001 to 2012.
The results show that the industrial chain position and competitive advantage is significantly positive related to Stock Prices of Solar Industry. These evidences indicate that if the company with better sub-industry’s supply & demand overview and relative competitive advantage , the stock prices of solar industry will be better.
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