| Summary: | 碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 104 === Steel industry plays a very important role in national economic development. It is related to various kinds of industries due to the product diversification. Thus, steel price affects the economy a lot. In the past 50 years of the steel industry in Taiwan, there were five events of bull market related to steel price, which included: energy price (implied by the rise of emerging economies), the US dollar appreci-ation and depreciation, natural disasters (reconstruction and destruction of steel factories), and the rise of great power / recession (political and economic crisis and foam). As steel industry is raw material-intensive, raw material accounted for a high percentage of operating costs. However, as Taiwan is a tiny island with limited natural resources, raw materials are mostly imported. Thus, fluctuations of raw material price and exchange rates deeply affect industry operation.
The study is researched by Taiwan-listed steel companies. Among which China Steel Corporation occupies the highest market share with the largest scale of sales. The main raw material China Steel Corporation uses is different from which of others. The purpose of this study is to analyze how international raw material price, exchange rate and Baltic Dry Index influence on the stock returns of China Steel by Multi Factor Line Regression Method.
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