| Summary: | 碩士 === 國立高雄應用科技大學 === 國際企業研究所 === 105 === Steel is the foundation of all levels of industry, but also the basis of national construction, any country in the world, are the steel industry as a symbol of national strength, so whether developed or developing countries, there is no positive revitalization in the steel industry to And iron ore is one of the most important raw materials of the iron and steel industry. Whether the price of iron ore will directly affect the price of iron and steel because of the international market price fluctuation, and the joint stock price of the country is mainly discussed and discussed. Analysis of the international iron ore prices of ups and downs, consistent with the fluctuations in the stock price of steel mills, whether there is linkage between the existence of the four major domestic steel mills (CSC, Tungho, Fenghsin, Weichih) for the study Object, during the study period from October 2009 to September 2014 a total of 60 months of information.
The results of the study found that (1) the use of ADF single test that the four steel stock price and iron ore and coal prices, all the variables after the first-order difference were I (1) sequence type; (2) Using Engle and Granger to integrate the test, only the covariance exists, but the VECM is used to verify the causal relationship, and the other three use the differential VAR to verify the causal relationship. (3) Granger causality As a result, Sinosteel's share price is affected by coal prices, which will react before the price of iron ore.
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