A study of the correlation between the shipping freight index and the stock price of taiwanese listed container shipping companies

• Main Authors: Hsu, Wei, 徐瑋
• Other Authors: 林信助
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/u8rzd5

碩士 === 國立政治大學 === 國際經營與貿易學系 === 106 === There is a great deal of research finding out that Baltic Dry Index, a bulk freight index, has a cointegration relationship with some Taiwan listed bulk shipping company’s stock price. Besides, BDI does Granger cause those stock price, which means the change of BDI is useful to predict the change of stock price. Thus, investor could invest Taiwan listed bulk shipping company by taking the BDI into consideration. There is no research about the relationship between container freight index and Taiwan listed container shipping company’s stock price yet. The purpose of this study is to examine the relationship among the China Containerized Freight Index, Shanghai Containerized Freight Index and Stock Price of Evergreen Marine Corp., Yang Ming Marine Transport Corp., Wan Hai Lines Ltd. The empirical results show that the relationship between bulk freight index and Taiwan listed bulk shipping company’s stock price does not exist in the container freight index (CCFI&SCFI) and Taiwan listed container shipping company’s stock price. It could result from the difference in data frequency, company size and market type. This study also proves it’s wrong to predict the Taiwan listed container shipping company’s stock price with dry bulk freight index. This study also gets the same results while taking TAIEX and Brent crude price into consideration.