分點券商熱門度與股價報酬關係 以台灣股市蘋果概念股為例;An Empirical Study on the Relationship between the Popularity of Stock Firms and Stock Price Remuneration - A Case Study of Apple Stocks in Taiwan Stock Market

NCUIR > School of Management at National Central University > Executive Master of Industrial Economics > Electronic Thesis & Dissertation > Item 987654321/80862

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/80862

Title:	分點券商熱門度與股價報酬關係以台灣股市蘋果概念股為例;An Empirical Study on the Relationship between the Popularity of Stock Firms and Stock Price Remuneration - A Case Study of Apple Stocks in Taiwan Stock Market
Authors:	戴欣頻;Tai, Hsin-Pin
Contributors:	產業經濟研究所在職專班
Keywords:	個股籌碼分散程度;分點券商熱門度;從眾效應;股價報酬率;Dispersion in equity;Index of total branches participation;Herd Effect;stock price return
Date:	2019-06-21
Issue Date:	2019-09-03 15:12:32 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究以個股「分點券商熱門度」來追蹤台灣股市蘋果概念股股價漲跌幅變化，2018年5月的蘋果概念股共110家公司，從此110家公司中觀察2015年1月3日到2017年12月31日的數據資料，在剔除股本超過500億的四間公司如台積電、鴻海、群創、友達，以及數據不足的公司，最終本研究擷取94家公司並依序做AR (q)檢定自我相關，再遵循Newey-West (1987) 的方法修正自我相關時的標凖誤，取其變數「當日分點券商熱門度」及「前一日分點券商熱門度」探討與股價變動的關聯性，提供投資人投資股票市場的參考依據。實證結果顯示，台灣股市中蘋果概念股在短時間的交易過程中，前一日分點券商熱門度對股價正向反應的上市櫃家數較當日多。由本研究結果可以得知，分點券商熱門度越高表示個股籌碼分散程度越高，越多台灣散戶投資人關注並投資此標的，並連帶影響短期間股價報酬關係，但正向影響股價的效果會減緩。;In this research, we tracked the volatility of Apple supply chain’s company stock price by the participation of total securities company branches in Taiwanese stock market. In May 2018, there were 110 companies in the Apple supply chain. From these 110 companies, we observed the data through AR (q) examination from January 3rd, 2015 to December 31st , 2017. Then we modified the standard error through the method of Newey - West (1987) . We use the investors’ daily purchase of Apple chain stock in contemporary and previous day to examine their correlation with the stock price changes. Our results would provide some information as reference for stock market investors. To conclude, our empirical results suggest that the investors’ daily stock market purchase of Apple chain companies a day ahead had more significant positive effects on the stock price than the current day’s counterpart. Our results offer some implications that the investors’ more active to participate in stock market, the wider the dispersion of equity chip movements.
Appears in Collections:	[Executive Master of Industrial Economics] Electronic Thesis & Dissertation

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