| 摘要(英) |
There are many methods for stock investment research, and many investors pay attention to specific indicators. Among them, the foreign investor net buy/sell imbalance is one of the main reference indicators for investors. In the past, the Internet information was less circulated resulting in information asymmetry. So the huge amount of foreign investor, that Taiwan′s stocks were also affected. However, the information is quickly to circulate than past, whether foreign investors are still has an advantage is the main research content. This study takes 48 stocks of Taiwan 50 index (TW50) constituent stocks as research samples. The research data is from November 1, 2013 to October 31, 2018. This study uses the Vector Autoregression (VAR) model to observe the relationship between foreign investor net buy/sell imbalance and Taiwan 50 Index (TW50) constituent stocks return. The empirical evidence reveals that are 39 companies have a positive impact on foreign investment, and 16 companies of them are significant positively. The proportion is quite high. The stock price trend of the stock followed the foreign trading operation. The foreign investment has market advantage on Taiwan 50 Index. The conclusions of this study are as follows：
1.The foreign investor net Buying/Selling and Taiwan 50 Index (TW50) constituent stocks return have obvious influence. The foreign investors in Taiwan is a leading role in large stocks in the Taiwan stock market, probably because foreign investment in information is judged and collected more accurately and adequately.
2.There is continuity in foreign investment decision-making, and it is possible to invest continuously for more than three days in the same direction that information can be used as reference indicators for home investment.
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| 參考文獻 |
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