- 學位論文
美國亞馬遜公司股價與台灣亞馬遜概念股股價的關聯
The relationship between Amazon stock price and the stock price of Amazon suppliers in Taiwan
摘要
本文探討美國亞馬遜公司股價與66家台灣亞馬遜原物料供應商股價是否具有顯著關係。資料取樣期間為2017年4月30日至2019年7月15日。為了探討日漸興盛的亞馬遜公司是否能如同美國蘋果公司對台灣原物料供應商存在顯著的影響力，本文使用PP檢定、ADF檢定、邊界共整合檢定與ARDL模型，對各家台灣供應商股價與亞馬遜股價進行共整合分析。 本研究之結果客觀證實:長期而言，亞馬遜公司股價與鋁鎂合金壓鑄件產業(可成)股價、快閃記憶體控制晶片產業股價(鑫創)呈現正向關係。相反地，亞馬遜公司股價與TPK-KY、華邦電、致伸、誠美材、定穎、聯傑、宏致、瀚荃的股價呈現負向關係。因為股價並非單根，其餘台灣56家亞馬遜概念股公司股價與亞馬遜公司股價的關係無法用ARDL模型分析。因此，本文實證結果顯示亞馬遜公司的發展無法帶動台灣股市與經濟成長。
並列摘要
This paper investigates whether Amazon stock price and the stock price of its electronic component suppliers in Taiwan are cointegrated. The study period is April 30, 2017 to July 15, 2019. In order to explore whether the booming amazon company can have a significant influence on the stock price of Taiwanese electronic companies, this paper uses PP test and Augmented Dick-Fuller test to confirm that the times series are integrated of order one but not integrated of order two. Then, it employs the autoregressive distributed lag model (ARDL) and the bounds test to detect the presence of a long-run relationship between the Amazon share price and the share price of Amazon’s Taiwanese electronic component suppliers. Our empirical results confirm that in the long-term, Amazon stock price is positively related to the stock price of aluminum magnesium alloy die casting industry (Catcher Technology) and the stock price of Flash Memory Controller industry (Solid State System Co., Ltd.). In contrast, the stock price of amazon is negatively correlated with TPK-KY, Winbond, Primax, Cheng Mei Materials, Dynamic Electronics, Davicom, ACES Electronics, and CviLux. The stock prices of the remaining 56 amazon conceptualized companies in Taiwan are not a unit root process. Consequently, their relationship with Amazon stock price cannot be studied using the ARDL model. The results of this paper indicate that Amazon stock price is unlikely to benefit the stock price of Amazon suppliers in Taiwan.