投資人注意力與華為事件

美國禁止國內企業使用對國家安全構成任何威脅的公司所製造的電子通信設備，造成中國大陸企業無法進入美國市場，導致華為成為其中被打擊的對象，也使得華為事件成為中美貿易戰後另一項令人關注的事件。本研究使用Google Trends提供的搜尋量指數(Search Volume Index)，探討華為事件的發生SVI與股價歷史波動率的關係。本文探討與華為產業鏈相關的14間台灣上市公司，這14間公司依序為台積電、大立光、聯發科、群創、敦泰、南電、穩懋、聯詠、光環、華星光、台達電、精測、易華電和環宇-KY。以這14間公司的股價歷史波動率為應變數，分析2018年4月至2020年8月華為事件發生期間股價歷史波動率是否與SVI有關聯。實證結果發現關鍵字華為、華為概念股、華為5G、Huawei、Huawei 5G分別對於6間公司，群創、敦泰、穩懋、易華電、南電及聯詠有顯著的解釋能力，證明這6間公司的股價在華為事件期間，受到投資人的關注有顯著的波動。

關鍵字

投資人注意力；華為事件；搜尋量指數；股價歷史波動率

並列摘要

The U.S government prohibits U.S companies from using communications electronic equipment made by companies that pose threats to national security. It leads to China's enterprises cannot enter the U.S market. Therefore, Huawei becomes one of the companies limited by the prohibition. The Huawei events have become an important issue concern after the China US trade war. This paper utilizes the Search Volume Index which provided by Google Trends to analyze the relationship between SVI and the historical volatilities of the stock prices under the Huawei Event. This article discusses the 14 listed companies related to the Huawei industry chain in Taiwan. These 14 companies are TSMC, Largan, MediaTek, Innolux, FocalTech, Nan Ya PCB, WIN Semiconductors, Novatek, TrueLight, LuxNet, Delta Electronics, Chunghwa Precision Test Tech, JMC Electronic, and Global Communication Semiconductors. Based on the historical volatilities of these 14 listed companies' stock prices, this research analyzes whether the historical stock volatility of the Huawei events is related to SVI from April 2018 to August 2020. The empirical results show that the keywords: (華為), Huawei concept stocks(華為概念股), Huawei 5G(華為 5G), Huawei, and Huawei 5G, have significantly affected the stock price of six companies which including Innolux, FocalTech, WIN Semiconductors, JMCT, Nan Ya PCB, and Novatek during the Huawei event, respectively.