- 學位論文
台灣智慧型手機概念股股票報酬率五因子模型之探討
The Research on Five-Factor model of Stock Returns of Taiwan Smartphones Concept Stocks
摘要
從2023年的世界行動通訊大會可看出，智慧型手機產業的規模甚大，也極具重要性，尤其5G加速網路與AI導入智慧型手機的全新應用趨勢，將帶動低迷已久的手機產業全面回升，特別是2023年第四季的智慧型手機已經有止穩回升的態勢，所以預期這兩類概念股的營收或股價都會有一波向上的態勢。 本研究歸納整理台灣智慧型手機概念股的分類 (5G與AI)，並因應全球ESG的趨勢，採用四因子模型來分析台灣智慧型手機概念股股票報酬率的影響因素時，再進一步加入永續資料集 (TESG)之ESG的評分，期可做為投資人與智慧型手機產業相關經營者之參考。 研究結果發現：不論是發展5G還是AI的企業，持續追求永續發展，對於營收與股票報酬都有正向顯著關係。這表示，除了跟進全球智慧型手機的發展趨勢 (5G與AI)外，企業經營者可以積極推動ESG，也是能為企業帶來財務上的正向效益。並建議主管機關可以棒子與胡蘿蔔同時並進，要求企業積極推動ESG。
並列摘要
From the 2023 Mobile World Congress, it is evident that the smartphone industry is critical and large-scale. The integration of 5G accelerated networks and artificial intelligence (AI) into smartphones heralds new application trends, which are expected to revitalize the long-stagnant smartphone industry. Notably, the fourth quarter of 2023 showed signs of stabilization and recovery in the smartphone sector, indicating that the revenue or stock prices of these concept stocks are likely to experience an upward trend. This study categorized Taiwanese smartphone concept stocks into two groups, namely 5G and AI. In response to the global environmental, social, and governance (ESG) trend, this study employed a four-factor model to analyze the factors influencing the expected stock returns of Taiwanese smartphone concept stocks. Furthermore, the ESG ratings from the TESG Sustainable Development Indicators were incorporated to provide a comprehensive reference for investors and managers involved with the smartphone industry. The findings revealed that for both companies developing 5G or AI, the continuous pursuit of sustainable development had a positive and significant relationship with revenue and expected stock returns. This suggested that in addition to following global smartphone development trends (i.e., 5G & AI), corporate managers can generate revenue by actively promoting ESG. Competent authorities are recommended to adopt both incentive and punitive measures to encourage companies to vigorously promote ESG.