證券市場產業群聚效應之探討：以東亞五大證券交易市場為例

The Sector-Cluster Effect of Stock Exchange Markets: The Study of Five East Asian Markets

羅時芳(Shih-Fang Lo) ； 吳周燕(Chou-Yen Wu)

《國防管理學報》 34卷1期 (2013/05) Pp. 47-65

摘要

本研究以臺灣、香港、新加坡、上海及深圳等證交所為研究對象，使用對應分析與及SMP指標跨期分析，藉以瞭解各國證券市場在不同類型產業上之動態分佈狀況。研究結果發現香港及臺灣證交所產業集中趨勢最為明顯，香港以金融服務業為主，臺灣以資訊科技產業為主；上海、深圳及新加坡產業分佈則較偏重於食品製造業、基礎材料業、運輸業、生技製藥業及公用事業等。受「與同行同在」效果影響，導致資訊外溢效果及企業從眾行為，增加企業根據其所屬產業選擇於特定證券市場掛牌之傾向，隱含政府提出證券市場政策時，應考量產業籌資時之群聚現象。

關鍵字

籌資中心 ； 對應分析 ； SMP指標

並列摘要

We take firms listed in five stock exchanges, including Taiwan, Hong Kong, Singapore, Shanghai, and Shenzhen stock exchanges as the sample. The correspondence analysis and SMP are used to analyze the dynamic industry distribution among different stock markets. The results show that specific industries tend to be clustered quite significantly in the Hong Kong Stock Exchange and Taiwan Stock Exchange compared with other three stock exchanges. Firms listed in the Hong Kong Stock Exchange are mainly from the banks industry, and the commercial and professional services industry while firms listed in the Taiwan Stock Exchange are mainly from the information technology industry. On the other hand, Shanghai, Shenzhen and Singapore stock exchanges are more similar in the industry distribution. Firms listed in these three stock exchanges are primarily from food manufacture industry, the materials industry, the transportation industry, pharmaceuticals, biotechnology and life sciences industry, and the utilities industry. ”Be with your peers” results in information spillover and herding behavior of firms, promoting firms to list in the specific stock exchange with rivals in the same industry. This implies that government should consider specific industries be clustered in the specific stock exchanges when they set policies of stock market related.

並列關鍵字

Funding Center ； Correspondence Analysis ； SMP indicators