- 學位論文
重大金融事件衝擊下對正常型ETF與反向型ETF交易之影響
The Influences of the Major Financial Events for the Impact of Normal ETF and Inverse ETF Market
摘要
近年來為我國證券市場及指數型商品發展，主管機關積極實施相關制度改革，以利提升市場衍生性金融產品之深度，以滿足投資者漸多元的需求。但投資者在交易趨勢隨全球金融市場變動，且近期交易所隨全球經濟衍生制度改革與交流，此影響市場投資人交易意願與需求變動，本文針對各國內外金融事件、ETF大盤事件及反向操作型商品做市場發展性作分析。 ETF在台灣或兩岸三地之大盤事件、資本市場事件對上市公司及投資人之資本結構與發行證券之公司皆有重大影響。過去許多學者以ANOVA、two-way及two-sample t-test等方法，檢定其對國內外金融環境及總體經濟效應、國際股市活動及證券市場等環境動態變數之結構性變化；而在這些重大事件中如市場價量變化之波動即為本文所探討。 本文藉Panel 迴歸來探討影響變數及觀察其影響及差異分析，並分別針對事件前後之變數變化做討論，找出小各事件造成衝擊與避險措施，在面對全球化競爭市場及各類基金應用更加有效率。
並列摘要
This study mainly investigates the Securities market and the Exchange Traded Funds in Taiwan .Duing to the impact of global financial market and the exchange of regulation, how will the investors and Securities brokers do? This report aims to analyze during the finaicial events,how people deal with the exchange traded funds and the inverse exchange traded funds. In addition, we also further analyze the China market. Then find the different between China and Taiwan market. Most researcher used ANOVA or two-way model to make the test. In this report I use the Panel regression model to discuss the factor like liquidity or volatility impaction during the major financial events. Discussing the different between two market and finding the way to decrease the impact.