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題 名 | 銀行體系、匯率波動與產業垂直整合=Bank System, Exchange Rate Volatility and Industrial Vertical Integration |
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作 者 | 吳博欽; 金祥玉; | 書刊名 | 中原學報 |
卷 期 | 32:4 2004.12[民93.12] |
頁 次 | 頁467-475 |
分類號 | 562.2 |
關鍵詞 | 匯率波動; 垂直整合; GARCH模型; 固定效果模型; Systematic risk; Vertical integration; Generalized autoregressive conditional heteroskedasticity; Fixed effect model; |
語 文 | 中文(Chinese) |
中文摘要 | 本文利用1981年至2003年問台灣九大產業的資料及固定效果模型,分析銀行體系與匯率風險對於各產業垂直整合是否存在顯著的效果。實證結果顯示經濟成長、銀行體系的比重、進口所得彈性及實質匯率波動將影響產業的垂直整合。各變數對於各產業垂直整合的影響,差異甚大,其中實質匯率波動愈大,僅有助於水電燃氣業的垂直整合;銀行體系的比重愈高,有助於水電燃氣業或製造業的垂直整合,對於工商服務業或運輸及通訊業則反之。 |
英文摘要 | This paper adopts fixed effect model to analyze the effect of bank system and exchange rate volatìlity on industrial vertical integration. In evidence, we use Taiwan's nine industries and sample period is selected from 1981 to 2003. Empirical results show that real economic growth rate, the role of bank to financial system, the elasticity of import and real exchange rate fluctuations will influence each industrial vertical integration. These variables have different influence on industria1 vertical integration according to different industries. The greater the real exchange rate f1uctuation is the more the water and electricity industry's vertical integration is. As the role of bank to financial system increases, the degree of vertical integration in water and elasticíty industry also increases. But the conc1usion on transport and communications industry is Opposlte. |
本系統中英文摘要資訊取自各篇刊載內容。