頁籤選單縮合
題 名 | 臺灣注意交易資訊對外資交易行為之影響=The Effect of Trading Information on Trading Behavior of Foreign Investors |
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作 者 | 黃偉倫; 廖麗娟; | 書刊名 | 新竹教育大學人文社會學報 |
卷 期 | 4:1 2011.03[民100.03] |
頁 次 | 頁59-91 |
分類號 | 563.5 |
關鍵詞 | 外資; 交易行為; 注意交易資訊; Foreign investors; Trading behavior; Attention to trading information; |
語 文 | 中文(Chinese) |
中文摘要 | 本文利用外資持股比例變化率分組及股票報酬率分組的方法來探討臺灣外資在2003-2007年的交易行爲,並探討外資交易行爲是否會受注意交易資訊(整體及各款)或交易異常現象的影響。由實證結果可知,外資持股比例變化率分組方法所得的臺灣外資交易行爲是買高賣(或不交易)低,且報酬率分組方法所得的臺灣外資交易行爲是報酬率高(低)於平均報酬率時較可能買(賣)該股票,但報酬率越低卻不一定會賣得比較多。再則,本文從Mann-Whitney Test檢定結果發現外資交易行爲會因分組標準不同(外資持股比例變化率及報酬率)而不同。另一方面,本文證明外資交易行爲不會因異常交易現象而改變,但會因注意交易資訊而改變,且其改變程度在第1、2、4、6、9款相同,但在第3、5、7款不同。 |
英文摘要 | This paper discusses the trading behavior of foreign investors for 2003-2007 in Taiwan by the methods which divide the above data into the groups of the buy ratio of foreign investors or the groups of revenue rate of stocks. And we analyze the effect of Attention to Trading Information or the phenomenon of abnormal trading on the trading behavior of foreign investors. From the empirical results, we get the trading behavior of foreign investors is buying winner and selling (ongoing holding) loser by the method of the groups of the buy ratio of foreign investors. By the method of the groups of revenue rate of stocks, the trading behavior of foreign investors is the more winners then the more buying, but not the more losers then the more selling. Moreover, from the results of Mann-Whitney Test, we get the trading behaviors of foreign investors from the different standards of groups (the buy ratio of foreign investors or the revenue rate of stocks) would be different. In the other side, we find the trading behavior of foreign investors would not be impacted by the phenomenon of abnormal trading, but it is changed by Attention to Trading Information. And some effects of different articles of Attention to Trading Information on the trading behavior of foreign investors are the same, but the others aren't. |
本系統中英文摘要資訊取自各篇刊載內容。