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研究生: 李建軒
Lee, Chien-Hsuan
論文名稱: 營運資訊及三大法人淨買超對Covid-19疫情期間航空業股價報酬之影響—以中華航空公司與長榮航空公司為例
The Effects of Operational Information and Institutional Net Trading on Stock Returns of the Aviation Industry During the Covid-19 Pandemic – A Case Study of China Airlines and EVA Air
指導教授: 蔡蒔銓
Tsai, Shih-Chuan
口試委員: 蔡蒔銓
Tsai, Shih-Chuan
陳達新
Chen, Dar-Hsin
許和鈞
Sheu, Her-Jiun
口試日期: 2023/05/27
學位類別: 碩士
Master
系所名稱: 高階經理人企業管理碩士在職專班(EMBA)
Executive Master of Business Administration
論文出版年: 2023
畢業學年度: 111
語文別: 中文
論文頁數: 30
中文關鍵詞: COVID-19疫情航空業三大法人淨買超股價
英文關鍵詞: COVID-19, aviation industry, Institutional Net Trading, stock prices
研究方法: 比較研究
DOI URL: http://doi.org/10.6345/NTNU202300611
論文種類: 學術論文
相關次數: 點閱:139下載:22
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  • 自 2019 年 COVID-19 疫情開始蔓延後,各國實施之城市封鎖與邊境管制等防範措施,導致全球總體經濟狀況不佳,航空公司載客與載貨市場急劇萎縮。本研究先探討總體經濟與航空公司營運資訊在不同時期是否對股價報酬產生影響,再探討於疫情期間航空公司營運資訊及總體經濟是否影響三大法人淨買超以及三大法人淨買超是否對股價報酬產生影響。結果顯示總體經濟與航空公司營運資訊在不同時期會對股價報酬產生影響。營運資訊與總體經濟會影響三大法人對航空股淨買超,且三大法人對航空股淨買超於疫情期間對股價有正向顯著之影響。

    Since the COVID-19 epidemic began to spread in 2019, countries have implemented preventive measures such as city blockades and border controls, resulting in poor overall global economic conditions, and the airline passenger and cargo markets have shrunk sharply. This study first explores the impact of the overall economy and airline operational information on stock price returns in different periods, and then explores whether operational information and overall economic information during the airline epidemic period affect the net buying of the Institutional Investors and whether the net buying of the Institutional Investors affects the stock price. The results show that the overall economic and operational information of airlines can have an impact on stock returns in different periods. And the operational information and the overall economy will affect the net overbuying of aviation stocks by the Institutional Investors and have a positive and significant impact during the epidemic.

    第一章 緒論1 第一節 研究背景1 第二節 研究動機與目的5 第三節 研究對象6 第二章 文獻探討9 第一節 影響國際航空公司的營運狀況所包含之因素9 第二節 影響航空公司股價所包含之因素10 第三節 影響投資人買賣之相關資訊11 第四節 三大法人淨買超如何影響股價報酬12 第三章 研究方法13 第一節 資料來源與樣本選取13 第二節 研究假說13 第三節 變數定義說明14 第四節 模型設定15 第四章 研究結果17 第一節 敘述統計17 第二節 迴歸結果分析18 第五章 研究結論與建議25 第一節 結論25 第二節 建議26 參考文獻27

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