摘要
尋找新能源已是現今全人類共同努力的方向，如何將太陽能源轉換成能使用的方式也是目前各國發展的主要方向之一，而太陽能產業就在這樣的背景下興起，過去文獻主要探討產業鏈受到不同變數或環境之間的影響，本研究主要探討太陽能整體產業股價受到相關因素的影響，並有別於以往文獻更近一步區分產業上、中、下游，並比較其影響之差異。
本研究主要使用多元迴歸分析方法探討國際原油價格、公司規模、研究發展經費對台灣太陽能產業鏈的股價與報酬率之間的影響。研究數據取自台灣經濟新報（the Taiwan Economic Journal; TEJ）與台灣證券交易所公開資訊觀測站之資訊，其中上市（櫃）公司總計37家，期間從2000年第四季到2020年第一季，共計78季。實證結果顯示：一、台灣太陽能產業之上市（櫃）公司股價與原油價格存在正相關，當國際油價升高的同時也會帶動股價的上升。二、在公司規模的部分，該變數與股價之間為正相關，規模越大的公司股價的表現較佳。三、台灣太陽能產業公司股價與研究發展經費呈現正相關。四、本研究進一步將產業鏈區分為上、中、下游，並比較各項變數與股價之間的關係。數據中顯示，研究發展經費對上游與中游公司股價影響大於下游的公司股價；公司規模對於上、中、下游公司股價皆呈現相同結果，但對於上游與下游公司股價產生影響的程度大於中游公司股價；石油價格與上、中游公司股價的正向關係相對高於下游股價，在石油價格提升時，上、中游公司股價表現會高於下游公司股價。太陽能產業上游廠商主要為生產與製造，中游廠商主要為組裝，而下游廠商主要為安裝，因之間的產業特性不同，所以股價受到變數影響程度不同。

關鍵字：股價、台灣太陽能產業、多元迴歸、研究發展經費、企業績效

Abstract
The search for new energy sources is a common effort of all mankind nowadays, and how to convert solar energy into a usable form is one of the main directions of development in various countries. This study focuses on the impact of related factors on the overall solar industry stock price, and distinguishes between the upstream, midstream, and downstream of the industry, and compares the differences in their impact.
This study uses multivariate regression analysis to examine the effects of international crude oil prices, company size, and research and development funding on the stock prices and returns of the solar industry chain in Taiwan. The data were obtained from the Taiwan Economic Journal (TEJ) and the Taiwan Stock Exchange Public Information Observation Post System (TSOPOS), in which 37 companies were listed on the stock exchange for a total of 78 quarters from the fourth quarter of 2000 to the first quarter of 2020. The empirical results show that: a. There is a positive correlation between the share prices of listed companies in Taiwan's solar industry and crude oil prices, and when the international oil prices rise, the share prices will also rise. In terms of company size, there is a positive correlation between this variable and stock price, and the larger the company, the better the stock price performance. The stock price of Taiwan solar industry companies is now correlated with research and development expenditure. This study further divides the industry chain into upstream, midstream, and downstream, and compares the relationship between each variable and stock price. The data show that research and development funding has a greater impact on the stock prices of upstream and midstream companies than on the stock prices of downstream companies; company size has the same effect on the stock prices of upstream, midstream, and downstream companies, but has a greater impact on the stock prices of upstream and downstream companies than on the stock prices of midstream companies; the positive relationship between the stock prices of upstream and midstream companies and oil prices is relatively higher than that of downstream companies.
The positive relationship between upstream and midstream share prices and oil prices is relatively higher than that of downstream share prices, and when oil prices increase, the share prices of upstream and midstream companies will outperform the share prices of downstream companies. The upstream companies in the solar industry are mainly in production and manufacturing, the midstream companies are mainly in assembly, and the downstream companies are mainly in installation, and their stock prices are affected by different variables due to their different industrial characteristics.


Keywords: Stock Price, Taiwan Solar Industry, Multiple Regression, R&D, Corporation Performance

論文審定書 i
誌謝 ii
摘要 iii
Abstract v
目錄 vii
表目錄 ix
第一章、緒論 1
1.1 研究背景 1
1.2 研究動機與目的 2
1.3 研究架構 5
第二章、文獻回顧 6
2.1 台灣太陽能產業鏈 6
2.2 影響股價因素 7
第三章、研究方法 11
3.1 資料來源與樣本選取 11
3.2 研究設計 14
第四章、實證結果分析 16
4.1 敘述統計與相關係數 16
4.2 變數衡量與實證模式 17
第五章、結論與建議 25
參考文獻 27

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