臺灣博碩士論文加值系統

本論文探討了立法者參與股票市場的原因和他們的投資組合偏好，立法院的成員在台灣扮演很重要的角色，他們的決策往往決定著台灣的經濟發展，而他們的投資組合選擇也必定和台灣產業的經濟發展有所關聯，因此，對於立法委員的財務決策分析會是一個重要的議題。本研究的樣本資料都是手動蒐集的，資訊來源是根據監察院的陽光法案所公布的立法委員財產申報資料，從2010年到2013年，在經過統計分析後，結果發現所有的立法委員都擁有高的教育水平(約77.9%擁有碩士學歷)且具有相對均勻且高於平均的資產，研究發現立法委員參與股票市場與政治取向、較高的教育程度及高於中位數的財富有很緊密的關聯，其中兩個最相關的因素為政黨和財富，此外國民黨籍立委較其他政黨立委有更高的股市參與機率，財富和教育水準也明顯高於其他政黨，而立法委員的投資組合較偏好於電子及其他類股有較多相關的影響，這也能提供立法委員可以利用其手中的權力在立法過程中來影響公司的股價並從中獲得利益的證據，最後，希望這項研究對於選民有幫助，並對立法委員有監督的效果。

This study explored the reasons of legislators to participate in the stock market and their investment portfolio. Members of the Legislative Yuan played an important role in Taiwan. Their decision often determines the economic development of Taiwan. The legislator's portfolio must have some correlation with economic development of Taiwan industry. Therefore the analysis of legislator financial decision would be an important issue. All of sample of this study is practically with the hand-collected from 2010 to 2013 information on the property declaration of legislators based on the Sunshine Acts in website of the Control Yuan, Republic of China. After statistics analysis, the result of findings all of legislator are highly education level (77.9% having master degree) and have a relatively uniform above-average asset. The study finds that legislator stock market participation is strongly associated with political orientation, higher education level, and wealth higher than median. And the two most relevant factors influence legislators to participate in the stock market are party and wealth. Further, the KMT legislator market participation, wealth and education level are obviously higher than the other party. The result of legislator portfolio preference in electronic and other stocks categories has more impact factor. It would provide evidence on legislators can use their power in legislative process to impact the firm stock price and get interests. Finally, hope this research would help voters and have the effect of supervision of legislators.

摘要 i
Abstract ii
Contents iii
List of Tables
List of Figures
1. Introduction
1.1 Background& Motivation
1.2 Objectives
1.3 Organization of This Thesis
2. Related literature
2.1 Legislator of Republic of China
2.2 Political activism and stock market participation
2.3 Political preferences and investment decision
3. Methodology
3.1 Data collection& preprocessing
3.2 Analysis method
4. Results& findings
4.1 Summary and differences comparison
4.2 Portfolio preference impact factor
4.3 Findings
5. Conclusion
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網路部分
Sunshine Arts, the Control Yuan of Republic of China
http://sunshine.cy.gov.tw/GipOpenWeb/wSite/mp?mp=2
The Legislative Yuan of Republic of China
http://www.ly.gov.tw/