臺灣博碩士論文加值系統

近年來環境保護意識逐漸抬頭、大眾開始注重自身的健康保健，同時各國政府也不斷地訂定新的政策以減少對於環境的傷害及促進醫療產業的發展。根據Ajzen and Fishbein (1988)及Ajzen (1991)所提出的計劃行為理論指出態度、主觀規範及認知行為控制會影響一個人的行為意向進而改變其實際行為。本文據此探討能源相關產業的投資與醫療相關產業的投資是否具關聯性。由於本文樣本期間包含2008-09年全球金融海嘯，因此本文亦分析在金融危機期間及後續正常期間兩類ETF之關聯性是否有異。
實證結果發現近年來醫療相關產業ETF之報酬高於所有能源相關產業ETF，而且其所面對之風險亦相對較低。本研究發現能源相關ETF與醫療相關ETF具有關聯性且危機期間兩者關聯性較強烈，然而在後續期間兩者關聯性減弱；另外，所有能源相關ETF與醫療相關產業ETF報酬率呈現顯著的負相關，此負相關對於傳統能源ETF之效果及在危機期間較為顯著，可能是投資人受到環保意識及健康風氣影響，在面臨危機時，較容易改變其投資標的。最後，本文發現則是大部分的能源相關產業與醫療相關產業ETF之價格皆無長期均衡關係存在。

In recent years, the awareness of environmental protection gradually rises and the public begins and to focus on their own health care, while governments continue to set new policies to reduce the harm to the environment and promote the development of the medical industry. According to the theory of planned behavior proposed by Ajzen and Fishbein (1988) and Ajzen (1991), they point out that attitudes, subjective norms and perceived behavior control may affect a person's behavioral intention then change his actual behavior. Therefore, this paper discusses the relationship between energy-related ETFs and medical-related ETFs. As the sample period comprises the 2008-09 global financial tsunami, this paper also compares above relationship in the financial crisis period and the follow-up period.
The empirical results show that the medical-related ETFs have higher return and lower risk than the energy-related ETFs. We find that the ETFs of traditional energy category have significant causal relationship with the medical-related ETFs during the crisis. In the regression analysis, we find a negative relationship between those two groups of ETFs during crisis period but little relationship in the follow-up period. This evidence shows that investors’ behavior may be influenced by the environmental awareness and the atmosphere of health during the crisis period. On the other hand, there is no equilibrium relationship between the price of the traditional energy-related ETFs and the medical-related ETFs.

目錄
謝辭...........................................I
摘要...........................................II
圖目錄.........................................IV
表目錄..........................................V
目錄...........................................VI
第壹章緒論......................................1
第一節研究動機及背景.............................1
第二節研究問題..................................3
第三節研究架構與流程.............................5
第貳章計劃行為理論...............................7
第參章文獻回顧..................................10
第一節投資人對於企業進行環境保護之行為............10
第二節能源產業..................................12
第三節醫療生技產業..............................14
第四節指數股票型基金............................15
第肆章研究設計 ..............................22
第一節觀念性架構 ..............................22
第二節研究樣本與期間 ......................23
第三節研究方法 ..............................25
第伍章實證結果與分析 ......................31
第一節基本型態分析 ......................31
第二節因果關係分析 ......................46
第三節共整合檢定 ..............................60
第陸章結論與建議 ..............................62
第一節研究結論 ..............................62
第二節研究貢獻 ..............................64
第三節未來研究建議 ......................64
參考文獻 ......................................65

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