油價、低成本策略與規模對綠色能源公司股價之影響－以台灣與大陸為例

Abstract

CO2排放減量政策與油價飆漲的情勢有利於綠色能源產業的發展，本研究針對兩岸之太陽能光電及發光二極體照明應用（light emitting diode; LED）等兩個綠色能源產業，探討油價、低成本優勢之競爭策略與公司相對規模等三種因素與公司股價的關連性。實證結果發現，台灣與大陸的綠色能源產業公司股價與油價具有顯著正向關連性。就低成本策略而言，成本率與公司股價呈負向關係，且油價越高時，成本率越低的公司股價越高；而公司相對規模方面，僅大陸的公司相對規模大小與股價呈正向關係。最後，比較兩岸的結果顯示，台灣綠色能源產業的公司股價與油價的正向關係相對高於大陸，且當油價越高時，成本率及公司相對規模對於股價與油價之間關係的影響亦相對高於大陸。

The objective of this paper is to examine the effects of oil price, cost ratio and relative firm size on the stock price of two green energy industries (Solar Energy and LED) in Taiwan and China. The empirical results support that oil price has a positive association with the stock prices in the two capital markets. For firm's low cost competitive strategy, the cost ratio is negatively related stock prices and the interaction of cost ratio and oil price has a negative effect on the stock prices in Taiwan and China; however, relative firm size is only positively related to stock prices in China. Further, this study finds the relationship between oil price and stock price is more positive for firms in Taiwan than firms in China, and the interaction effect of cost ratio (relative firm size) and oil price has more negative (positive) effect on stock price for firms in Taiwan than firms in China. At last, all of the results of this study further our understanding of the relationship between oil prices and stock prices of green energy industry, especially for firms with different cost ratio and relative firm size, and should be of use to investors, managers, and policymakers in Taiwan and China.