影響外資在台灣股票市場動態之分析

Analysis of the Impact of Foreign Investment on the Dynamics of Taiwan’s Stock Market

金融海嘯後的台灣加權股價指數，迄今尚未突破2008年5月20日執政黨就職以來的最高點9,309.95點，同期間表現雖較東京與香港股市為佳，但若與股價指數已經越過金融海嘯前高的美國NASDAQ指數及南韓綜合指數相較，表現並非理想。本文除探究上一現象外，基於法人機構與外資投資台灣股票之比例有增加趨勢，因此進一步以過去有關外資進出台灣股市之文獻為基礎，探討我國開放暨管理外資投資國內證券之相關政策與措施，據以解析影響台股漲跌主要原因，俾政府擬定相關政策與措施之參考。

Since the 2008 financial crisis, the Taiwan Weighted Stock Index has failed to rebound to the peak of 9,309.95 that it reached on May 20, 2008 when the new administration of President Ma Ying-jeou was inaugurated. Although it has outperformed the Tokyo and Hong Kong stock markets during this time, its performance does not look so ideal when compared with such indexes as NASDAQ and the Korea Composite Index, which have already risen above their pre-crisis levels. In this paper, in addition to investigating the above phenomenon, we note that there has been a rising trend in the proportion of Taiwan’s stocks owned by institutional and foreign investors. Hence, taking the past literature on foreign buying and selling of Taiwan stocks as a starting point, we further examine policies and measures related to opening and managing foreign investment in domestic securities. Based on this, we analyze the main factors affecting the rise and fall of the stock market in Taiwan, for reference by the government in formulating related policies and measures.