關聯公司與投資策略：基亞和云辰個案研究

Related Companies and the Strategy of Investment: A Case Study of Taiwan Companies, Medigen Biotechnology Corp. and Everspring Industry Co., Ltd.

大數據的應用證實具有社會關係網絡，會增加金融市場市場之投資績效，促使“社會人”議題成為研究財務金融的新思路，期能尋找解釋市場訂價偏誤的源頭，而裙帶資本主義又盛行於新興開發中國家，造成財富不均的問題日益惡化。因此，如何利用行為財務學的學理，協助散戶從事金融操作，將更有機會使股價被真實的反映，本研究援引台灣二家裙帶公司（基亞和云辰），運用行為財務學的均值迴歸理論，配合實驗設計與程式交易。研究結果證明：2011年11月30日至2016年7月25日期間台灣生技產業股市不存在效率市場，此一技術分析參數背後所代表的操作策略是有利可圖的，投資人可以運用對應公司價差之迴歸平均值的特性，在金融市場增進操作績效。

The development of big data research methods shows that there exists social networks in financial market would improve the performance of investment lead to the new issue of homo sociologic us, which has become a new way of thinking and has hoped to find the cause of asset pricing problem in the market. Crony capitalism is prevalent in the emerging and developing countries. It leads to wealth inequalities. Therefore, behavioral finance theory can help individual investors make investment decisions and help stock prices to reflect their true values. This study finds that the biotechnology stock market of Taiwan is not an efficient market based on two peer companies, Medigen Biotechnology Corp. and Everspring Industry Co., Ltd., for the period 2011.11.30~2016.7.25. The results show that the technical analysis tested in this study can lead to trading profits and investors can increase their trading profits based on the mean reversion characteristic of company price differences.