反傾銷措施與垂直相關市場：以台灣自行車業為例

NHUIR > College of Management > Department of Cultural & Creative Enterprise Management > Disserations and Theses(M. A. Program in Leisure Industry) > Item 987654321/20560

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Title:	反傾銷措施與垂直相關市場：以台灣自行車業為例
Other Titles:	The effect of antidumping measures in vertically related market: the cases of Taiwanese bicycle industry
Authors:	林培元 Lin, Pei-yuan
Contributors:	管理經濟學系經濟學碩士班林家慶 Chia-ching Lin
Keywords:	自行車產業;垂直相關市場;反傾銷 anti-dumping;vertically related market;bivyvle industry
Date:	2008
Issue Date:	2015-05-10 16:03:23 (UTC+8)
Abstract:	在經過了關稅暨貿易總協定八回合的多邊貿易談判之後，由於傳統關稅的下降導致反傾銷措施逐漸在國際上被各國所使用。反傾銷措施的特性就是能阻止控訴國的國內產業不受到進口傾銷產品的迫害，進而保護控訴國國內產業的利益。目前大部份文獻都在探討反傾銷措施對於控訴廠商、或是被控訴廠商股價、利潤以及產出的影響，且探討的案例多為高科技與塑化鋼鐵產業為主。　　　　然而在目前國際上，產業垂直分工體系已經非常普遍，對於產業之間的垂直相關廠商在面臨反傾銷措施的議題，甚少有文獻討論。因此本文使用台灣自行車產業在面臨歐盟、阿根廷與巴西的傾銷控訴時，是否會因為傾銷廠商在產業鏈定位的不同，使得傾銷廠商在面對反傾銷措施時會有不同的影響。本文利用巨大、美利達、利奇、川飛、正新與建大這六家上市公司的股票報酬日資料，運用資本市場事件研究法分析，當反傾銷措施發生之後，對於傾銷廠商股價報酬率的影響為何。　　　　根據實證結果發現，上下游類型廠商在被控訴的過程中，股價報酬率都大部分呈現負面影響。對於自行車上游廠商被提控反傾銷時，垂直相關的下游廠商股價報酬大部分呈現顯著的正面影響，僅少部分廠商的股價報酬呈現負面影響。當自行車下游廠商被提控反傾銷時，垂直相關的上游廠商股價報酬率大部分呈現顯著的負面影響，僅兩個事件日的股價報酬呈現正面影響。　　Under the GATT, member countries pursued eight rounds of negotiations to lower governmental barriers to trade, the practice of anti-dumping measures has been gradually adopted internationally because of these multilateral trade negotiations have been very successful in reducing tariffs. The most notable characteristic of anti-dumping measure is preventing a complaining country's domestic industries from being persecuted by the imported dumping goods, thus protecting the benefit of the complaining country’s domestic industries. At the present, most related literature examined anti-dumping measures’ effects on the stock prices, profits, and outputs of the complaining companies or accused companies; the case studies mostly involve high-tech and plasticized steel industries.　　　　However, at the present, vertical division of labor is common within industries. There are scanty literatures concerning the topic of anti-dumping measures faced by companies in the vertical chain. This research discusses how Taiwan’s bicycle industry would react to and deal with anti-dumping measures according to the companies’ positions in the industrial chain when facing the accusation from the European Union, Argentina, and Brail. By examining the daily return on equity report of companies, including Giant Bicycles, Merida, Promax, Falcon, Cheng-Shin, and Kenda, and using the analysis method of capital market event study, this research attempted to understand how the stock prices of these companies are affected after the execution of anti-dumping measures against them.　　　　The empirical results showed that, during the allegation period, the stock prices of both upstream and downstream companies were negatively affected. When an upstream bicycle manufacturer was accused of dumping, the return on equity of majority of downstream companies in the vertical chain appeared to be positively affected; only few displayed negative effect. When a downstream bicycle manufacturer was accused of dumping, the return on equity of upstream companies in the vertical chain displayed significant negative effect; only two event days had positive return on the stock price.
Appears in Collections:	[Department of Cultural & Creative Enterprise Management] Disserations and Theses(M. A. Program in Leisure Industry)

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