국제 옥수수 가격, 환율 및 해상운임 변화가 국내 사료회사 주가에 미치는 영향 분석

• 영문명: Analysis on the Impacts of International Corn Price, Exchange Rate and Freight Rate Changes on the Values of Feed Companies in Korea
• 발행기관: 한국농식품정책학회
• 저자명: 정소영 양승룡
• 간행물 정보: 『농업경영.정책연구』49권 3호, 437~464쪽, 전체 28쪽
• 주제분류: 자연과학 > 생활/식품과학
• 파일형태: PDF
• 발행일자: 2022.09.30

영문 초록

Recently, as the international corn price continues to rise it might be burdensome for the domestic feed industry who use the corn as a major input. The feed industry has raised the feed prices by 15~20% along with the price increase. The higher corn price and increased volatility should affect the profitability of feed companies and the value of the companies listed in the stock market. It is interesting to know whether the corn price increases hurt the feed companies as much as livestock farms as the feed prices rises. This study seeks to determine the effects of the price of corn prices on the equity prices of feed companies in Korea using the multivariate GARCH-in-mean model. The model also includes the exchange rate and freight rates to see how the market responses to these important factors affecting the profitability of the industry. The results show that the size and direction of impacts of those factors are somewhat different, suggesting separate hedge plans for the feed companies and strategies for stabilizing feed price.

목차

Ⅰ. 서론

Ⅱ. 선행연구 검토

Ⅲ. 연구방법 및 자료

Ⅳ. 분석결과

Ⅴ. 요약 및 결론

참고문헌

키워드

International Corn Price Exchange Rate Freight Rate Feed Company Stock Prices Multivariate GARCH-in-Mean BEKK