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題名:資訊-知識與市場結構:台灣股市的社會學分析
作者:吳宗昇 引用關係
作者(外文):WU Chung-Shen
校院名稱:東海大學
系所名稱:社會學系
指導教授:高承恕
學位類別:博士
出版日期:2005
主題關鍵詞:經濟社會學市場社會學資訊-知識股市社會學散戶評價系統Economics SociologyMarket SociologyIformation-KnowledgeStock Market SociologyDispersed playersEvaluation system
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  • 點閱點閱:82
經濟社會學對於市場的傳統看法,不外乎將市場視為網絡(network)、鑲嵌(embeddedness)、社會資本(social capital)、公司(firm)以及制度(institution)等概念。但近來金融市場社會學的諸多研究,對此傳統產生許多新的衝擊。亦即,市場的競爭分析應該採取更具體的經濟行動研究,以判斷市場的構成,以及其中經濟行動的競爭過程。
本論文延續以上的爭論,並嘗試在方法論上融合現象學和知識社會學的脈絡,擴大經濟社會學對於市場討論的基礎。分析對象則以參與層面最廣泛的股市散戶為出發點。研究方法則包含歷史文獻分析、連續訪談、螢幕基礎(screen-based)的無時差資料收集方式。在六年的研究過程中,共收集近百位小戶、中實戶、基金經理人、外資研究員、分析師等資料。
本研究不僅引進社會階層化(social stratification)的觀點,並具體分析股市中的競爭要素,提出資訊-知識(Information-Knowledge)的概念。最後發現在股市中,行動者因為受到資訊管道或是知識能力的雙重限制,而處在相對性的社會位置。此圖像,可稱之為資訊-知識年輪(I-K Ring)。在資訊流動快速的認識實體(epistemic reality)中(如外匯市場、股票市場),特別容易形成這種相對位置不均等的結構。另一方面,在股市現代化的過程中,詮釋股票價值的權力慢慢轉由評價系統(evaluation system)所主導。此系統由分析師、研究員及評等機構等組成,並結合物質主義的意識型態,製造理性而科學化的分析報告,並在發佈資訊的過程中傳遞股票價值的正當性。最後,它也製造了認識市場實體的方式。
本論文最後將論證,經濟社會學傳統認識市場的方式,過於強調廠商的競爭結構,而不注意產品(product)的性質,以及交易者對於產品價值的定價過程。因而,傳統經濟社會學無法清楚分析製造之外的市場,諸如變動快速的外匯市場或股票市場。其次,本文將提出在資訊-知識的競爭要素中,下層的競爭者將面臨非志願性蒙蔽的情況。越是理性化、產品複雜的市場,對行動者的限制將會更多;亦即,處於外圈的行動者將會受到更多隱形的非志願性蒙蔽(involuntary blinding)。
From the viewpoint of traditional economics sociology, market is as the concept of network, embeddedness, social capital, firm and institution. Contemporarily, many sociological studies based on financial market impact the tradition of economics sociology. In order to distinguish the component of market and analyzes the competition factors of market, it must take much solid/concrete research toward economic action.
Continuing the dispute above, together with applying the methodology based on phenomenology and sociology of knowledge, this dissertation presents to expand the basis of economics sociology for further discussion on market. In Taiwan stock market, dispersed players who deeply participate with the market are the research subjects; historical literature, interviews, and data gathering by synchrony screen-based are the research methods. Over 6 years, there gathered about 100 databases from individual small players, middle players, to institutional fund managers, professional stock analysts and QFII researchers.
This dissertation not only introduces the viewpoint of social stratification and analyzes the competition factors of stock market, but also propose the concept of Information-Knowledge (I-K). Refer to the stock market, different actor states in different relative social position because of the information channel blockage and knowledge limitation. It is, so called, Information-Knowledge Ring (I-K Ring). This unequal structure of relative position is easily formed in epistemic reality in which the information flow is fast (ex. foreign exchange market or stock market). On the other hand, in the process of market modernization, the power to interpret the value of shares is gradually transferred and lead by evaluation system. This mechanism is constituted by professional stock analysts, researchers and rating companies that produce critics and reports through a rational/scientific way. Together with materialism ideology, evaluation system also creates the way to recognize market epistemic reality while it spreads/publishes the information to public and represents the legitimacy of stock value.
The final argument is that, economics sociology emphasizes more on the competition structure of producer, rather than the nature and pricing process of the product. As a result, it provides the way to analyze industrial market but not fast moving market (i.e. foreign exchange market and stock market). Moreover, the more rational and complex market, the more the limit goes to actor. That is, actor who position outside the core circuit of Information-Knowledge Ring (I-K Ring) will suffer the invisible involuntary blinding.
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三、翻譯書籍
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1999(1993),《漫長的二十世紀-金錢、權力和我們的社會根源》,香港,牛津出版社。
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1997(1968),《物體系》(林志明譯),台北時報出版社。
Bernstein, P. L.(伯恩斯坦)
1998,《與天為敵》(Against the Gods)(張定綺譯),台北,商週出版社。
Boatright, J. R.(博特賴特)
2002,《金融倫理學》(The Ethic in Finance),北京,北京大學出版社。
Braudel, F.
1994,資本主義的動力(楊起譯),香港,牛津大學出版社。
Canterbery, R. (坎特伯雷)
2001(2000),華爾街資本主義(Wall street capitalism),江西,江西人民出版社。
Chesnais, F.,(沙奈)
2001(1996),資本全球化(La mondialisation financiere),北京,中央編譯出版社。
Christensen, C. M.(克里斯汀生)
2004(1997),《創新的兩難》(The Innovator’s dilemma)(吳凱琳譯),台北,商週出版社。
Cohen B.(柯恩)
2000(1997),《混沌邊緣》(The Edge of Chaos)(賴佩珊譯),台北,商週出版社。
Dore, R.,(多爾)
2002(2000),《股票資本主義:福利資本主義—英美模式vs.日德模式》,李岩、李曉樺翻譯,北京,社會科學文獻出版社。
Frost A. J. and Prechter R.
2002(1978),《艾略特波浪理論:市場行為的關鍵》(林錦慧譯),台北,眾文圖書。
Foucault, M.(傅柯)
1992(1975),《規訓與懲罰-監獄的誕生》(劉北成等譯),台北,桂冠出版社。
Geisst, C. R.
2004,《投機:貪婪的智慧》(Wheels of Fortunes)(劉真如譯),台北,商週出版社。
Hilferding, R(希法亭)
1998(1911),《金融資本》(Das Finankapital),(福民等譯),北京,商務印書館。
Kostolany, A.(科斯托蘭尼)
2002(2000),《一個投機者的告白》(唐峋翻譯),台北,時報出版社。
Lenin(列寧),
1995(1916),《列寧選集2》,中共中央馬克思恩格斯列寧斯大林著作編譯館編,北京,人民出版社。
Levitt, A.(李維特)
2003,《散戶至上》(戚瑞國譯),台北,先覺出版社。
Lindblom, C. E.(林布隆)
2002(2001),《市場不只一隻手》(The Market System: what is it, how it works, and what to make it),胡瑋珊譯,台北,新新聞出版社。
Malkiel, B. G.(墨基爾)
1996,《漫步華爾街》(Random walk down Wall Street),楊美齡譯,台北,天下文化出版社。
Mandel, E.(曼德爾)
2002(1992),《貨幣與權力》(孟捷譯),北京,中央編譯出版社。
Simmel, G(齊美爾)
2002(1900),《貨幣哲學》(陳戎女等譯),北京,華夏出版社。
Strnage, S.(斯特蘭奇)
2000(1997),《賭場資本主義》(Casio capitalism),北京,中國社會科學出版社。
Weber, M.(韋伯)
1993(1922),《社會學的基本概念》(顧忠華譯),台北,遠流。
1999(1922),《經濟行動與社會團體》(康樂譯),台北,遠流。
後藤靖、蘆田丈夫、阪本和一
2003(1984),《現代經濟史的基礎》(黃紹恆譯),台北,經濟新潮社。
維琴基尼(等著)
2002(?),《證券交易史》(王建良譯),成都,四川人民出版社。
黃仁宇(Ray Huang)
2004(1974),《十六世紀明代中國之財政與稅收》(阿風等譯),台北,聯經出版社。
四、官方資料
中央銀行經濟研究處
2001,Taiwan Statistical Data Book, 台北,中央銀行經濟研究處。
台灣省內政部
1991,《台閩地區戶籍人口統計報告》,台北,台灣省內政部。
台灣證券交易所
1992,《台灣證券交易所三十年》,台北,台灣證券交易所出版。
2002.05,《上市證券概況》(02-91525),台北,台灣證券交易所出版。
2002.09,《上市證券概況》(02-91925),台北,台灣證券交易所出版。
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1994,《台灣金融發展歷程》,台北,合作金庫。
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2000,《民國八十九年內政部統計年報》,台北,內政部。
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2002,《國民所得統計摘要》台北,行政院主計處。
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1999,《證券統計要覽》,台北,財政部證期會。
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2002,《中華民國台灣地區經濟統計年報》,台北,經濟部統計處。

五、報紙資料
中時晚報(綜合報導)
1988.02.01-1988.04.30微縮影片。
1989.01.22,電腦穿幫、拉下常黑,第六版。
1989.01.31,惱人的電腦,又演穿幫秀,第六版。
聯合晚報(綜合報導)
1988.02.01-1988.03.31微縮影片。
2003.09.22,波海指數 再攀高點 散裝輪一帆風順。

朱美宙、于國欽,2003.07.25,陳總統:吸引外資 繼續鬆綁,工商時報頭版。
李淑惠,2004.10.19,利空罩頂 面板股慘綠 友達、華映、奇美電創短線新低 下周財報周公布季報後 股價可望落底,中國時報。
吳宗昇,2003.10.27,財政部包庇放任到何時,蘋果日報,名采論壇。
吳宗昇,2004.07.20,股盲與博達案,中國時報,A15。
吳宗昇,2004.11.18,投保中心淪為政治打手?,中國時報,A15。
高潔如,2004.06.2,GDR過關博達套利熱噴歷史巨量,聯合晚報13版(一)。
詹惠珠,2004.06.16,博達聲請重整 將改全額交割,經濟日報/1版/要聞
劉峻谷,2004.07.01,股東 心碎了她的一千萬 才投資十天,聯合報A7版/話題。
盧怡安,2004.09.06,御前一品,千萬年薪夫妻,商業週刊第876期:32-36。
蕭志忠,2004.06.16,博達普通股漲停 可轉債跌停,/經濟日報/2版/經濟要聞。
蕭美惠,2001.01.30,學者評論投資行為 台、韓股民最像羊群,工商時報/證券。
蕭美惠,2002.12.18,席勒:美國房市無崩盤之虞,工商時報/證券。
欒忠悌,1987.09.23,經濟日報。
商業週刊,2002.05.20,《商業週刊》,財團與上市公司排名。


六、網路資料來源
http://udndata.com/main.php3, 聯合知識庫2002.11.30。
http://webwarper.net/ww/www.better-investing.org/about/fact.html, (NAIC Statistical Highlights), 2003.12.30。
http://www.cnyes.com, 鉅亨網。
http://www.gcinfobank.com.tw/ , 大中華知識銀行。
http://www.selaw.com.tw/new.asp , 證期會(台灣證券暨期貨令判系統)2004.07.28
http://www.sfc.gov.tw/7-5.htm, 財政部證期會(外資簡史)2004.07.27。
http://www.sfi.org.tw/newsfi, 證基會。
http://www.smartnet.com.tw, 理財網。
http://www.tej.com.tw/ , 經濟新報。
http://www.tse.com.tw/plan/autoweb/chinese/index.html , 台灣證券交易所2004.12
http://www.sfib.com.tw/sfi/new/industry/report/report-12.htm 真相王2004.10.30
http://www.51098.net/old/wenhua/zatan/0343.htm 證券學堂
http://www.dgbas.gov.tw/ 經濟部主計處(2004.12)


七、研究報告
Morgan Stanley Securities House (October 13, 2004), By Frank Wang, Dickson Ho, Sunil Gupta (Equity Research, Asia/Pacific, No. 34447), Permitted by Frank Wang。
曾耀德
2003,〈散裝航運價再起 Q4進入營運旺季〉,寶來證券產業研究報告(2003.09.04),曾耀德授權。
2004,〈2005年第一季前散裝運價欲小不易 近洋貨櫃運價漲勢優於遠洋〉,寶華綜合經濟研究院報告(寶來證券2004.10),曾耀德授權。
 
 
 
 
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