食品業主要的變動成本是原物料，再加上食品產業正是民生必需產業，和日常生活密不可分。其中黃豆價格高低會影響食品產業的進口成本，進而影響食品業股價行情。本研究以單根及自我向量迴歸模型為研究方法，探究黃豆價格對食品類股股價的影響。在此以臺灣食品類股為研究對象，並蒐集芝加哥的期貨行情價格-芝加哥期貨交易所（CBOT）和臺灣食品類股股價進行分析。本研究採用週資料，研究期間為2009年1月2日至2014年3月7日，實證結果發現：5檔食品類股中，黃豆期貨價格對福懋、福壽及大統益三檔食品類股股價具有領先關係，黃豆期貨價格領先食品類股股價一週，呈正向變動。

Food product from agricultural supply is essential for human life to energize us. Soybean is very important to our daily diet among consumer food products. The previous studies indicated the soybean’s futures price largely influenced the profits of the food companies and their stock prices. In this paper, the unit root tests and vector auto-regression model were employed to explore the impacts of soybean prices on the stock prices. This paper focused on the listed Taiwanese food companies by analyzing weekly data from the Chicago futures market price (i.e., Chicago Board of Trade (CBOT)) and stock prices of Taiwanese companies. The research period was from January 2nd, 2009 to March 7th, 2014. The result showed that he soybean’s futures price positively significantly led a week ahead of the stock prices of three food companies (FORMOSA, FWUSOW, and TTET UNION).