2002年台灣加入WTO後，為遵循其組織規範，砂糖由原本的保護管制到完全開放自由進口，這樣的變化讓進口糖的比例大幅度增加，截至2016年進口糖已佔台灣糖總需求的九成之多。為減緩期貨買賣可能造成的風險，進口商開始投入期貨避險活動，而了解台灣總體經濟變數與糖價間的關係，可以做為未來避險方向的指引。
本研究使用單根檢定、共整合檢定與Granger因果關係檢定分別檢定各變數間的長短期關係。實證結果顯現砂糖價格與銀行存放款利率有共整合關係，但砂糖價格並沒有與其他變數間有Granger因果關係。

After joining World Trade Organization in 2002, to comply with the obligations of membership, many industries changed from the government protection into an open and liberal import environment.While the trade research of the agricultral products studies has been extensively investigated,the sugar industry is relatively unexplored.

The research focuses on the understanding of the relationship between sugar price,and the other macroeconomic factors which can become the guideline for the future hedging.

There is a significant change after joined World Trade Organization,Taiwan sugar industry has raised the high percentage of import sugar quantity. Up to 2016,the import quantity of sugar has reached ninety percent of the total demand. To lower the rick of future purchasing,importers begin hedging activities.

The artical investigate the impact of all the variables under short run and long term by using unit root test, cointegration test and Granger causality test.The empirical results show that sugar price and time deposits interest rate have cointegrated relationship. However there is no Granger causality between the variables.

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台糖網站http://www.taisugar.com.tw/chinese/index.aspx
日盛期貨http://www1.jihsun.com.tw/future/new3/service/s_2.htm
行政院農業委員會https://www.coa.gov.tw/
財政部關務署https://web.customs.gov.tw/
中華民國中央銀行全球資訊網https://www.cbc.gov.tw/mp.asp?mp=1
行政院主計處https://www.dgbas.gov.tw/mp.asp?mp=1
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