本研究主要依據Ou and Penman(1989)使用的財務比率分析方法，選出具有顯著性的變數，並取得在模式中的估計值。探討1993年至2007年間於全球汽車產業主要財務比率與股價報酬之關聯性。然而，運用財務比率分析來評估經營績效為人所熟知並廣泛運用，但各種財務比率眾多，常令人混淆、誤判，故本研究選取自1993年至2007年全球汽車製造商共11家公司的財務資料，進行股價報酬關聯性的實證分析與研究，進而萃取出較有代表性的評估因子。 研究結果發現，在本研究中PBR(Price to book value)對股價報酬關聯性最大，其次為資本支出比率、營業利益率、負債比率、稅後EPS及呈現負相關的股利率。 This study is based on financial report proposed by Ou and Penman(1989). The objective is to find out that the relationship between the earnings information in the financial statements and the stock price of companies. The objects are the Bloomberg of global car maker companies from 1993 to 2007. The empirical results are as follows: Among 14 earnings variables in this study, PBR (Price to book value) has strong relationship with stock price. Followed by the capital expenditures ratio、Profit margin、Debt ratio、EPS and Dividend yield are negative correlated with stock price.
