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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/63675


    Title: 證券公司財務比率與股價關係之探討—以三家證券公司為例;The Relationship between Financail Ratios and Stock Price - In Cases of Three Security Companies
    Authors: 吳順玄;Wu,Shun-Hsuan
    Contributors: 企業管理學系碩士在職專班
    Keywords: 股價;複迴歸;證券公司;財務比率;financial ration;multi-regression;security company;stock price
    Date: 2006-07-10
    Issue Date: 2014-05-08 15:15:46 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 過去對於企業的財務比率與股價攸關性的研究都集中在傳統的製造和買賣事業,較少將服務事業列入研究。尤其是金融服務事業,其收入的形態和製造業差距甚遠,而證券業又是屬於金融服務事業的一環,相關的金融證券交易,其財務報表的分析也能與其股價具有顯著的攸關,需要進一步的驗證。故本研究利用A、B、C三家證券公司的1999年6月30日至2006年3月31日止的第一季季財務報告書、半年度財務報告書(非合併)、第三季財務報告書和年度財務報告書(非合併),計算出每季的財務比率,探討其與股價之間的攸關性。
    本研究將利用複迴歸分析方法來探討那些財務比率對股價對三家公司的股價有顯著的影響;將三家證券公司的資料合併,再量測那些財務比率對總合資料的股價有顯著的顯響,再以這些財務比率對每一家證券公司單獨驗證其模式的適配性。經本研究實證顯示證券公司的財務報表的比率對於證券行業與單一證券公司的股價同樣也具有顯著影響。說明雖然證券公司的屬於金融服務事業,其表達其營運狀況的資產負債表和損益表,也同時能對股價的表現具顯著影響。
    雖然本研究僅以個例研究的方式進行實證,尚無足夠證據作為廣泛性的推論,但已能提供往後的廣泛性推論的研究參考。但是本研究尚未將非會計資訊納入研究範圍,未來應對所有的非會計資訊進行驗證其有效性,以期證券公司的評價模式更為完整。
    ;Most of the current researches about the relationship between enterprises’ financial ratios and their stock prices are focus on traditional manufactory industry. Few of them involved the financial industry, especially the security companies (hereinafter “the securities”). This research tries to examine if the relationship still exist between the securities’ financial ratios and stock prices. 
    The research adopts quarterly financial ratios of three major securities in Taiwan and the ratios are calculated according to the data in these securities’ quarterly unconsolidated financial statements. The research period is from April 1, 1999 to March 31, 2006. 
    Firstly, the research employs the multi-regression analysis to study if there’s any relationship between the securities’ financial ratios and stock prices. Secondly, the research examines if the above relationship still exists when the data of these three securities are combined. The result is confirmed the financial ratios did effect their stock prices for all of the three securities. 
    The research provides a direction for possible extending research and suggests extending research include non-financial information to create a feasible valuation model, as referred by Ohlson (1995).
    Appears in Collections:[企業管理學系碩士在職專班] 博碩士論文

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