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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/71737

    Title: 選股策略之有效性—以航運業為例
    Authors: 劉漢儒;Liu,Han-Ju
    Contributors: 財務金融學系在職專班
    Keywords: 選股策略;股東權益報酬;純益率;自由現金流量;負債比率;股價淨值比;ROE;PBR
    Date: 2016-06-21
    Issue Date: 2016-10-13 13:49:40 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 本研究以2000年至2014年間上市之航運業為研究對象,欲探討不以價值投資法(Value Investing),或成長投資法(Growth Investing)來尋求投資績效是否能夠超越加權指數。而是以獲利性﹑安全性﹑成長性及公司價值四大方面選取代表性的選股指標,以其涵蓋價值股及成長股分類,探討是否可以得到超額報酬,同時亦觀察其投資組合風險與大盤相較為何?實證結果發現﹕
    ;The main purpose of this study is to examine investment performance of stock picking based on typical financial textbooks beyond that guided by Value or Growth Investment. We choose four major areas which including profitability、security、growth and company value for the selection of stocks and check out if excess returns can be obtained. At the same time, we also compare its investment portfolio risk and market risk. The empirical results show that:
    1.These 6 stock indices tested by t test at different
    investment time periods were significantly different from
    the return of selected portfolios and the return of the
    market .
    2.Portfolios held between one to five years by regression
    analysis reveal their returns and their remunerations
    were correlated with market return, but not every index
    has significant relevance. In the long term, we found the
    data obtained in ROE, net profit rate﹑free cash flow﹑
    net debt ratio﹑PBR and long-term revenue growth rate
    all have the ability to explain the company′s
    remuneration. However, the long-term revenue growth rate
    was less significant when judging the relevance between
    every portfolio return and market return.
    3.After the verification and test conditions, we found the
    companies which selected by four major areas were able to
    beat the market. Moreover, the systematic risk might be
    comparable to market risk or lower than the market risk.
    In sum, the filters does not guarantee to achieve higher
    returns and lower risk.
    Appears in Collections:[財務金融學系碩士在職專班] 博碩士論文

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