| 摘要: | 台灣製造業在國內外扮演重要的角色，在全球製造業的競爭力排名前十名。2017年台灣共有5項產品排名全球第一，包括：晶圓代工、IC封測、綠藻、高階自行車及機能性布料；在國內，製造業公司的家數及股票總市值占所有上市公司的七成以上，由此可見製造業對國內外經濟影響的重要性。本研究挑選了台灣製造業上市公司公開財務報表中11項財務指標與股價進行實證分析。希望了解財務績效與股價之間的相關性，各項財務指標對股價是否呈現顯著的正負向關係，以提供投資人對製造業股票價格的預期依據及選股策略。資料來源為台灣經濟新報資料庫(TEJ)，使用國內上市製造業85家公司的財務報表與股價資料，研究期間為1991年至2018年。
本研究將樣本依產業別分類，針對15種個別產業及全體產業進行Panel Data實證分析。實證結果發現：「每股盈餘」、「股東權益報酬率」及「資產報酬率」等財務指標對個別產業及全體產業的股價均呈現正向的影響，投資人可利用此三項財務指標的投資組合作為選股決策的依據。建議投資人勿使用「負債淨值比」、「流動比率」、「存貨周轉次數」、「總資產周轉次數」、「應收帳款周轉次數」及「營收成長率」等財務指標當作主要的投資工具，應加以仔細觀察其對於公司的獲利有正向的影響後，再作為輔助投資決策之參考依據。
;Taiwan’s manufacturing industry plays an important role domestically and abroad, ranking among the top ten in the global competitiveness of manufacturing industry. In 2017, Taiwan ranked NO.1 in the world in terms of five products, including foundry, IC packaging, green algae, high-end bicycles and functional fabrics. In domestic, the number of manufacturing companies and the total market value of stocks occupancy more than 70% of all listed companies. This shows the importance of manufacturing to domestic and foreign economies. This study selects Taiwan manufacturing listed companies and makes an empirical analysis of 11 financial indicators and stock prices in the financial statements. This study wants to clarify whether the correlation between financial performance and stock price has a significant positive and negative relationship with the stock price, so that it can provide investors with the basis of stock price expectations and stock selection strategies. Data sources for the Taiwan Economics Journal database (TEJ), the use of 85 domestic listed manufacturing companies’ financial reports and stock price information, the study period for 1991 to 2018.
In this study, the samples are classified according to the industry and conduct Panel Data empirical analysis for 15 individual industries and all industries.The empirical results are as follows：Financial indicators such as “Earnings Per Share”, “Return On Equity” and “Return On Total Assets” have a positive impact on the stock prices of individual industries and industries as a whole. Based on this, investors can use the portfolio of these three financial indicators as the basis for stock selection decisions, but it is suggested that investors should not use financial indicators such as “Debt/Equity”, ” Current Ratio”,“Inventory Turnover”, “Inventory Turnover”,“Total Asset Turnover”, “Receivables Turnover” and “Revenue Growth Rate” as their main investment tools, and should carefully observe that they have a positive impact on the company’s profits, and use them as a reference basis for supporting investment decisions. |
