結合群眾智慧與基本面應用於上市公司投資策略之研究

NCUIR > School of Management at National Central University > enterprise resource planning of Optics and Photonics > Electronic Thesis & Dissertation > Item 987654321/83885

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/83885

Title:	結合群眾智慧與基本面應用於上市公司投資策略之研究
Authors:	林芳伃;Lin, Fang-Yu
Contributors:	會計研究所企業資源規劃會計碩士在職專班
Keywords:	價值股;基本面;F-Score
Date:	2020-07-30
Issue Date:	2020-09-02 17:20:30 (UTC+8)
Publisher:	國立中央大學
Abstract:	市面上價值選股策略眾多，投資者往往使用過多的規則，卻無法得到合適的選股標的，本研究希望藉由程式爬文，以Google 為搜尋引擎，找出大眾投資人常用價值股投資策略，並與財務基本面評分標準結合，應用於上市公司個股，尋找出低風險且穩定獲利的投資標的。研究中根據群眾智慧尋找出大眾最常使用的兩種價值股投資策略：本益比法及現金股利殖利率法，以兩階段式篩選投資組合，第一階段藉由財務基本面評分標準F-Score篩選出財務體質穩健之公司，第二階段以Google 搜尋出的兩種價值股投資策略二次篩選。實證結果顯示，(1)純粹使用Google 搜尋出的群眾智慧投資策略，雖可獲得報酬，但與台灣 50(0050)ETF 相比報酬率並未特別顯著。(2)若使用Google 搜尋出的群眾智慧投資策略，與F-Score 挑選財務基本面優良之公司為投資標的，連續六年採用此模式以年度調整投資組合，可獲得報酬率11.99%，比台灣50(0050)ETF 報酬率9.85%顯著增加。;There are so many value-based stock selection strategies on the market that investors are frequently unable to appropriately select a combination of strategies with which to reach appropriate individual stock goals. This study uses software-based web crawling, via the Google search engine, to find value stock investment strategies frequently employed by the majority of investors; and by combining these with standards for evaluating financial fundamentals, applying the whole to marketed corporate stocks, to find low-risk, stable-reward investment targets. This study used the wisdom of crowds to find the two most commonly used value stock investment strategies: the price-earnings ratio method, and the dividend yield method. Investment packages were filtered in two stages. The first was using the F-Score financial fundamentals evaluation standard to filter fiscally sound companies. The second stage was to do a second screening based on the two aforementioned value stock investment strategies most commonly found in Google. The results showed that 1) although a wisdom of the crowd investment strategy based purely on Google searches would result in profit, it was not particularly significant compared to the Taiwan 50 (0050) ETF profit rate; and 2) if a Google search-based wisdom of the crowd investment strategy is combined with the F-Score to pick companies with sound financial fundamentals as investment targets, then a continued six-year application of this strategy, with the investment portfolio adjusted yearly, would result in a profit rate of 11.99%, which is significantly higher than the Taiwan 50 (0050) ETF’s 9.85% rate.
Appears in Collections:	[enterprise resource planning of Optics and Photonics] Electronic Thesis & Dissertation

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