| 摘要(英) |
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.
|
| 參考文獻 |
1.Acheampong, P., Agalega, E., Shibu and A. K. (2014), The
Effect of Financial Leverage and Market Size on Stock
Returns on the Ghana Stock Exchange： Evidence from
Selected Stocks in the Manufacturing Sector,
International Journal of Financial Research, 5, 1, pp.
125-134.
2.Ball, R., and Brown, P. (1968), An empirical evaluation
of accounting income numbers, Journal of Accounting
Research, 6, pp. 159-177.
3.George, G. (2005), The Current and Quick Ratios,
Business Credit, 2005(5).
4.Hall, G., Hutchinson, P., and Michaelas, N. (2000),
Industry Effects on the Determinants of Unquoted SMEs’
Capital Structure, International Journal of the
Economics of Business, 7, 3, pp. 297–312.
5.Jensen, M. (1986), Agency Costs of Free Cash Flow,
Corporate Finance, and Takeovers, American Economic
Review, 76, 2, pp. 323–329.
6.Martikainen Teppo(1993), Stock return and classification
pattern of firm-specific financial variables：empirical
evidence with finnish data, The ournal of Business
Finance ＆ Accounting , 20 (4), pp. 537-558.
7.Ou, J.A. and Penman, S.H. (1989), Financial Statement
Analysis and the Prediction of Stock Returns, Journal of
Accounting and Economics, 11, pp. 295-330.
8.George E. Pinches, Kent A. Mingo & J. Kent Caruthers
(1973), The Stability of Financial Pattern In Industrical
rganizations, Journal of Finance, 28, pp. 389-396.
9.Richards, V. D. & Laughlin, E. J. (1980), A Cash
Conversion Cycle Approach to Liquidity Analysis,
Financial management, 9(1), pp. 32-38.
10.Ross Stephen A., Westerfield Randolph W. & Jordan
Bradford D. (1988), Corporation Finance, 2017(9).
11.王錦清(1990) ，「台灣地區股票上市公司之財務比率與價關係研
究」，中國文化大學公司管理系碩士論文。
12.吳幸姬、李顯儀(2006)，「產業月營收變化與股價報酬的關聯性之研
究」，管理科學研究，第3 卷，第2 期，61-74 頁。
13.張瑋琍(2011)，「價廉物美的投資策略」，國立台灣大學國際企業學
研究所碩士論文。
14.陳韻如(1999 )，「盈餘與股價VAR模型之實證研究—台灣上市電子
業」，朝陽大學財務金融系碩士論文。
15.陳冠宏(2003)，「我國上市上櫃電子公司股票評價之研究-以盈餘與財
務比率分析」，國立東華大學公共行政研究所碩士論文。
16.陳嘉偉(2008)，「不同月營收的指標與股價報酬之關聯性」，國立高
雄第一科技大學財務管理所碩士論文。
17.陳佳鳳(2014)，「股價報酬率與月營收成長率因果關係之實證研
究」，淡江大學財務金融系碩士論文。
18.盧麗安(1996) ，「財務基本分析與臺灣股價表現」，國立中山大學管
理系碩士論文 。
19.賴藝文(2009)，「公司股票價格、每股盈餘與隱含價格之追蹤資料分
析：以1957 年來皆存在S&P 500 的公司為例」，國立雲林科技大學
管理研究所財金組博士論文。
20.謝秉儒(2004)，「台灣製造業存貨與股價報酬之間的關係」，逢甲大
學經濟學所碩士論文。
21.鄭俊杰(1999)，「臺灣地區上市電子業財務績效評估之研究」，靜宜
大學企業管理學系碩士論文。
22.藍瑞卿(2000)，「台灣地區股票上櫃公司資本結構影響因素之探
討」，國立臺北大學公司管理所碩士論文。
|
[Endnote RIS 格式]
[相關文章]
[文章引用]
[完整記錄]
[館藏目錄]
[檢視]
plurk
funp
live
udn
HD
myshare
netvibes
friend
youpush
delicious
baidu
Google bookmarks
del.icio.us
hemidemi
facebook
twitter
google
reddit