股票投資是目前大多數人的主要理財工具之一，其中影響股票報酬的因素眾多，主要可分為四大面向：基本面、技術面、籌碼面與消息面。因此本研究主要目的在結合此四大面向分析，建構一個適宜一般投資人的投資策略，透過這個投資策略來進行股票投資交易，期能獲得良好的績效報酬。本研究以汽車工業產業類股為標的，先以基本面分析的10項指標進行篩選建立投資組合，再輔以技術面之移動平均線﹑KD、MACD與布林通道等指標與籌碼面及消息面等相關資訊來決定個股的買賣交易時機，最後統計比較投資組合投資績效和長期持有以及與類股指數、上市大盤指數之漲跌幅。實證研究結果發現，本投資策略績效優於長期持有以及同類股指數漲幅，故本投資策略有效；但劣於大盤指數漲幅，代表所選定的產業在此操作期間並非市場的熱門產業。;Stock investment is very pervasive nowadays. There are several factors affecting stock returns, which can be divided into fundamental, technical, chips, and information aspects. This research aims at constructing an appropriate investment strategy based on these four aspects for ordinary investors to gain a good reward. Ten indicators are applied to selected listed firms in automotive industry as a sample, and technical analysis tools such as moving average, KD, MACD, and Brin Channel are used to determine the timing of trading. The empirical results show that the investment strategy used in this study performs better than long-term holding strategy and the aotomotive industry index, but worse than the Capitalization-weighted Market Index. The finding of this study indicates the importance of selecting a right industry for investment.
