運用巴菲特選股模式建構基本面投資組合：以上證180為例

Applying Buffett's Stock Selection Model to Construct a Fundamental Portfolio in the Shanghai Stock Exchange 180

紀宗利(Tsung-Li Chi) ； 張裕閔(Yu-Min Chang) ； 楊明融(Ming-Rong Yaug)

《華人前瞻研究》 11卷2期 (2015/11) Pp. 33-54

摘要

本研究運用巴菲特的選股理論來探討中國股市，根據彭博資料，中國股市規模迅速發展，中國上市公司占全球市值比重首度突破10%，成為全球第三大股市。本文利用上海股市中的上證180當作篩選樣本，將巴菲特的選股理論根據本研究設定之兩階段條件去作實證分析，第一階段條件為：標的公司ROE、盈餘再投資率、標的公司上市滿兩年，且年盈餘高於新台幣五億元、標的公司本益比、董監持股比例，評估公司在外的營運狀況；第二階段分別採用獲利能力、經營績效、清償能力、經營能力四大主軸來判別公司的內部制度的好壞，驗證結果顯示篩選之股票報酬率都能擊敗於大盤，可提供投資者當作一個參考依據。

關鍵字

巴菲特 ； 價值型投資 ； 上證180

並列摘要

The study used Buffett's stock selection theory to explore China's stock market. With the rapid development of Chinese equity market, stock index is playing an increasingly important part. The Chinese market capitalization stands at exceeded 10 per cent of the global total, becoming the world's third largest. The analysis stock selection based on Buffet's basic stock selection principle is adopted. The research sample was the Shanghai Stock Exchange (SSE) 180. The process parameters gained from the first stage: the subject company ROE, earnings reinvestment rate, the subject company listed at least two years, and the annual surplus higher than NT $ 500 million subject company earnings ratio, the proportion of shareholding directors and supervisors to assess the company outside the operating conditions. The second phase respectively profitability, operating performance, liquidity, management capability to determine the quality of the four spindles company's internal system. The results indicate that stock returns can filter the beat the broader market, providing investors as a reference.

並列關鍵字

Buffett ； Value Investing ； SSE 180