電信業財務五力與股價報酬率關聯性之研究-以電信三雄為例

Telecom Service Provider Finance Five Strength and Research Stock Price Return Rate Relatedness-Take The THC、TWM、FET the Top Three Entity As The Example

林金葉(CHIN-YEH LIN)

指導教授 ： 古永嘉

國立臺北大學/商學院/企業管理學系/碩士(2009年)

摘要

中華電信(CHT)、台灣大哥大(TWM)、遠傳電信(FET)號稱『電信三雄』是外資依財報資料選出偏愛投資之股票，投資者如何參考股市觀測站揭露的財務五力資訊與股價報酬率之關聯性來判定公司價值及預測公司未來股價報酬獲利有成長機會為本研究目的。

　　本研究財務五力之指標以台灣電信三雄為研究對象，資料來源取自以『台灣經濟新報之資料庫-TEJ』，研究期間為2000年至2008年，共八年，合計92個樣本。本研究將股價報酬率設為依變數，將財務五力指標設為自變數，將自變數與依變數建立股價報酬關聯性，利用逐步回歸分析與迴歸分析進行檢測分析。實證結果發現:
1.當期之財務指標對於當期之股價報酬具有顯著之影響。
2.落差一期之財務指標對預測當期股價報酬亦具有顯著之影響。

關鍵字

電信業 ； 財務五力 ； 電信三雄 ； 逐步迴歸分析 ； 迴歸分析(REG )

並列摘要

The top three telecommunications service company in Taiwan, Chunghwa Telecom (CHT), Taiwanmobile (TWM), Far East Tone (FET) are elected to a preference investment stock. Investors how to reference the data from stock market observation station『( http://newmops.tse.com.tw/) Taiwan stock Exchange Inc.』 which reveal financial five strength information and stock price rate of relevance to determine the corporate value and forecast future stock price reward profitable and growth opportunity are the purpose of this study.
This article will study the variable to divide into according to the variable and the control variable, in this mold train the variable behavior will be mutual influence each other is by no Standard independent, therefore this article of the financial five strength targets and the stock price reward relatedness establishment research pattern, the use The Stepwise regression analysis and The regression analysis will carry on with the regression analysis the statistical analysis. The material origin taken from & quote『Taiwan's economic news of databases-TEJ』, the study for the period of Year 2000 to 2008, a total of eight years with 92 samples. The study will share price rate-of-located in the best variable, set the quarter of a pointer to finance five strength is set to variable, set the argument with variable remuneration for the establishment of relevance to the stock price, Empirical results found:
1. The financial period when the Financial report for the period of the influence of the stock price significantly.
2. Early stage between a period of financial means the stock price of the current period against the forecast also have significant impact.

並列關鍵字

the telecom industry ； finance five the strength ； Stepwise Regression Analysis ； Regression Analysis (REG)

參考文獻

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