如何增加個人財富,讓生活品質提升成為個人追求的重要目標,本研究在於為投資大眾如何尋找利用簡單的公司財務指標,進行投資中小型股票獲得超額報酬。 本研究樣本範圍為2004年12月至2014年12月共計十年。首先以每股盈餘(EPS)、本益比(PER)、市價淨值比(P/B)、總資產報酬率(ROA)、股東權益報酬率(ROE)、現金殖利率(CDY)作為擇股指標,分別進行短期投資、長期投資及建立複合式指標,並與台灣加權股價平均報酬率之投資績效相比。本研究結果在每股盈餘、本益比、市價淨值比、總資產報酬率、股東權益報酬率、現金殖利率等六項擇股股指標之十年平均投資報酬率皆優於台灣加權股價平均報酬率,另外利用現金殖利率、市價淨值比、股東權益報酬率及本益比所建立的複合指標,所獲得投資報酬率為最高34.67%,遠高於台灣加權股價平均報酬率的8.44%。最後,該六項指標運用長期投資之投資報酬率皆優於台灣加權股價平均報酬率。 本研究主要為投資人尋找簡易方式作為投資指標,研究結果推論台灣股市可能不具效率性,因為可利用擇股指標進行投資,進而獲得超額報酬,結果相似於價值投資法及巴菲特投資選股原則,此投資方法是利用公司財務指標,例如高現金殖利率作為擇股指標,而本研究與價值投資法及巴菲特投資選股原則部分不同是未考慮公司營運狀況。
How to increase personal wealth promote our quality of life has become a impotant personal goal. Therefore, this research focus on how to look for some simple financial indicators to invest small and medium sized stocks in the stock market for general investors .It is can earn excess returns to rapid accumulation of personal wealth. The study sample ranges from December 2004 to December 2014 . First, this research use Earnings Per Share (EPS), Price to Earnings Ratio (PER), Market-to-book Ratio (P / B), Return on Total Assets Ratio (ROA), Return on Equity ratio (ROE) and Cash Dividend Yields (CDY) as stock indicators were short-term investments, long-term investment and the establishment composite index compared with the investment performance of Taiwan Weighted averages. This results show using Earnings Per Share (EPS), Price to Earnings Ratio (PER), Market-to-book Ratio (P / B), Return on Total Assets Ratio (ROA), Return on Equity Ratio (ROE) and Cash Dividend Yields (CDY) to calculate ten-year average return on investment are better than the weighted average of the index in Taiwan . The use of Cash Dividend Yields, Market-to-book Ratio, Return on Equity ratio and Price to Earnings Ratio established composite index gained 34.67% of return on investment is much higher than Taiwan's Weighted Average index 8.44%. Finally, the six stock indicators using to long-term investments, return on investment are better than Taiwan's Weighted Average index. This study for investors looking for an easy way to index as an investment, the findings may not be a corollary Taiwan stock market efficiency, as can be used to invest in selected shares index excess return and then get similar results Buffett's value investing and stock picking investment principles, this investment approachIt is the use of the company's financial indicators, such as the high cash yield stock selection indicators.This study is not considered part of the company's operating conditions.