價值型股票與成長型股票投資績效之比較-以台灣證券市場為例

大部分專家和學者都認為長期持有價值型股票所獲得的報酬會優於長期持有成長型股票的報酬，但是實務上的操作並非如此，並不是所有價值型股票的報酬都相對優於成長型股票的報酬，但是在證券市場中，有太多股票的種類及類股特性，導致在實務操作上還是有投資人因為太過於追求價值型股票，而導致虧損的狀況發生，本研究為了規避投資人在篩選錯的價值型股票以及低估成長型股票的可能，利用投信專業人員分析及評估後所挑出成分股，來解決一般投資人在第一層面臨到分析能力的不足以及資訊取得的完整性，本研究採用元大寶來台灣卓越50證券投資信託基金、元大中型100的成分股，利用簡單計算的比率以單因子和兩因子將其分類，篩選出價值型股票及成長型股票，實證結果發現成長型股票報酬獲利表現優於價值型股票並且打敗大盤，再以多元線性廻歸檢測P/B、P/S及P/E是否會受大盤的變動而影響，實證結果顯示P/B、P/S及P/E不會因大盤變動而變動，也確保了用這三項比率來篩選的穩定性。

關鍵字

台灣卓越50 ；中型100 ；價值型股票；成長型股票

並列摘要

Many experts and scholars advocate value-type stock investment, and most experts and scholars believe the returns from that the long-term holding of value-type stocks would be better than those from the long-term holdings of growth-type stocks. However, not all value-type stocks are paid relatively better than the growth-type stocks. Due to many types of stocks, if the investors in practice over pursue the value-type stocks it could result in losses. In order to avoid the possibility of screening the wrong value stocks and underestimating the growth-type stocks, this study uses the constituents of the investment professionals to analyze and evaluate the stocks to solve the problem that the average investor faces the analytical ability at the first level. As well as the integrity of the information obtained, we employ simple calculation ratios to classify two groups as value-type stocks and growth-type stocks by both single -factor and two-factor method. The empirical results show that the returns from growth-type stocks is better than that of value-type stocks and the market is defeated. Further, we confirm that P/B, P/S and P/E would not change as the market index changes. Namely, The filtering is stable through the financial ratios above.