股票投資決策因素之探討-DEMATEL模型之應用

A Study on Factors Influencing Stock Investment Decisions- An Application of DEMATEL

陳逸穎(Yi-Ying Chen)

指導教授 ： 邱國欽 ； 李見發

朝陽科技大學/管理學院/財務金融系/碩士(2015年)

摘要

本研究依據財務報表的五大構面，財務結構、償債能力、經營能力、獲利能力及現金流量，選取14個財務比率做為投資決策的依據，並以證券及銀行業高階經理人為研究對象。使用決策實驗室分析法(Decision Making Trial and Evaluation Laboratory, DEMATEL)分析經理人的投資決策，希望透過DEMATEL模型找出經理人重視的財務比率及投資決策路徑，進而作為投資人投資時的參考依據。實證結果發現，「每股盈餘」是經理人投資決策的強勢結果因素，表示經理人做投資決策最注重的是公司的獲利能力。而財務結構「負債佔資產比率」則是投資決策的關鍵因素，由此可知，雖然經理人最注重公司每股盈餘，但會先判斷公司的財務槓桿比率是否合理，才決定投資與否。

關鍵字

決策實驗室分析法 ； 財務比率 ； 投資決策 ； 投資決策的總影響矩陣

並列摘要

In the present study, we instigate the investment decisions of managers in terms of five financial statements dimension, such as financial structure, solvency, operating ability, profitability and cash flow by employing the Decision Making Trial and Evaluation Laboratory (DEMATEL).The empirical results show that the Earnings per share (EPS) is an effect factor. It means that the profitability play important key the manager make an investment decision. Additionally, the debt ratio is the cause factor of investment decisions. Although the Earnings per share (EPS) is most important financial ratios, managers would consider that financial leverage is suitable.

並列關鍵字

Decision Making Trial and Evaluation Laboratory (DEMATEL) ； Financial Ratios ； Investment Decisions ； Total Influence Relationship Matrix of Investment Decisions

參考文獻

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