本土券商、外資券商、報章雜誌推薦股票之績效探討

The Performance of Stocks Recommended by Local Brokers, Foreign Brokers and Newspapers and Magazines

陳汶宜(Wun-Yi Chen)

指導教授 ： 黃志祥

國立虎尾科技大學/管理學院/財務金融系碩士班/碩士(2016年)

摘要

在這個什麼都漲，薪資卻不漲的年代，妥善的投資理財才能舒緩家庭開銷或累積財富，也因為資訊科技發展迅速，人們接收理財資訊的管道甚多，可以從網路、報章雜誌、或是證券商的推薦資料蒐集到相關的資訊，但是這些推薦資料是否都能夠使投資人獲得異常報酬呢？於是本研究以本土券商(共23家)、外資券商(共19家)、報章雜誌(共5家:聯合晚報、經濟日報、工商時報、財訊雙週刊、今週刊)，以2014年推薦次數前五名之股票，探討其績效表現，得到以下實證結果：
(1)個股的被推薦後一週、後二週、後四週、後八週報酬皆大於台灣加權股價指數，表示投資人可以藉由以上推薦資料獲得異常報酬。
(2)個股被推薦前一週之績效與大盤一致，表示被推薦個股在推薦日前一週未出現異常報酬。
(3)發現本土券商、外資券商及報章雜誌推薦個股之報酬沒有差異。

關鍵字

投資理財 ； 異常報酬 ； 台灣加權股價指數

並列摘要

Nowadays, the prices are going up. However, the salary remains still did not change. To lessen the household expenses or have more savings, we must know how to investment financing. Due to today's information technology, we are able to access a great deal of economics-related information, such as networks, newspaper, magazine, securities dealer. The question is "can these information help the investors gain the excessive return of investment". This research is based on 23 local securities dealers, 19 foreign securities dealers, 3 newspaper and 2 magazines. After analyzing these materials, we select the top 5 stock shares as follows:

1.The return of investment of the individual stock shares is higher than TAIEX after being recommended within 1, 2, 4 and 8 weeks which means the investors are able to gain the abnormal return of investment based on the recommended materials as above.
2.The individual stock shares is almost same as 1 week before being recommended which means the stock share doesn't have abnormal return..
3.The data of the recommended stock shares in these 23 local brokers, 19 foreign brokers 3 newspaper and 2 magazines have no difference.

並列關鍵字

Investment financing ； Abnormal return ； TAIEX

參考文獻

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