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系統識別號 U0002-1806201223202900
中文論文名稱 彼得林區擇股法是否適用於台灣股市?
英文論文名稱 Are the Stock Selection Criteria Proposed by Peter Lynch Applicable to Taiwan Stock Markets?
校院名稱 淡江大學
系所名稱(中) 管理科學學系企業經營碩士在職專班
系所名稱(英) Executive Master’s Program of Business Administration(EMBA) in Management Sciences
學年度 100
學期 2
出版年 101
研究生中文姓名 王恆娟
研究生英文姓名 Heng-Chuan Wang
學號 799620363
學位類別 碩士
語文別 中文
口試日期 2012-06-08
論文頁數 34頁
口試委員 指導教授-倪衍森
委員-陳怡妃
委員-蕭文姃
中文關鍵字 彼得林區  投資績效  投資標的 
英文關鍵字 Peter Lynch  Investment performance  Investment targets 
學科別分類
中文摘要 本研究探討彼得林區的擇股法,來探討此擇股法是否適合用在台股的。就投資大眾的認知,彼得林區擇股法是比較屬於積極的投資方法,此與巴菲特投資擇股的思維有有所差異。而研究之實證結果顯示以彼得林區的指標來篩選台股,其短期投資績效的表現不菲,且較大盤來的優異,是以彼得林區的投資法亦適用投資台股上。但其長期平均績效並不如短期績效的表現,此以巴菲特之長期持有、價值投資似有所差異。此外,本研究亦有以下之研究發現,其一乃是發覺這些被篩選的公司不少能藉由槓桿的使用,進而推升其股價。其二、若投資依其投資法所選的標的為規模效果的公司時,其股價表現則會較為遜色。
英文摘要 This study is to investigate whether the stocks screened by Peter Lynn would have better performance. As we know, the stock selection approach proposed by Peter Lynn is different from another famous investor, Warren Buffett, since Peter Lynn seems to prefer to select stocks, which would grow up quickly in the short run instead of the value investing suggested by Warren Buffett. In this study, the results show that short-term performance of the shares screened by the Peter Lynn is better than the market return deemed as benchmark of the share performance, so we might infer that the screening approach is quite appropriate for selecting Taiwan stocks. Furthermore, the performance of the long term investment is inferior to that of the short term investment for these screening stocks in Taiwan stock markets different from the long-tem holding shares in accordance with the value investing proposed by Warren Buffett. Besides, this study also reveals two important findings. One is that we disclose that the share price would be enhanced for these companies through the leverage employed. The other is that the performance of large-scale companies screened is not outstanding, so these stocks might not the first priority for market participants.
論文目次 目錄
謝辭 Ⅰ
中文摘要 Ⅱ
英文摘要 Ⅲ
目錄 Ⅳ
表目錄 Ⅴ
圖目錄 VI
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 1
第三節 研究流程 3
第四節 研究架構 4
第二章 文獻探討 5
第一節 彼得林區選股法介紹 5
第二節 與投資組合有關的文獻 6
第三節 影響投資績效的成因的相關研究 7
第三章 研究假設與方法 10
第一節 資料來源與研究樣本選取 10
第二節 研究假說的建立 10
第三節 研究方法與研究模型 15
第四章 實證結果與分析 17
第一節 敘述統計量 17
第二節 假說驗證與分析 20
第三節 多元迴歸實證結果 23
第五章 結論 27
第一節 研究結論 27
第二節 投資意涵 28
第三節 後續研究與研究限制 29
參考文獻 30

表目錄
表4-1 樣本自變數變動之VIF值統計量表 18
表4-2 各變數敘述統計量 19
表4-3 投資一年後績效大於零實證結果 20
表4-4 投資後一年績效優於大盤實證結果 21
表4-5 短期績效優於長期平均績效實證結果 22
表4-6 短期績效優於長期平均績效實證結果 23
表4-7 以年度報酬為應變數之實證結果 24
表4-8 以年度減大盤的年報酬為應變數之實證結果 25

圖目錄
圖1-1研究流程圖 3
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