台灣上市櫃電子業基本面投資策略之研究

Study on the Fundamental Investment Strategies of the Listed Electronic Companies in Taiwan

本研究運用F_SCORE評估模式以及淨值市價比評估模式，以形成投資組合，並與主要ETF、主要指數和單一指標投資策略相互比較。研究對象為2010至2018年的台灣電子上市、上櫃公司。實證結果顯示，利用兩階段投資策略在短期與長期持有期間下，績效大多優於單一指標投資策略與主要ETF、主要指數。因此兩階段投資策略，尤其是HG投資組合（高F_SCORE股＋成長股）及GH投資組合（成長股＋高F_SCORE股）可獲取較高投資報酬。

The purpose of this study is to use the F_SCORE and Book-to-Market Ratio to create the investment strategies of two indicators. The samples of this study are collected from the Taiwan Listed Electronic Companies during 2010 to 2018.The empirical results show that the performances of two indicators’ investment strategies in short-term and long-term are mostly better than the one indicator’s investment strategies and the major stock indices. Therefore, two indicators’ investment strategies, especially the HG portfolio (High F_SCORE + Growth stocks) and the GH portfolio (Growth stocks + High F_SCORE) can obtain higher returns on investment.