台股上市、櫃高獲利、轉機與成長型投資組合V.S.整體市場與開放式基金績效評估

Abstract

In the relevant literatures, all of them pointed out in the Taiwan stock market the earnings per share(EPS) is the significant explanatory variable which dominates the rate-of-return. So we collect the quarterly financial reporting data through each quarter , to use EPS as a main variable to establish investment portfolios of higher profit、turnaround and growth stock respectively. Furthermore , we evaluate the performance of buy and hold strategy whether can beat the market and/or domestic open-end mutual funds. According to our empirical study, we want to provide valuable investment strategy to investor. The main empirical finding as below： 1.Generalized investment portfolio (1)Relative Performance After evaluating with the market and open-end mutual funds, we find the performance of turnaround portfolio is the best in our three portfolios. (2)Absolute performance By comparing with the market and open-end mutual funds, we also find turnaround portfolio’s performance is the best of the three portfolios. 2.Fundization portfolio (1)Relative Performance After summarize the number of fundization portfolio’s performance which ranking in the top 20%.We find growth portfolio perform the best in the three portfolios. (2)Absolute performance By calculate rate-of-return of the three fundization portfolio .We find turnaround portfolio’s performance is the best of the three portfolios.