The Research of Fundamental Analysis and Stock Price for Taiwan's Publicly Listed Firms-A Comparison on Electronic and Traditional Industries

• Main Authors: Yang-hsiu wei, 楊繡瑋
• Other Authors: Ko-sheng huei
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/18641946566690736713

碩士 === 中國文化大學 === 國際貿易學系碩士班 === 93 === This study empirically examines the relationship between EPS/financial ratios and stock returns. Furthermore, industry factor has significant impact on the excess returns. We would pay more attention to the two topics by cataloging the electronic industry and the traditional industry to see if industry difference has significant effect. The observation period is from year of 1999 to 2004, totally in twenty quarters. This study incorporates stock returns as dependent variables and EPS/eleven financial ratios as independent variables. The methodology is first based on simple regression, multiple regression, F-test, and T-test are utilized to analyze the association between EPS/financial ratios and stock returns in order to testify the information content of EPS/financial ratios. Then, we use Stepwise Regression to select significant variables. Finally, the results indicate that EPS and stock returns are significantly related; EPS of traditional industry and excess returns are significantly related; EPS of elec-tronic industry and excess returns are not significantly related. In addition, financial ratios are significantly related to stock returns; financial ratios of traditional industry are significantly related to excess returns; financial ratios of electronic industry are significantly related to excess returns. If we use Stepwise Regression, significant variables are different for traditional and electronic industries. Return on equity, cur-rent ratio and inventory turnover for traditional industry are significant variables; In-ventory turnover, times interest earned ratio and return on assets for electronic indus-try are significant variables.