| Summary: | 碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 99 === For a long time, the price of stock market will always be ups and downs, so this is full of ever-changing stock market, now it has shown the phenomenon of highly inaccurate and overreaction. But when investors invest, they think: "What kind of stock should I buy?" What kind of stock is the best investment target? And how should investors to find their own favorite Holy Grail? In addition, there are most retail investors in the stock market now. And they don’t understand the stock market rules. How do they find the easiest and most convenient way of doing in investments? Therefore, this study will hope to investigate the investors how to take the first step with the most simple and easy to understand, and collection data easily.
The research has been listed SPS companies as the research object from 2004 to 2008. Do select three variables to distinguish Growth stocks and Value stocks: Book-to-market equity (P / B), PE Ratio (P / E) and Cash Flow to Price Ratio (C / P). Then it calculated these companies’ returns ratios to examine that the valuable stock is superior to the growing stocks.
The empirical of the results: There is the finding that the valuable stock is superior to the growing stocks for P / B and C / P. And it has significant results with P/B to distinguish. But relative to P / E as a distinguishing variable, it can’t be proved significantly beneficial results. Therefore, we can be very clear to investors that: Use the P/B ratio as the most commonly and the most practical financial applications of performance indicators in the stock market.
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