| Summary: | 碩士 === 國立高雄應用科技大學 === 商務經營研究所 === 100 === This study employed different portfolio strategies according to the 1995 to 2010, listed companies financial statements, return on equity (ROE) and earnings reinvestment ratio (capital assets ratio) standards. It also adopted the Fama & French (1993)three-factor model to verify whether there were portfolio abnormal returns.
The empirical findings indicated that both high and return on equity (ROE> 15%) or low return on equity (ROE <15%) portfolio had significant positive abnormal returns. In addition, the high capital expenditure ratio (surplus reinvestment ratio > 80%) or low-capital expenditure ratio (surplus reinvestment ratio <80%) of the portfolio showed significant positive abnormal returns. However, if it was based on a low consumption surplus ratio portfolio and a high consumption surplus ratio combination, there were significant negative abnormal returns.
To wrap it up, whether it was based on the high (high) and low (high), high (low) or low (low) rate of return on equity (low surplus reinvestment ratio) portfolio, there were significant positive abnormal returns. Among them, the positive abnormal returns of high shareholder rate of return on equity and surplus reinvestment ratio portfolio were relatively high.
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