| Summary: | 博士 === 國立中正大學 === 企業管理研究所 === 103 === Abstract
In this study, an investment decision-making model called the profit, dividend, and free cash flow (PDF) model was established based on companies’ profitability, dividend yield, and free cash flow. This study analyzed the stocks purchased and retained for a long period of time, and compared the PDF model with the Taiwan Capitalization Weighted Stock Index (TAIEX) and the modified F-score model modified by Lai, Doong, Yang, and Miao (2011). The empirical results indicated that the average cumulative return on TAIEX was lower than that on the PDF and modified F-score portfolios. Further, from 2008 to 2013 the cumulative return on the PDF portfolio increased from 35.36% to 300.34%. The performance of PDF was superior to that of the modified F-score portfolio.
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