Research F stocks investment Risk in Taiwan Stock Market

• Main Authors: Zhen-Ting Liu, 劉鎮霆
• Other Authors: Jian-Hsin Chou
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/60715550469458439588

碩士 === 國立高雄第一科技大學 === 運籌管理系企業管理碩士班 === 103 === The huge fall of Asia-Recycle, one kind of F-type stocks, caused investors panic in 2014. Thus, it makes stock inventors have lots of questions on F-type stocks listing in Taiwan Stock Exchange. The research is aimed to compare the characteristics of for underlying F-type stocks and their comparable stocks during Jan. 1st to Dec. 31th, 2014. The beta value, ROE, ROA, and Debt ratio, four factors are used to investigate whether these four factors are significantly different for these two groups. Besides, the research also examines the aforementioned results still exist under bear market and bull market. The empirical results indicate that the Beta values of F-type stocks are not significant and may show positive and negative correlation. In both bull and bear market, there is no significant different between F-type stocks and their related stocks, which are consistent with Fama’s efficient-market hypothesis. Thus, our research results can provide inventors as the reference on decision making.