The relationship between characteristics of prices below face value, prices below book value and change of future return:Evidence from Taiwan Market

• Main Authors: Shang-Fu Fu, 傅上福
• Other Authors: 劉啟群
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/w7r4tz

碩士 === 國立臺灣大學 === 會計學研究所 === 104 === The main purpose of this study is to explore the Taiwan stock market from 2004 to 2013 of the publicly traded company, the relevance of stocks return between the stock price below face value, the stock price below book value and the stock price below face value and book value. The empirical results of this study show that in the Taiwan stock market, the stock price below face value in the next three years has excess stock returns, the stock price below book value of the company in the next two years has excess stock returns, the stock price below face value and book value of the company in the next two years has excess stock returns. Also return on assets, price-book ratio, leverage ratio, the proportion of cash assets and operating profit margin have a considerable degree of relevance with stock returns. In addition,this study verify the existence of economies of scale in the Taiwan stock market,and the stock price below face value have relevance.