| Summary: | 碩士 === 南華大學 === 財務金融學系財務管理碩士班 === 105 === The purpose of this paper is to investigate the relationship between the quarterly ROA (ROE), the boom (up) and contraction (down) in Taiwan listed cabinet companies. First, the Fama and French (1993) three factor model was used to select the highest and lowest 30% ROA (ROE) as sample, and the sample data was established.
According to the Taiwan listed cabinet companies, divided into all the listed cabinet class group, electronic stocks group, non-electronic stocks group. The portfolio is constituted based on the market value of the company and ROA (ROE) to form a quarterly basis and hold the portfolio for six (twelve) month according to one quarter formalization.
The results of the this study show that high ROA and high ROE cannot be used as indicators of making profit investment strategy. But the formalization period for one quarter to buy and hold a year, the results show that small companies with high returns and high ROA (ROE) can be used as investment strategies to earn excess returns. Finally, small-sized companies with low ROA(ROE) are also higher than those of large and high-paying companies.
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