臺灣博碩士論文加值系統

本研究在於實證改良的巴菲特策略擇出的投資組合是否優於大盤的報酬率。大盤報酬率以台灣50(股票代號：0050)和擇股當時台灣五十成分股的平均報酬率為比較組。研究實證期間為2009年至2014，希冀透過六年的實證讓擇股策略可以更加的確立。本研究只需簡單運用公司財報中五個項目進行選擇，不失巴菲特擇股策略的本質且不需運用太多財報項目進行複雜的分析，可以更加輕易地運用於現實之中。本研究實證出的結果可以得到改良後的巴菲特策略再加上兩個策略限制每年所擇出的股票投資組合皆優於比較組的報酬率。本研究也提出運用股價淨值比推出股票合理股價。

This study is to prove whether the portfolio selection of modified investment strategy of Buffet is better than rate of return in stock market or not. Rate of return in stock market that can be presented by Taiwan Top 50 ETF (stock symbol:0050) and the average ROR of Taiwan top 50 ETF constituent as comparison group. Empirical research period is from 2009 to 2014 . Looking forward to that can make be more established through six-years empirical stock selection strategy. In this study, we can simply use five only items of financial report to select. It can not only keep the essence of Buffet's stock selection strategy but also analyze complicatedly without using too many financial items that can make flexible use in reality. Results show that modified Buffet strategy plus two strategies to limit the annual stock portfolios are superior to the rate of return of comparison group. This study also propose that we can use PBR to find reasonable stock price.

第一章 研究動機與目的
第一節 研究背景與動機 1
第二節 研究目的 7
第三節 研究架構與流程 8
第二章 文獻回顧與探討
第一節 文獻探討 10
第二節 評析 19
第三節 訪談實錄 21
第三章 研究方法與設計
第一節 樣本選取 24
第二節 變數定義 30
第三節 研究流程 32
第四章 實證結果與分析
第一節 敘述性統計 35
第二節 評估指標 38
第三節 彙整 40
第四節 不換股操作 43
第五節 推估合理股價 51
第五章 結論與建議
第一節 結論 59
第二節 研究建議 62
參考文獻 63

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中文部分
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7. 王玨等合譯，巴菲特什麼都知道，台灣：良品文化館，民國94年。