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政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 > Item 140.119/86440

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/86440

Title:	企業評價模型有效性之實證研究 The effectiveness of valuation models - an empirical evidence
Authors:	陳奉珊 Chen, Feng-Shan
Contributors:	吳啟銘 Wu, Chi-Ming 陳奉珊 Chen, Feng-Shan
Keywords:	評價投資績效 Valuation Investment performance DCF APV
Date:	1997
Issue Date:	2016-04-27 11:21:53 (UTC+8)
Abstract:	股市起起落落，何謂真實價值，投資人如何在股海中獲取超額報酬呢？本研究採用三種評價模型-D C F 法、A P V 法以及本益比法來評估公司的真實價值，然後與市價做比較，然後與市場做比較，且分析市場價值與模型所推算出的公司價值間是否有差異性存在？若有，便根據差異程度高達 10%以上者做低買高賣的頭資，不過在文中本研究只採用買的投資行為以形成一個投資組合，同時檢視投資組合在「買入持有」半年及一年之後的投資績效，最後再與大盤及共同基金做績效比較。 This paper discusses three business valuation models, including DCF, APV and P/E ratio.The first step is computing the true value (model price) belong to the stockholder. Then compare the true value with the market price.If the difference is really large enough, form a "buy and hold" investment portfolio for half an year and one year. Finally test whether the portfolios forming base on valuation models can beat the market and most of the mutual fund. The empirical evidence is, the DCF, APV methods not only outperform the P/E ratio but also the market and the first 25% of the mutual fund.
Description:	碩士國立政治大學財務管理研究所 85357006
Source URI:	http://thesis.lib.nccu.edu.tw/record/#B2002001893
Data Type:	thesis
Appears in Collections:	[財務管理學系] 學位論文

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