| Summary: | 碩士 === 淡江大學 === 管理科學研究所 === 85 === In recent year as stock market index has shoot from five
thousand to eight thousand points,bank stocks have played a
played a pivotal role and held the limelight.Among so many
choices,how to make a brilliant choice is the key of public
concern.A bank will get its scale augmenting by means of capital
increase with passage of time to cause transformation of
stockholding structure and,in turn,change stock prices.
Literature indicate that scholars both at home and abroad have
probed into only the influence of business performance upon
stock prices and influence of company scale upon stock prices.
Not any scholars have looked into the influence of business
performance upon stock prices coupled with the variable of the
company scale .I''d like to ,therefore,study this to make sure of
the change between such factors.The study takes 11 listed banks
as samples and covers the period of 1991-1995,takink 25
financial ratios as the indexs to weight perfoemance.Thought
factors analysis and grouping analysis,we divide banks into
several groups with four index to rate the scale.Thought
analysis of principal factors,the sample banks are classified
into two groups,big and samll.Further through double -factory
variable analysis of stock prices .we conduct positive study and
bring up the following findings:(1)Relationship between business
performance and stock prices;When the stock prices are subject
to influence of business performance ,Chang Hua Bank,Hua Nan
Bank,Chinese Bank,Taitung Business Bank and Chinstrust
outperform Hsinchu Business Bank,Kaohsiung Business Bank,Tainan
Business Bank and Taichung Business Bank in terms of annual
return rate of investment.(2)Bank scales and return rate of
stock prices vary according to different time . In a bull market
,there will be the so-called "positive scale effect".In a bear
market,there be the so-called "reverse scale effect".(3)
Investors are advised to watch banks of large scale and good
business performance in a bull market. On the contrary,in a bear
market ,bank stocks are not covered under the investment
portfolio.
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