| Summary: | 碩士 === 朝陽科技大學 === 會計所 === 94 === This research establishes an evaluation method that uses factors analysis approach to select proper financial variables, which can effectively evaluate the operation performance of Taiwanese Public Companies and investigates the relationship among operation performance, cumulative stock returns and cumulative abnormal returns. The samples of this research are selected from companies which have shares listed on the Taiwan Stock Exchange, from 1994 to 2004. The empirical results are as follows:
1.Factor analysis is employed to select five common factors that are profitability index, scale index, turnover index, R&D index and market index, from 20 financial ratios to evaluate the operation performance. The explanatory ability for the five factors in the model is 60.275%.
2.From 1994 to 2004, the aggregate index of the operation performance shows significant positive relationship with the cumulative stock returns.
3.From 1994 to 2004, the aggregate index of the operation performance shows significant positive relationship with the cumulative abnormal returns in the same year.
4.The aggregate index of the operation performance shows no significant relationship with the cumulative abnormal returns in the subsequent year.
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