A study of the application of Peter Lynch’s value stock investment in the Taiwan stock market

• Main Authors: Yao-Te Hsieh, 謝耀德
• Other Authors: S.-Chyi Doong
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/45761451106567794171

碩士 === 逢甲大學 === 經營管理碩士在職專班 === 97 === 　　Peter Lynch, the most famous fund manager in the United States history. He managed the Fidelity Magellan Fund from 1977 to 1990, during which time the fund''s assets grew from $20 million to $14 billion, the fund scale grew 776 times, was the biggest asset management amount in the whole world at that time, and the fastest growing stock fund. The investment achievement was also the fist. In his 13 years fund holds in the plate profession, Peter Lynch has created the astonishing record of continuously 13 year reward, and continuously 13 year surmounting stock fund average return rate. During these 13 years, Peter Lynch has created 2763% accumulation return rates, left 22 times fully compared to the bulk lots increase scope. The average, the achievements surpass was 29% every year. 　　This research simulates the Peter Lynch investment thought that discusses his investment philosophy, and to quantify some choose stock criterion. To establish the screening analysis flow and selection index in Taiwan stock in order to establish Peter Lynch style value investment method screening pattern. And utilizes in Taiwan stock market by chooses the stock basis as the investment portfolio. According to the company’s financial material which stock enter the market or list in market in Taiwan during 1997~2007, sought for some past achievements good and steady companies, screened suits to the Peter Lynch investment principle companies. Use the actual stock prices to make the empirical analysis from May 1998 to December 2008, and try to use different investment portfolio of owning stocks to compare the difference of the investment achievements. 　　Through the real diagnosis result shows that according to Peter Lynch’s spirit, to select the stock investment combination achievements is possible to surmount the bulk lots. Besides, no matter calculate owns stocks the law by the weighting proportion or by the same proportion, its investment portfolio achievements all may lead the bulk lots. And the same proportion owns stocks method the achievements performance surpasses the weighting proportion to own stocks the law. Generally, the achievements of investment portfolio own stocks for one year surpass the bulk lots; however, it is not suitably to own stocks too long, three years would be a proper time. Therefore, Peter Lynch investment philosophy is suitable for Taiwan stock market.