The Relationship between Financial Performance and Stock Return– Empirical Evidence from the Public-Listed Companies of Taiwan 50 index as an example

• Main Author: 謝璧而
• Other Authors: Wang, Cheng -Yen
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/u79t27

碩士 === 國立高雄師範大學 === 成人教育研究所 === 106 === This study investigates whether the operating performance of the top 50 listed companies will affect the stock price of the company and discuss the correlation between different financial performance indicators and stock returns. Five variables are used to evaluate operating performance, including return on total assets, return on stockholders' equity, earnings per share, revenue growth rate, and debt ratio. By exploring the fundamental indicators to filter out more valuable investment targets, we are expected to obtain greater returns in a systematic investing way. We divide data into 3 categories, involving conventional industry, technology industry and financial industry from 2006 to 2016, and use multiple regression as analyzing tool. The results show that: 1.the rate of change in earnings per share and revenue growth rate positively affect stock returns in the conventional and technology sample. 2.In the technology category, the rate of return on asset also has significantly impact on stock returns. 3.In this study, we find only the rate of change in earnings per share can positively affect stock returns in the financial industry. 4.As a whole, it is found that only the change in earnings per share significantly affect stock returns in different industry categories, and the effect of monthly revenue information in the electronics industry has greater impact on stock price than that in the traditional industry. Keyword: financial performance index, stock returns, Taiwan 50 index, multiple regression analysis