財務比率與股價關係之實證研究-以惠普、聯想與戴爾公司為例

Abstract

鑒於資本市場在全球經濟中發揮著重要作用，而內部和外部的許多因素都會影響公司的股價表現。本研究的主旨是在探討財務指數是否可以作為有助於投資者進行投資決策的良好指標。在這項研究中，我們探討三大市占率最高的個人電腦公司（惠普，聯想和戴爾）。透過財務報告中的財務指數（毛利率，ROE，ROA，EPS和債務權益比率）是否可以作為公司股價的良好指標。我們使用回歸分析來分析資料，並且對這三家公司的股價進行了實際測試，以證明我們的觀點，這項研究的結果可以幫助投資者，公司和未來的研究人員制定進一步降低投資風險的策略。

Capital markets play an important role in the global economy, with total market capitalization in 2019 in the tens of trillions of dollars. Many factors, both internal and external, affect a company’s stock price. This aim of this study is to investigate whether financial factors can be good indicators to aid investors in their investment decision-making process. In the study, we focus on the internal financial reporting factors that affect company stock prices using the three personal computer companies with the largest market shares (Hewlett-Packard, Lenovo, and Dell). As information from financial reports can be used to assess a company’s financial condition, we explore whether certain financial metrics (gross margin, ROE, ROA, EPS, and the debt-to-equity ratio) can be good indicators of a company’s stock price. We analyze the data using regression analysis and also conduct a practical test of the three companies’ stock prices to prove our argument. For our sample, we find that certain profitability measures are good indicators of stock prices. The findings of this study can help investors, companies, and future researchers formulate strategies to further reduce investment risk.