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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 郭震坤(Cheng-Kun Kuo) | |
dc.contributor.author | Man-Rung Hung | en |
dc.contributor.author | 洪曼容 | zh_TW |
dc.date.accessioned | 2021-06-08T00:33:40Z | - |
dc.date.copyright | 2013-07-03 | |
dc.date.issued | 2013 | |
dc.date.submitted | 2013-06-26 | |
dc.identifier.citation | B. Lev, 'On the Usefulness of Earnings and Earnings Re-search: Lessons and Directions from Two Decades of Empirical Research,' Journal of Accounting Research, vol. 27, supplement (1989), 53-192.
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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/17728 | - |
dc.description.abstract | 市場評估股票價值的指標有許多種,本論文參考Danielson and Lipton (2012) 的研究,並使用台灣股市的資料來進行實證,如何從一家公司股票的股價每股營收比(price-to-sales,以下簡稱P/S)來量化其預期成長。
本研究結果顯示,擁有高股價每股營收比(P/S)的公司會面對巨大的成長預期:他們必須讓營運規模倍數增加以調整其股價,但理論上只有最小型的公司能達到此要求,多數擁有最高的絕對股價每股營收比(P/S)的公司 (定義:當以P/S排序時,排名在樣本池前5%) 基本上無法實現市場對它們的高度成長預期,所以遭受股價下滑之苦。 由於股價每股營收比(P/S)在不同產業板塊間的差距很大,故本文將選用台灣股市單一產業下的股票來進行檢視與研究。實證結果顯示,投資者可以利用股價每股營收比(P/S)來鑑定哪些公司的股價很有可能會下降,並且避開或是放空這些股票。 | zh_TW |
dc.description.abstract | There are many valuation metric proposed for stock pricing. Based on Danielson and Lipton (2012), this paper uses Taiwan stock market data to show how to quantify a firm’s growth expectations from its price-to-sales ratio (P/S). This approach reveals that high P/S firms face tremendous growth expectations. However, because typically only the smallest of firms can achieve sales growth of this magnitude, many high P/S firms do not fulfill expectations and suffer stock price declines.
Since P/Ss vary greatly from market sector to sector, so they are most useful in comparing similar stocks within a sector or sub-sector. Thus, this paper uses data from only one industry sector of Taiwan stock market. The empirical results confirm that investors can use the P/S to identify firms with stock prices that are likely to fall and either avoid or short these stocks. | en |
dc.description.provenance | Made available in DSpace on 2021-06-08T00:33:40Z (GMT). No. of bitstreams: 1 ntu-102-R00724014-1.pdf: 3672306 bytes, checksum: d110d3c206db996879704b9114c6fba1 (MD5) Previous issue date: 2013 | en |
dc.description.tableofcontents | 中文摘要 Ⅰ
ABSTRACT Ⅱ 目錄 Ⅲ 圖表目錄 Ⅴ 第一章 緒論 1 第一節 研究動機與背景 1 第二節 研究目的 2 第三節 研究架構 3 第二章 文獻探討 4 第一節 股價每股營收比(P/S)的定義 4 第二節 為何選用股價每股營收比(P/S) 4 第三節 文獻之公式與模型推導 5 第三章 研究方法與實證分析 22 第一節 資料和樣本選擇 22 第二節 敘述統計與相關迴歸分析 25 第四章 結論與建議 43 第一節 研究結論 43 第二節 研究問題與建議 44 參考文獻 45 | |
dc.language.iso | zh-TW | |
dc.title | P/S值是否能預測股價走勢-以台灣產業為例 | zh_TW |
dc.title | Is P/S Ratio Able to Predict Stock Price -Evidence from Taiwan Industry | en |
dc.type | Thesis | |
dc.date.schoolyear | 101-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 李志偉,李顯峰 | |
dc.subject.keyword | 股價每股營收比,股價下跌,銷售成長, | zh_TW |
dc.subject.keyword | Price-Sales ratio,P/S,Stock price falling,Sales growth, | en |
dc.relation.page | 47 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2013-06-26 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
顯示於系所單位: | 國際企業學系 |
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