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  • 學位論文

結合基本、技術、籌碼面指標探討擇股考量因素與決策

Integration of Fundamental, Technical and Chip Factors to Evaluate the Considerations and Decisions of Stock Selection

指導教授 : 李文雄

摘要


隨著投資風氣的普及,金融商品的多元化發展,民眾透過投資來獲取額外財富已是相當常見的管道之一,其中又以股票的高流動性、進入門檻低等好處,而備受一般投資人所喜愛。加上金融科技的快速發展、智能選股平台的問世,使得投資更為便利與效率。因此,本研究結合了基本、技術、籌碼面之指標,並以大立光、精測與台積電三檔股票為例,利用本研究方法-MCDM法進行投資考量因素與決策。MCDM法能找出各項因素之相對關係,並計算出各項因素之權重,找出關鍵的評估準則,依據各項因素權重排列出投資標的之優劣順序,進一步做出最佳決策。 首先,透過相關文獻回顧,找出「基本面」、「技術面」、「籌碼面」為本研究之三項構面,再進一步深入探討,找出了「本益比」、「每股盈餘」、「股東權益報酬率」、「移動平均線」、「隨機指標」、「券資比」與「三大法人買超」七項次因子。並於研究期間,於相關領域之專家學者回收16份有效問卷,之後透過DEMATEL法計算出各項準則之關聯性,發現「每股盈餘」的影響度最高,顯示此準則最容易影響其他評估準則;而「三大法人買超」的關聯度最高,代表此準則佔整體評估準則之重要性最大。接著利用DANP法算出各準則之權重,其中「三大法人買超」有最高的權重,而「隨機指標」相對不受專家學者重視,權重最低。最後採用VIKOR法針對投資標的進行評估,由分析結果得知,台積電擁有最高的總績效值,同時也擁有最低的平均差距(gaps),為本研究得出之最佳決策。

關鍵字

擇股策略 多準則決策 DEMATEL DANP VIKOR

並列摘要


With the popularity of investment and the diversified development of financial instruments, so it has become a common way to obtain additional wealth through investments. Among them, the high liquidity of stocks and the low barriers to entry have made them subject to general investment. With the flourishing development of Fintech, the invention of intelligent stock-selection platform. Therefore, lead to more convenient and efficient investment. This study combined with fundamental, technical and chip factors, and based on the MCDM method to explore the considerations and decisions of selecting stock among LARGAN, CHPT and TSMC. MCDM method can find out the relative relationship of various factors, and calculate the weights of each factor, find out the key evaluation criteria, order the investment target based on the weights of each factor, and make the best decision. First of all, through the review of relevant literatures, the "Fundamental", "Technical", and "Chip"were selected as the facets of this study. And further in-depth discussion, we identified "Price to Earning Ratio", "Earnings Per Share", "Return on Equity", "Moving Average", "Stochastic Index", "short selling/margin ratio", and "Net-Bought By Institutional Investors" seven minor factors. During the research period, 16 valid questionnaires were recovered from the experts and scholars in related fields. And then using DEMATEL method to calculate the relevance of criterions, we found that "Earnings Per Share" is the most influential factor, which means this factor most easily affects other criterions. And "Net-Bought By Institutional Investors" has maximum relevance, which means experts and scholars consider the criterion is the most important selection criteria. Next, applying the DANP method to calculate the weights of criterions, we found that "Net-Bought By Institutional Investors" has the highest weights, while "Stochastic Index" has the lowest weights, that is to say, this factor is less important to experts and scholars. Finally, we use the VIKOR method for investment evaluation, according to the results from data analysis, TSMC has the highest total performance value, and also the lowest total performance gaps, which is the optimal decision relatively.

並列關鍵字

Stock selection strategies MCDM DEMATEL DANP VIKOR

參考文獻


中文部分
1.王云芝(2014)。基本及技術分析的選股策略應用。長庚大學工商管理學 系碩士論文
2.王紹宇(2016)。智能理財技術崛起對美國及台灣財富管理產業的衝擊國立臺灣大學財務金融組碩士論文
3.白傑任(2016)。利用籌碼面分析與隨機森林建構最適投資組合。國立政治大學風險管理與保險學系碩士論文
4.吳欣展(2015)。迎向數位金融之財富管理發展策略探討-以個案銀行為例。國立臺北大學企業管理學系碩士在職專班碩士論文

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