本研究目的為驗證成長型投資組合在長期持有所獲之報酬，能否超越加權指數的報酬表現。研究期間自2001-2008年，觀察每一期投資組合持有7年的報酬率，研究母體為台灣上市(櫃)公司，除與加權指數比較外，也設計對照組評估選股策略之優劣。研究中剔除了基金經理主觀的選股習性及買賣點的判斷，單純僅就每季財報公佈後的數據進行投資組合的篩選，在如此的選股模式下也迴避了總體經濟消長對企業獲利的影響，只選擇當下可以維持營利率連續兩季改善及盈餘正成長的個股納入成長型投資組合。
研究結果呼應了郭敏華與范秉航(2004)以1992-2001年間台灣上市公司(不含金融)之短期投資報酬進行分析，實證發現G-score投資組合具有優越的戰術性資產配置能力。本研究實證發現，景氣衰退並不影響成長型選股策略的建構，仍有足夠的備選個股可以納為成份股。以7年為觀察期間，包括成長型與ROE型投資組合相較加權指數均存有超常報酬效益，尤以成長型投資組合表現為佳，但倘與加權指數報酬指數的報酬率相較，則僅有成長型投資組合經過t-檢定得以判定具有顯著的效益。再探究報酬的來源，則以正向貢獻為決定勝出多寡的闗鍵所在，並於成長型投組中存在盈餘持續效果及類股同漲效應。

This study aims to verify the long-term growth in the portfolio held by the remuneration received so that it can exceed the remuneration weighted performance index. During the study period of 2001–2008, each of the portfolios held by a seven-year rate of return was observed. The parent stock is listed in the Taiwan Research (cabinet) companies. Compared with the weighted index, the control group was designed to assess the pros and cons of the stock-picking strategy. The analysis excluded stock-picking, fund managers’ subjective habits, and points of sale and buy. The analysis only focused on simple data released as quarterly earnings after the screening portfolio in such a stock picking model. Furthermore, the overall economic growth and decline of corporate profits were avoided, and the effect of the moment could only choose to improve the operating profit ratio for two consecutive quarters. Camp improvement and positive earnings growth of stocks were included in the growing investment portfolio.

The results echo those of Kuo, Min-Hua and Fan, Ping-Hang (2004) in the period of 1992–2001. In the analysis of Taiwan's listed companies (excluding financial) of short-term return on investment, the empirical findings indicate that the G-score portfolio has excellent tactical asset allocation capabilities. The empirical study found that recession does not affect the construction of a growth-oriented stock-picking strategy and that sufficient stock options can still incorporate such a strategy into constituent stocks. When the seven-year period return is compared with the weighted index, the growth ROE portfolio has extraordinary remuneration benefits. Specifically, the growth-oriented portfolio performance is improved. However, when the rate of return is compared with the weighted index returns, the index is the only growth portfolio that undergoes t-test after having been judged for significant benefits. Then, the source of remuneration is explored, and it is found to positively contribute to deciding the winning amount of Guan stock as well as the existence of surplus stocks with lasting effects on expanding the investment group.

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