經過全球金融風暴後，投資人和管理者皆開始重視風險管理，西元2008年由Robert J. Aumann和Roberto Serrano提出的風險指標Riskiness，客觀衡量賭局本身的風險，此風險指標對風險的衡量及量化，為一大助益。
本研究採用Huang,Tzeng and Wang(2012)在2012年創造的新投資強烈買進指標，衡量西元2010至2012年台灣十四家金融控股公司風險，此指標值越大，意涵風險越小。並研究此指標與金控各股報酬率及其財務變數相關性。
研究結果得到銀行類金融控股公司，其強烈買進指標B(g)值平均值優於證券類金融控股公司及保險類金融控股公司，表示風險小於其他分類金融控股公司。金融控股公司個股的本益比和殖利率與強烈買進指標B(g)值為正相關；而股價淨值比和負債比率與強烈買進指標B(g)值為負相關。單月營收成長率和券商投資建議評分，解釋能力不足。金融控股公司個股的強烈買進指標B(g)值與個股平均日報酬率為正向關係，與個股報酬率STDEV為負向關係，與個股報酬率VARIANCE為負向關係。

Through the global financial meltdown, the shareholders and business managements came to emphasize the risk management. In 2008, AS index was demonstrated by Robert J. Aumann and Roberto Serrano. AS index can be used to calculate the risk of a gamble itself. Thus, it helps a lot to manage and quantity risk.
In this study, first, the Index of Strong Buy, demonstrated by Huang,Tzeng and Wang in 2012, is used as an index to calculate the risk of fourteen financial holding companies from 2010 to 2012. The larger the Index of Strong Buy, the lower the risk is, and vice versa. Second, the Index of Strong Buy is used to find the correlation between their returns and financial variables.
The study shows the mean Index of Strong Buy of bank-related financial holding companies is higher than securities-related financial holding companies and insurance-related financial holding companies. The result indicates that the risk of bank-related financial holding companies is lower than others. Furthermore, it shows there is a positive correlation between Index of Strong Buy and P/E ratio of financial holding companies. Also, there is a positive correlation between Index of Strong Buy and their yields. However, between Index of Strong Buy and P/B ratio and between Index of Strong Buy and liability ratio are negative correlations. The R-square of the Sales growth rate and the comments from securities specialists is low. It lacks of obvious explanation. At last, there is a positive correlation between Index of Strong Buy and daily average returns. Nevertheless, there is a negative correlation between Index of Strong Buy and STDEV of stocks return. There is a negative correlation between Index of Strong Buy and VARIANCE of stocks return.

1. Rachel J. Huang ,Larry Y. Tzeng and Jen-Huang Wang，「An Economic Index of Strong Buy」，Taipei（2012）
2. 陳慧芬，「風險指標之實證研究–以台灣類股資料為例」，碩士論文，國立台灣大學，台北（2010）。
3. 陳奕樺，「測試Value-at-Risk模型衡量台灣不同產業的股價指標報酬率之精確性」，碩士論文，國立台灣大學，台北（2011）
4. 梁允綺，「Riskiness之應用：以跨國證券市場為例」，碩士論文，國立台灣大學，台北（2011）
5. 邵喬淵，「Riskiness在財產保險業監理上的應用」，碩士論文，國立台灣大學，台北（2011）
6. 陳姵均，「台灣股市風險之研究–Auman and Serrano與Hong and Zhai風險指標之應用」（2011），碩士論文，國立台灣科技大學，台北