本研究嘗試研擬一個投資模型作為個體投資人選擇股票的工具。這個模型擷取基本分析利用公司財務報表的精神，並結合技術分析利用市場訊號作為買賣依據的簡單性，期待能幫助個體投資人賺取報酬。台灣股票市場的詭譎多變與不可預測性質加上總體因素影響，若投資人單純以技術分析方法進行股票投資，將會因頻繁的進出市場導交易成本侵蝕獲利，若改以技術分析方法進行股票投資，則因多數個體投資人缺乏專業背景以及相關知識而窒礙難行。
模型以公司財務報表編制之各項比率數字作為原始變數，先以線性相關係數剔除出具有高度共線性的財務比率，再以多元迴歸分析選取解釋能力高的財務比率，最後進行因素分析，萃取出這些財務比率群背後的共通性質並給予解釋。經過翠取後的財務比率與市場相比較之後給予二元信號，優於市場給予1，反之給予0。模型即利用此總合二元信號評估投資企業股票是否獲利，並進行變異數檢定模型是否因產業有別而產生不一致性。
實證的結果顯示，此投資模型確實可以幫助投資人在市場中獲利；投資模型幫助投資人辨認值得購買的股票與不建議購買的股票，並且此兩者的平均股價報酬率相差將近10個百分點，並在統計上有顯著的差異。此投資模型也做了強健度測試，實證結果也支持此模型適用於台灣股票市場中的所有類股，不會因為產業類別不同而導致產生模型不適用的情況。
目前台灣許多個體投資人進行投資動作時憑藉的仍然不是專業的投資內涵而是直覺、道聽塗說與似是而非的那些所謂投資專家的電視名嘴所提供的雜訊。本研究建立在財務報表基礎之上，證實以財報比率數字作為根據的二元投資信號確實能夠幫助投資人作為選擇股票的有效工具。

The object of this paper is to build an investment model for individual investors. This model is to retrieve relevant information from financial statements as a fundamental analysis and to make use of math models for the simplicity as a technical analysis. In such a highly unstable and changeful stock market in Taiwan, investors hardly take advantages by means of technical analysis and fundamental analysis. The former depends on signals to invest and generates high transaction cost for that signals vary from minute to minute, the later calls for professional knowledge which most investors lack.
This model incorporates ratios generated form financial statements. The formation of this model begins with rejecting ratios which are highly correlated by correlation matrix. Then I make use of multiple regression to pick out financial ratios which carry relevant information. After running factor analysis among these relevant ratios, I define the factors, give each ratio a binary signal, utilize the model to discriminate winners from losers, and make robust tests.
Empirical result shows that the model does help. It helps investors discriminate winners form losers and pay off 10% more, it also gets a significant result profitability statistically. All the more, it is robust when applied to different industries.
There are still lots of individual investors making investments decisions on intuitions, rumors, and the so-called “Mentors” who make lives by broadcasting useless information on TV. This article provides investors an alternative way to invest on the basis of financial statements and proves that the binary investment model does help investors choose stocks and earn profits in the market.

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