股票投資人使用財務報表的數據做投資決策已是常態；然而，多數股票投資人並非產業研究員，也不是商科背景，因此無法正確使用財務報表及解讀財務比率的意義。正因股票投資人普遍財務分析能力低下，學習動機低落，不僅導致其股票投資虧損，亦造成其對投資沒有信心。因此，為了協助股票投資人能瞭解產業特性與財務報表的關聯性，本研究旨在探討台灣50指數中的14個大型產業，是否某一個會計科目或財務比率會有與眾不同的產業特性，並透過產業特性及財務指標角度來說明該極端值的意義。

本研究以財務量化的哈佛個案形式撰寫，針對14家不同產業且具代表性的大企業，收集其五年簡單平均的共同百分比資產負債表，損益表及特定財務比率。此研究發現不同的產業對於某一個會計科目的數字或比率的解讀，恐有天壤之別。因此，閱讀財報除了要有會計的基本概念，還要熟悉產業的特性，比較能夠洞察先機，做出正確的投資決策。

It is normal for stock investors to use data extracted from the financial statements of a company to make investment decisions; however, many of them are not industry-oriented or have a business background, so they cannot properly distinguish characteristics of useful financial statements and interpret financial ratios in an insightful way. Poor analytical skills and low learning motivation of the stock investors have led to the result of investment losses and reduce investing confidence. Therefore, in order to assist stock investors to understand the relationship between a company’s industrial characteristics and its financial performance. This study was aimed at addressing the fourteen large industries selected from Taiwan 50 Index, exploring whether there are distinctive industrial characteristics appear on accounting title or financial ratios, and explaining the extreme value seen through the perspective of industry characteristics and financial indicators.

This study used a quantitative analysis on the Harvard Business Case study. It selected fourteen representative and large enterprises from fourteen different industries and collected consecutive five-year common-size analysis of balance sheets, profit and loss statements, and specific financial ratios of these corporations. The study also provided support for the prediction that different industries may have different interpretation of the financial numbers or ratios under the same account titles. Therefore, when reading financial reports, one not only needs to have the basic accounting concepts, but also have to be familiar with the characteristic of the industry in order to gain insights into the financial statements and make correct investment decisions.

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