投資股票不僅僅要參考股票的技術面，基本面所提供的數據也是十分重要的，過去較多以毛利率為主要研究主軸，針對全球經濟對台灣上市公司的影響，本研究將以營業利益率為主軸，營業利益率發生變化時，與該公司經營管理能力、研發新產品成效有關，皆可從營業利益率反映出來。 本研究採用了2010年1月至2019年6月期間，台灣全體上市公司所提供的季資料中的營業利益率，並分別以全體上市公司、電子類股及非電子類股為研究樣本，探討每季營業利益率的投資組合策略是否存在超額報酬。 本研究實證結果顯示採用每季營業利益率策略時，以台灣全體上市公司，電子類股及非電子類股樣本分類，以小型高營業利益率公司的報酬績效最高；高營業利益率累積報酬績效也是最好的。在景氣循環下，以全體上市公司及電子類股樣本分類，營業利益率投資組合策略有顯著影響。在多空時期下，以全體上市公司及非電子類股樣本分類，營業利益率投資組合策略有顯著影響。 Investing in stocks not only refers the technical analysis of the stocks, the fundamental analysis are also very important. In the past, the gross profit margin was used as the main research indicator. According to the impact of global economy to listed companies in Taiwan, this study will focus on the operating profit margin, when the operating profit margin changes, it is related to the company's operating management capabilities and the performance of research and development of new products, which can be reflected in the operating profit margin. This study uses the operating profit margin from the quarterly data provided by all listed companies in Taiwan from January 2010 to June 2019, and uses all listed companies, electronic stocks and non-electronic stocks as research samples. Discuss whether there is any excess return in the portfolio strategy of quarterly operating profit margin. The empirical results of this study are as follows: When adopting the quarterly operating profit margin strategy, according to the sample of all listed companies in Taiwan, electronic stocks and non-electronic stocks in Taiwan, the small companies with the highest operating profit margin have the highest return performance; the cumulative return performance with high operating profit margin is also the best. Under the economic cycle, with the sample of all listed companies and electronic stocks, the operating profit margin portfolio strategy has a significant impact. Under bull and bear index period, with the sample of all listed companies and non-electronic stocks, the operating profit margin portfolio strategy has a significant impact.
