本研究採用全體上市公司所提供的季資料中的營收成長率來探討營收成長率投資組合是否存在超額報酬，一間公司所顯現出的營收成長率數據能顯現出該公司的營運狀態，台灣全體上市公司多集中於電子股，故本次研究將成交量較多的電子股與非電子股作為樣本，從上市公司公告的財務報表中，根據營收成長幅度的不同，探討投資報酬組合的可能性。本研究以2010年1月至2019年6月期間台灣各上市公司、電子股及非電子類之每季營收成長率組成投資組合策略，探討營收成長率是否為值得參考的投資數據。 本研究實證結果顯示：研討營收成長率策略時，台灣全體上市公司、電子股公司及非電子股公司皆有顯著報酬；從台灣全體上市公司、電子股公司與非電子股公司累積報酬走勢圖，發現採用營收成長率變動策略建議投資台灣全體上市公司、電子股公司與非電子股公司高營收成長率累積報酬績效為最好；選擇投資全體上市公司之高營收成長率投資組合於景氣循環時期有顯著影響；選擇投資台灣全體上市公司與電子股公司投資策略於多空時期有顯著影響。 This study uses the revenue growth rate in the quarterly data provided by collective listed companies to explore whether the revenue growth rate portfolio has excessive returns. The revenue growth rate data displayed by a company can show the company's operating status. In Taiwan, the most of listed companies are focus on electronic stocks, therefore this study uses electronic stocks and non-electronic stock as a sample. Based on the difference in revenue growth from the financial statements announced by listed companies to explore the possibility of a portfolio strategy. This study uses a portfolio strategy consisting of the quarterly revenue growth rate of listed companies, electronic stocks and non-electronics in Taiwan from January 2010 to June 2019 to explore whether revenue growth rate is worthy reference. The empirical results of this study are as follows: When exploring the strategy of revenue growth rate, all listed companies, electronic stock companies and non-electronic stock companies in Taiwan all have significant compensation. From the cumulative return chart of all listed companies, electronic stock companies and non-electronic stock companies in Taiwan, it is found that it is recommended to invest in all listed companies, electronic stock companies, and non-electronic stock companies in Taiwan. The high revenue growth rate has the best cumulative reward performance. The investment portfolio with high revenue growth rate of all listed companies has a significant impact during the economic cycle. Under bull and bear index period, the investment strategy of all listed companies and electronic stock companies in Taiwan has a significant impact.
