题名

各類基本面分析指標與基金從眾行為之關聯性

并列篇名

The Relationship between Fundamental Analysis and Herd Behavior of Mutual Funds

DOI

10.29698/FJMR.201211.0001

作者

李顯儀(Hsien-Yi Lee)

关键词

基本面分析 ； 從眾行為 ； 營收成長率 ； 本益比 ； 股價淨值比 ； Fundamental analysis ； herd behavior ； sale growth rate ； price to earnings ratio ； price to book ratio

期刊名称

輔仁管理評論

卷期/出版年月

19卷3期（2012 / 11 / 01）

页次

1 - 26

内容语文

繁體中文
中文摘要

基本面分析一直是股票市場投資人廣為運用的分析工具。那基金經理人是否也採取相同的基本面分析指標來進行投資，使得他們對某些股票應何時買賣的看法相似度很高，進而造成集體的從眾行為？本文實證結果有二個發現：（一）基金經理人利用基本面分析指標所篩選出來的股票集群，確實有集體的買入從眾行為，尤其在一般型基金最為明顯。（二）在基本面指標中以營收成長率所篩選出來的股票，對經理人的從眾行為較具影響力。此結果顯示：國內共同基金經理人的買賣交易行為是會受到部分基本面分析的影響，且大部分的基金經理人較屬於成長型投資者。
英文摘要

Fundamental analysis has been the most popular analysis tools for investors in the stock market. If the mutual fund managers use the same fundamental analysis tools in stock markets, do they have the herd behaviors as they buy and sell stocks? This study has three empirical findings. First, mutual fund managers show herd behaviors deriving from fundamental analysis for certain stocks. And the herd buying stocks behaviors are significant for the general mutual funds. Further, the mutual fund managers usually select the stocks by price/sales growth ratio. The results show the trade behaviors of mutual fund managers will be influenced by fundamental analysis. Most of mutual fund managers usually prefer growth stocks.
主题分类 社會科學 > 管理學
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