利用價值因子、技術面與籌碼面之關鍵券商買超的投資策略

Using Value Factor, Technical Analysis, and Key Brokerage Overbuying in Investment Strategy

10.6295/TAMJ.202408_24(2).0003

吳宏明(Hung-Ming Wu)

XQ操盤高手 ； 籌碼面 ； 價值因子 ； 程式交易 ； 技術面 ； XQ Expert Trader ； chip analysis ； value factor ； algorithmic trading ； technical analysis

台灣管理學刊

24卷2期（2024 / 08 / 01）

67 - 76

繁體中文;英文

本研究利用預估本益比作為價值因子、使用移動平均線作為技術面分析與公司內部人買股資訊選股，經由程式交易的方式，降低因情緒化投資所造成的交易損失。本文針對台灣股市之所有普通股，作為研究對象，藉著XQ操盤高手之選股程式，選出適合投資之股票與買賣點，根據回測結果找到合適的投資策略，實證結果證明價值因子、技術面與公司內部人買超是有效的投資因子，本研究結果可給一般散戶投資人作為股票投資之參考。

This study employs the forecasted Price-to-Earnings (P/E) ratio as a value factor, utilizes moving averages for technical analysis, and selects stocks based on insider buying information. Through algorithmic trading, the study aims to reduce trading losses caused by emotional investing. The research focuses on all common stocks in the Taiwan stock market, utilizing the stock selection program of the XQ Expert Trader to identify suitable stocks and optimal entry and exit points. Based on backtesting results, the study identifies effective investment strategies. The empirical results demonstrate that the value factor, technical analysis, and insider buying are effective investment factors. The findings of this study can serve as a reference for individual retail investors in their stock investment decisions.