未來明日之星產業之研究－以生化保養科技業股為例

黃文政；呂萬吉；葉為谷

明星產業 ； 台灣大盤指數 ； 古典最小平方法 ； Star industry ； the Taiwan market index ； classical least squares method

休閒保健期刊

14期（2015 / 12 / 31）

115 - 123

繁體中文

近年生技產業類股市值破兆元台幣，使得生技投資標的物成為市場上耀眼的未來明日之星。那斯達克生計NBI指數創歷史新高，櫃檯買賣甚至創造過超過20%的成交量，生技類股在台股從過去沒有研究人員的冷門族群，躍升為主流明星指標。然而，高漲的股價與沒有成績的獲利，卻也同樣總是讓一般投資客戶對生技類股蒙上一層揮之不去的陰影，本研究即應用資本資產定價模式CAPM導出股票預期報酬率與系統風險(Beta)間的相對關係，並以生化保養科技股和台灣的大盤指數，來做為台股生技股與大盤報酬報酬率之比較，探討出股市上大盤指數的變動，對於保守型投資者未來該以投資生技股獲利收益，還是該將投資標的放在大盤指數上面所得到的報酬率做為理財的規劃。

In this study, the Capital Asset Pricing Model CAPM exported expected rate of return relative to the relationship between the stock and the systematic risk (Beta) room, but in recent years, rising star of the future market value of industrial biotechnology class break trillion Taiwan dollars, on the market Dazzling biotech financing the subject matter. Nasdaq biotech index NBI record, OTC and even created a more than 20% of turnover, biotech stocks in the Taiwan stock market from the past did not upset the group of researchers index jumped to mainstream star. However, rising stock prices and profit had been achieved, but also always make general investment customers biotech stocks cast a lingering shadow. If you look back five years later in 2014, what will be the memory of investors in biotech, or bubble? The present research is based on biochemical maintenance techs and Taiwan market index, as shares in comparison with the broader biotech TAIEX rate of return, our motivation is to explore the changes in the stock market index, for conservative investors coming The biotech investment shares get dividend income, or the rate of return on the investment target market index obtained above as financial planning.