李書行2006-07-262018-06-292006-07-262018-06-292001http://ntur.lib.ntu.edu.tw//handle/246246/18388在衡量企業之基本價值時，投資者常常會使用市淨率(Market-to-Book Ratio)與本益比(Price-Earning Ratio)二個會計比率。但此兩個會計比率係導 源於不同之理論假設，故其對價值之衡量可能會產生不一致的結果，當此現象發 生時，投資者可能會覺得無所適從。Palepu,Bernard 和 Healy(1996)即按這二 個比率之可能關係將公司分成四種類型： 1.成長之星：高市淨率，高本益比。 2.墮落之星：高市淨率，低本益比。 3.復原型公司：低市淨率，高本益比。 4.狗型企業：低市淨率，低本益比。 雖然Palepu,Bernard 和 Healy(1996)提出了這個有意義之分類，但他們 並未說明或解釋這樣分類對企業價值分析的涵意及影響。本研究之目的，即在 探討如何利用此分類，讓我們更清楚瞭解市淨率與本益比之動態關係，尤其我們將試圖去尋找下述問題之答案：1.是否某一類型之公司其投資報酬率會明顯高於其他類型？ 2.不同類型的公司具有哪些財務與非財務特徵？In business or firm valuation, investors commonly use market-to-book (M/B) and price-earning (P/E) ratios to assess if a firm’s stock price reflects its fundamental value. Since the two ratios are derived based on different theoretical assumptions, both may not be consistent. That is, a firm may have a high (low) P/E, but a low (high) M/B. With the possible relations of P/E and M/B, Palepu, Bernard, and Healy (1996) classify the firms with high P/E and M/B as “rising stars”, the firms with low P/E and high M/B as “falling stars”, the firms with high P/E and low M/B as “recovering firms”, and the firms with low P/E and M/B as “dogs”. Palepu, Bernard, and Healy (1996) provide a framework of classification, but they do not explore further to show the implications of their grouping to the business valuation. Given the above classified four groups, this study will investigate the following questions: 1. Is there existing any group with a significantly higher return than others? 2. What are the major characters (financial and non-financial) in describing each classified group?application/pdf42042 bytesapplication/pdfzh-TW國立臺灣大學會計學系暨研究所市淨率本益比企業價值分析Market-to-Book (M/B) RatioPrice-Earning (P/E) RatioBusiness Valuationreporthttp://ntur.lib.ntu.edu.tw/bitstream/246246/18388/1/892416H002062.pdf