中文摘要
過去的觀念一般都認為，在新興市場的投資策略中，國家的選擇比股票的選擇更為重要，但我們認為只要有好的擇股方法，同樣也能在市場中獲利。因此本文採用排序法，利用台灣上市股票中的電子類股，將10個選股因子的報酬率做完整且詳細的檢視，在此研究中，樣本內的研究期間為85年1月到89年12月，而樣本外的研究期間為民國90年；我們分別計算利用各個因子所排序出投資組合的診斷性因子、相關係數及成功率，並觀察分析各個投資組合的表現來做出選股決策，由實證結果可知：（1）在台灣的電子股中，淨值市價比前20﹪的股票的所形成之投資組合其報酬率明顯高於電子類指數的報酬率。（2）在台灣的電子股中，現金收入對市場價值比最後20﹪的股票所形成的投資組合其報酬率明顯低於電子類指數的報酬率。（3）負債權益比越低的股票，它報酬率的表現就越好，特別是在股市下跌時表現尤佳，而負債權益比越高的股票，它的表現就越差。（4）在樣本外的研究中發現，本文所敘述的選股方式的確可以選出報酬率高於電子類股指數的投資組合。

Abstract
The conventional wisdom that country selection is more important than stock selection in emerging market. Contrary to conventional wisdom; stock selection can also be a source of significant outperformance. We choose to focus on the sorting method. We calculate diagnostics, correlations and success ratios to these portfolios, and than we use these factors to make our stock selection decision. Finally we found that:（1）The top portfolio of book-to-price ratio is outperform the benchmark.（2）The bottom portfolio of cash-earnings-to-price yield is underpreform the bench mark.（3）The stock with lower debit-to-equity ratio performs well especially in down market but those with high debit-to-equity ratio.（4）Our analysis is useful in that we provide detailed information on the performance various screening factors in both up and down markets.

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