本篇研究論文是將 2007-2020 年台灣上市櫃企業市值前200大公司每季公佈財報的現金流量表中營運現金流的教據資料，研究探討如何利用營運現金流比率指標，所建立出股票投資組合是否能對投資資產有所助益及獲得報酬。第一步使用現金流量表中營運現金流相關科目所公佈的財務訊息用來做為衡量股票的優劣的指標，我們利用其營運現金的六個指標財務比率，由高至低進行排序作為股票挑選的標準，而本篇研究回測結果也得到相關驗證顯示，假若從這些營運現金流指標所篩選出來排名最前面的50檔股票用來建立投組並回測績效，是可證明使用營運現金流指標會對股票收益報酬有影響性。

In this paper, we examine the financial information of operating cash flow in the quarterly financial reports of the top 200 listed companies in Taiwan from 2007 to 2020, and explore how the use of operating cash flow indicators can help to form and reward the stock investment decisions. First step, we use the financial ratios of the six operating cash flow indicators, ranked from highest to lowest, as the criteria for stock selection, and the results of this study are validated by the top 50 stocks selected from these operating cash flow indicators to build the results of this study are also validated to show that when the top 50 stocks are selected from these operating cash flow indicators to build the investment portfolio and to test the stock performance, it proves that taking the operating cash flow indicators has an impact on stock returns will effected and get good feedback.

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