。另外也有學者指出過去的股票交易量，可以提供反向操作一個有用的資
訊，可以加強反向操作的獲利性。本論文考量形成期市場與個別股票各種
狀態因子與反向操作獲利的關係，並檢視在考量各個變數解釋反向操作獲
利的解釋能力，當中考量形成期期間市場報酬減去無風險利率，市場上各
股票的累積報酬最大差異(全距)與變異數、個股股票的交易量、公司規
模、淨值市值比等因子。
經過探討不同的投資組合分組，得到以下結論：
(1)在市場報酬表現佳時，反向操作獲利性會減弱，反之會增強。
(2)同時考量個股交易量與報酬率作為分組依據，會發現低交易的輸家與高
交易的贏家較容易反轉，所以買進交易量低的輸家與賣空交易量低的贏家對於
反向操作，獲利性較為明顯，獲利也較高，而且獲利性會持續較長。
(3)同時考量個股公司規模大小與報酬，作為分組的依據，發現買進小規模的輸
家可以確保反向操作的獲利性，而賣空小規模的贏家將會降低反向操作的獲利
性，小規模的輸家與小規模的贏家對反向操作獲利的影響具持續性。
(4)同時考量個股公司淨值市值比與報酬率作為分組的依據，發現高淨值市值比的
反向操作具獲利性，而且其效果顯著。

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