tag:blogger.com,1999:blog-63362203643816686432024-03-06T06:31:44.905+08:00股澐(該部落格已經停止更新,請至新的部落格~股雲https://www.stockcloud.tw/,謝謝!)股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.comBlogger351125tag:blogger.com,1999:blog-6336220364381668643.post-69580957039646416422023-05-14T20:53:00.001+08:002023-05-14T20:53:07.382+08:00Blogger 文章加密<p>test!<br /> Blogger 文章加密1234</p>
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</script>股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-12558643083605590062020-08-23T10:05:00.000+08:002020-08-23T10:05:02.457+08:00從財報看懂經營 第6章 預先看出財報地雷-企業作假帳的6特徵、6警訊<div class="MsoNormal" style="layout-grid-mode: char; mso-char-indent-count: 2.0; mso-layout-grid-align: none; text-indent: 28.0pt;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">台灣平均每二至三年就會發生上市櫃公司財報造假的案例,例如:①從事<span lang="EN-US">LED</span>的<span lang="EN-US">4703</span>揚華自<span lang="EN-US">2012</span>年起,以假交易方式營造業績大幅上揚的假象來拉抬股價、②從事印刷電路板的<span lang="EN-US">2418</span>雅新為了避免股價下跌、銀行團抽銀根,單單<span lang="EN-US">2006</span>年做帳虛增營收<span lang="EN-US">186</span>億元,以隱瞞虧損。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對投資人而言,一旦企業作假帳經媒體披露,只能眼睜睜看著血汗錢化為烏有。究竟企業作假帳有無徵兆可循?可否提早看出財報可能有假,可從以下三方面來加以探討。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、企業作假帳的誘因或壓力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">動機<span lang="EN-US">1</span>:為順利上市上櫃<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">企業要能夠上市或上櫃,業績及財務必須符合獲利及財務標準,所以可能會作假帳。例如:<span lang="EN-US">6704</span>國璽幹細胞為了順利上市櫃,找上無會計師證照的歐姓男子,藉由膨脹營業額及毛利方式,製造不實財務報表(※資料來源:蘋果日報<span lang="EN-US"><a href="https://tw.appledaily.com/new/realtime/20140617/417846/">https://tw.appledaily.com/new/realtime/20140617/417846/</a></span>)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">要避免投資未上市櫃公司受騙,投資者宜了解簽證會計師聲譽、必要時打電話或實地拜訪會計師,甚至調查該公司之業務狀況為宜。<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">動機<span lang="EN-US">2</span>:掩飾本業衰退或獲利不佳的情形<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">企業為了怕財報不佳以致股價下跌或銀行不願續貸,可能會作假帳掩飾虧損。例如:<span lang="EN-US">1785</span>光洋科為掩飾黃金買賣及衍生性金融商品的鉅額虧損,自<span lang="EN-US">2011</span>年起連續五年財報不實。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">投資人宜避免買進①財務不好的公司(例如:負債比率><span lang="EN-US">70%</span>)、②規模與技術和同業相仿,但財務績效明顯與同業不同的公司</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,例如:<span lang="EN-US">2418</span>雅新的技術與同業並無太大差異,但當同業虧損時,它在作假帳期間的<span lang="EN-US">EPS</span>卻大多達到<span lang="EN-US">2</span>元以上,這樣的獲利能力豈不怪哉!<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">動機<span lang="EN-US">3</span>:避免大股東破產<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">上市櫃大股東可以利用自身股票向銀行質押借款,如果跌了一定百分比就必須提供額外擔保品 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">通常如果質押成數超過<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">六</span></b>成,股票就不能大跌,否則大股東可能因拿不出額外擔保品而破產
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∴企業會有製造不實財報以掩飾績效不佳的壓力。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在公開資訊觀測站的「內部人股權異動」可以查得大股東的質押成數。<b style="mso-bidi-font-weight: normal;">舉凡大股東股票質押成數高的股票,股價就不易跌,但一跌則如山崩。</b><span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">動機<span lang="EN-US">4</span>:操縱股價<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">若有存心不良的大股東要透過低買高賣,操縱股價賺取價差,主要方法通常有<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">①以低價辦理現金增資</span></b>、<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">②發行可轉換公司債</span></b>,透過人頭認購或由承銷商將債及股票認購權分離,再由人頭取得股票認購權、<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">③透過人頭與市場主力先在股價低點大量買進股票</span></b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">上述三種都是取得部位的方法,有了部位之後,透過<b style="mso-bidi-font-weight: normal;"><span style="color: red;">製造假帳提高<span lang="EN-US">EPS</span>來操縱股價</span></b>是主要方法之一,其<b style="mso-bidi-font-weight: normal;"><span style="color: red;">特徵</span></b>例如會<b style="mso-bidi-font-weight: normal;"><span style="color: red;">有①應收帳款帳齡特別長</span></b>、<b style="mso-bidi-font-weight: normal;"><span style="color: red;">②存貨帳齡特別短</span></b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:<span lang="EN-US">4703</span>揚華聯合<span lang="EN-US">6250</span>宇加、<span lang="EN-US">6259</span>百徽等<span lang="EN-US">20</span>多家公司,以假交易營造公司業績大幅上揚的假象,以拉抬股價;<span lang="EN-US">6232</span>仕欽及<span lang="EN-US">2407</span>欣煜(原:陞技)假帳案,情節大多如出一轍。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">動機<span lang="EN-US">5</span>:掏空公司<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">有些大股東為了取得炒股資金或償還債務,可能①在源頭上<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">截取</span></b>客戶的<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">應收帳款</span></b>、②透過<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">預付</span></b>方式將大筆資金匯出、③安排交易讓公司<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">高價購買資產</span></b>、或<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">低價出售資產</span></b>、或<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">盜賣資產</span></b>而不入帳。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:<span lang="EN-US">2015</span>年<span lang="EN-US">5505</span>和旺爆發違約交割,前董事長假借投資飯店名義掏空公司資金,並以不實土地交易價格向銀行詐貸,又以不實方式虛增土地交易<span lang="EN-US">30</span>多億元。掏空公司可能導致公司帳上出現不合理的應收帳款、其他應收款或預付款項金額,甚至會出現不合理的巨額資產或併購交易。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、假帳在財報上常見的特徵<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">特徵<span lang="EN-US">1</span>:過高的應收帳款天數<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一家公司要創造利潤,最主要的方法就是透過創造營收。為什麼是透過創造營收?因為①如果透過減少成本或費用來創造利潤,會產生成本率或費用率異常而啟人疑竇,而營收是企業產生利潤的主要來源,透過創造營收及成本讓<b style="mso-bidi-font-weight: normal;">帳上產生「合理的正常營業利潤」,最能吸引投資人</b>、②營收是判斷企業是否繼續成長的主要關鍵,因為股價有很大的一部分是建立在夢想上,<b style="mso-bidi-font-weight: normal;">當營收繼續成長,投資人也會夢想獲利繼續增加</b>,股價就可以繼續拉抬上漲。<span lang="EN-US"><o:p></o:p></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFqB7kJ5ROM7RYXLGfD9E8wj-esbGQ9r8ZHczHyaXdZBOBYqqvS08V3FSGRHUhZueovymblfWCN8MZZjTtsMYhktnxQY_HUDzCMjSTMtc4wNJpfajmvle1TrxU_90zTdxAv3YjisVHgn0/s1600/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-6+%25E9%25A0%2590%25E5%2585%2588%25E7%259C%258B%25E5%2587%25BA%25E8%25B2%25A1%25E5%25A0%25B1%25E5%259C%25B0%25E9%259B%25B7-%25E5%25B9%2595%25E5%25BE%258C%25E9%2587%2591%25E4%25B8%25BB%25E6%258C%25AA%25E7%2594%25A8%25E8%25B3%2587%25E9%2587%2591%25E8%25B2%25B7%25E8%2582%25A1%25E6%25B5%2581%25E7%25A8%258B.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="幕後金主挪用資金買股流程" border="0" data-original-height="347" data-original-width="561" height="394" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFqB7kJ5ROM7RYXLGfD9E8wj-esbGQ9r8ZHczHyaXdZBOBYqqvS08V3FSGRHUhZueovymblfWCN8MZZjTtsMYhktnxQY_HUDzCMjSTMtc4wNJpfajmvle1TrxU_90zTdxAv3YjisVHgn0/s640/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-6+%25E9%25A0%2590%25E5%2585%2588%25E7%259C%258B%25E5%2587%25BA%25E8%25B2%25A1%25E5%25A0%25B1%25E5%259C%25B0%25E9%259B%25B7-%25E5%25B9%2595%25E5%25BE%258C%25E9%2587%2591%25E4%25B8%25BB%25E6%258C%25AA%25E7%2594%25A8%25E8%25B3%2587%25E9%2587%2591%25E8%25B2%25B7%25E8%2582%25A1%25E6%25B5%2581%25E7%25A8%258B.png" title="幕後金主挪用資金買股流程" width="640" /></a></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">圖 幕後金主挪用資金買股流程<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">創造營收的方式通常是先找一批不存在、或存在但卻是呆滯品或瑕疵品的存貨,然後安排幾個人頭公司來交易這批貨。</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:如上圖所示,甲公司先以<span lang="EN-US">100</span>萬元向<span lang="EN-US">B</span>公司購入一批貨(不存在或呆滯品或瑕疵品),然後將這批貨以<span lang="EN-US">120</span>萬元賣給<span lang="EN-US">A</span>公司,<span lang="EN-US">A</span>公司再以<span lang="EN-US">120</span>萬元轉回給<span lang="EN-US">B</span>公司,從而完成營收增加<span lang="EN-US">120</span>萬元、利潤增加<span lang="EN-US">20</span>萬元的艱困但漂亮工程。接著甲公司再以<span lang="EN-US">120</span>萬元向<span lang="EN-US">B</span>公司買回這批貨,再以<span lang="EN-US">140</span>萬元賣給<span lang="EN-US">A</span>公司,<span lang="EN-US">A</span>公司再以<span lang="EN-US">140</span>萬元轉回給<span lang="EN-US">B</span>公司。如此不斷重複,就可以創造出想要多少就有多少的營收和利潤。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">這種作法的倒數第二步是透過一筆現金將應收帳款與應付帳款對沖,對沖之後在應收帳款只會留下一個利潤(例如上例第一筆的利潤<span lang="EN-US">20</span>萬)的痕跡。除非老闆拿錢來填補這個缺口,否則這個利潤缺口會永遠留在應收帳款裡銷不掉。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">這個作法的最後一步是老闆拿錢出來把利潤這個缺口給堵上。老闆會拿錢出來的原因有二:①作假帳的刑期是一至七年有期徒刑、②作假帳的目的是要拉抬股價賺錢,如果真的因此賺到錢,拿一部分錢出來把洞補上,是以免東窗事發後被關的應有之舉。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">作假帳導致應收帳款大增的原因有①利潤沖不掉</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:老闆若沒有即時拿錢填補虛假利潤這個洞,藏在應收帳款裡的虛假利潤就會愈來愈高、<span style="color: red;">②應收帳款被挪用</span>:炒股需要巨額資金,當資金不足時最簡單的方法就是透過早付假交易中的應付帳款、晚收應收帳款來挪用資金,當挪用金額愈多,應收帳款金額就愈高
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">當公司整理應收帳款帳齡超過三個月,除非有特殊原因,不然可能有巨額呆帳未認列或存有假帳。</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiKdV7PtAS7ss-TM_JpeqtC_1FLNBkL4TLU6bGRp8063RvrUpkC-DoP-Zgaxg5Y37jOWdI7f8huZ7o1Y9iW2LOLS2Jla4IXhaOol4XBkBrIhj3KecvGElajIIvfkJL2hq_-lnDrS-3sh4/s1600/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-6+%25E9%25A0%2590%25E5%2585%2588%25E7%259C%258B%25E5%2587%25BA%25E8%25B2%25A1%25E5%25A0%25B1%25E5%259C%25B0%25E9%259B%25B7-4703%25E6%258F%259A%25E8%258F%25AF%25E6%2587%2589%25E6%2594%25B6%25E5%25B8%25B3%25E6%25AC%25BE%25E9%2580%25B1%25E8%25BD%2589%25E5%25A4%25A9%25E6%2595%25B8%25E7%2595%25B0%25E5%25B8%25B8.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="4703揚華應收帳款週轉天數異常" border="0" data-original-height="565" data-original-width="602" height="600" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiKdV7PtAS7ss-TM_JpeqtC_1FLNBkL4TLU6bGRp8063RvrUpkC-DoP-Zgaxg5Y37jOWdI7f8huZ7o1Y9iW2LOLS2Jla4IXhaOol4XBkBrIhj3KecvGElajIIvfkJL2hq_-lnDrS-3sh4/s640/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-6+%25E9%25A0%2590%25E5%2585%2588%25E7%259C%258B%25E5%2587%25BA%25E8%25B2%25A1%25E5%25A0%25B1%25E5%259C%25B0%25E9%259B%25B7-4703%25E6%258F%259A%25E8%258F%25AF%25E6%2587%2589%25E6%2594%25B6%25E5%25B8%25B3%25E6%25AC%25BE%25E9%2580%25B1%25E8%25BD%2589%25E5%25A4%25A9%25E6%2595%25B8%25E7%2595%25B0%25E5%25B8%25B8.jpg" title="4703揚華應收帳款週轉天數異常" width="640" /></a></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 <span lang="EN-US">4703</span>揚華應收帳款週轉天數異常<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">特徵<span lang="EN-US">2</span>:過低的存貨天數<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">企業通常不會為了作假帳而買一大批不需要的存貨,所以公司帳上的存貨還是真正可以出售的存貨,以致期末存貨與銷貨成本比起來,期末存貨就會變得很小(∵虛增營收也會虛增成本)
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">平均銷貨日數會比同業低很多。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">正常公司存貨不宜超過二個月,但也不能太低,以免造成沒有原料生產或無貨可賣的情況。<b style="mso-bidi-font-weight: normal;">當存貨天數不合理的低(例如:<span lang="EN-US">5</span>天、<span lang="EN-US">8</span>天),通常假交易做的太火熱所致。</b>例如:<span lang="EN-US">6232</span>仕欽在<span lang="EN-US">2005</span>年~<span lang="EN-US">2007</span>年的平均銷貨日數分別為<span lang="EN-US">8.12</span>天、<span lang="EN-US">6.80</span>天、<span lang="EN-US">3.39</span>天;平均收現日數則分別為<span lang="EN-US">135.68</span>天、<span lang="EN-US">175.48</span>天、<span lang="EN-US">205.05</span>天。顯示相關人員實在太投入這個偉大的假交易事業之中。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果一家公司與同業相較,同時有「平均收現日數過高」與「平均銷貨日數過低」的現象,則作假帳機率高達九成。</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">大多數作假帳的公司都是犯這種「低級錯誤」,但也有少數作假帳公司會做的比較隱諱,讓投資人無法在第一時間很直覺的判斷出來。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">特徵<span lang="EN-US">3</span>:過高的不動產、廠房及設備<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">應收帳款過高</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">可能會被懷疑作假帳或有巨額呆帳費用須提列,這對製造假帳以提高帳上獲利操縱股價者而言,<span style="color: blue;">解決方法主要是將應收帳款轉為①不動產、廠房及設備、②長期投資、③現金、④雜項資產。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果一家公司的應收帳款不合理,但突然在某一個時點消失不見,而「不動產、廠房及設備」卻大幅增加,有可能是該企業以高於市價方式購入資產,迂迴將應收帳款轉入此科目。覆核方法是比較營業額相當之同業,其「不動產、廠房及設備」之金額
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">不動產、廠房及設備週轉率較低</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">特徵<span lang="EN-US">4</span>:過高的長期投資<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">作假帳的公司可藉由高價投資股票方式消化應收帳款或掏空公司資產。若該交易佔被投資公司<span lang="EN-US">50%</span>以上的股權 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">併入合併報表,過高的價格會反映在商譽上;若佔被投資公司不到<span lang="EN-US">50%</span>的股權 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表達在資產負債表的「按權益法之投資」科目上。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:<span lang="EN-US">3663</span>樂陞未爆發弊案前曾從事幾個大型併購案,在出事後重編的<span lang="EN-US">2016</span>年財報中,曾對相關長期投資打掉約<span lang="EN-US">26</span>億元之商譽及其他無形資產,<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※土地、廠房或設備大多有市價可參考或推算,要追查價格是否太高比較容易;未上市櫃公司的合理價格則比較不容易推算。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">特徵<span lang="EN-US">5</span>:過高的現金<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2398</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">博達自<span lang="EN-US">1999</span>年起即以循環交易的方式美化財報,製造<span lang="EN-US">160</span>億元的假交易及<span lang="EN-US">1.7</span>億美元假存款。在<span lang="EN-US">2004</span>年爆發作假帳的醜聞,檢調發現博達透過虛增營業額、以境外交易套取公司資金、發行不實海外公司債等手法,掏空公司資產<span lang="EN-US">63</span>億元。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">據媒體報導博達過去一直存在應收帳款過高的問題(平均收款天數達<span lang="EN-US">347</span>天),博達為了減少應收帳款金額,將幾十億元的應收帳款「賣」給國外銀行,為了讓銀行願意收買這批應收帳款,與銀行協議在銀行尚未收到應收帳款的錢時,銀行支付這批應收帳款的錢,博達不能動用
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">虛減應收帳款、虛增現金。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由下表可以看出<span lang="EN-US">2002</span>年的現金及銀行存款+短期投資淨額共<span lang="EN-US">47</span>億元(可供該公司正常營運八個月以上),但長短期借款超過<span lang="EN-US">92</span>億元(=<span lang="EN-US">18</span>+<span lang="EN-US">6.06</span>+<span lang="EN-US">29.04</span>+<span lang="EN-US">38.74</span>) </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">財報端倪:<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">手上現金很多,卻未償還銀行借款</span></b>?(※<span lang="EN-US">2002</span>年的利息收入<span lang="EN-US">0.19</span>億元、利息費用<span lang="EN-US">4.08</span>億元) </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">結論:<b style="mso-bidi-font-weight: normal;"><span style="color: red;">現金高沒有關係,但如果一家公司的現金不合理的高,且現金與銀行借款都很高,就是不合理的現象</span></b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirUFbg9KsTzmdu-K4W1xcfMCmHRpg5J5lXvfNA4vEBuXDB8fsamJSh_zwJlZ4wryazWPpH3PAjxdQtrhS8es6T_JR6k7HSO40_WRmIfksHXYgiKb9tSkvcPHnK2MjEjLUHF8_r2BmenaE/s1600/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-6+%25E9%25A0%2590%25E5%2585%2588%25E7%259C%258B%25E5%2587%25BA%25E8%25B2%25A1%25E5%25A0%25B1%25E5%259C%25B0%25E9%259B%25B7-2398%25E5%258D%259A%25E9%2581%2594%25E6%25BB%25BF%25E6%2589%258B%25E7%258F%25BE%25E9%2587%2591%25E5%258D%25BB%25E5%2582%25B5%25E5%258F%25B0%25E9%25AB%2598%25E7%25AF%2589.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="2398博達滿手現金卻債台高築" border="0" data-original-height="810" data-original-width="596" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirUFbg9KsTzmdu-K4W1xcfMCmHRpg5J5lXvfNA4vEBuXDB8fsamJSh_zwJlZ4wryazWPpH3PAjxdQtrhS8es6T_JR6k7HSO40_WRmIfksHXYgiKb9tSkvcPHnK2MjEjLUHF8_r2BmenaE/s640/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-6+%25E9%25A0%2590%25E5%2585%2588%25E7%259C%258B%25E5%2587%25BA%25E8%25B2%25A1%25E5%25A0%25B1%25E5%259C%25B0%25E9%259B%25B7-2398%25E5%258D%259A%25E9%2581%2594%25E6%25BB%25BF%25E6%2589%258B%25E7%258F%25BE%25E9%2587%2591%25E5%258D%25BB%25E5%2582%25B5%25E5%258F%25B0%25E9%25AB%2598%25E7%25AF%2589.png" title="2398博達滿手現金卻債台高築" width="470" /></a></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 <span lang="EN-US">2398</span>博達滿手現金卻債台高築<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">特徵<span lang="EN-US">6</span>:過高的雜項資產<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">大股東一時挪用公司資金的方式通常有①透過人頭公司與公司交易,再透過延遲付款的方式,挪用應收帳款
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">財報會產生高額應收帳款、②透過其他交易產生其他應收款
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">財報會產生高額的其他應收款、③透過預付材料款、租金等方式
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">財報會產生高額的預付款項或存出保證金。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,<span style="color: red;">當一家公司有高額的其他資產、預付款項或存出保證金等雜七雜八資產,而同業沒有或金額很低時,投資人就要小心了</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">三、製造假帳常見的非財務警訊<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">警訊<span lang="EN-US">1</span>:老闆的誠信被質疑<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">通常一家公司出事之前,市場上會有耳語或報載,所以只要公司老闆平時做生意不按牌理出牌、或行事不按誠信原則就是一個警訊。例如:<span lang="EN-US">5505</span>和旺在<span lang="EN-US">2015</span>年爆發假帳之前,市場就傳言董事長在澳門豪賭欠下賭債,爾後也承認為了公司營運及個人花費陸續向地下錢莊借約十億元。從下表質押情形來看,顯然非常缺錢。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">董事長本人<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">配偶及二等親<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 94.7pt;" width="379"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2010</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">14%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 94.7pt;" width="379"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2011</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">14%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 94.7pt;" width="379"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2012</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">62%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">51%<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 94.7pt;" width="379"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2013</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">90%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">76%<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 94.7pt;" width="379"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2014</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">90%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">95%<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 94.7pt;" width="379"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2015</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">100%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.1pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">74%<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td colspan="3" style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 14.0cm;" width="1588"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※質押比重逐年增加,顯示需錢孔急,且財產可能押無可押。<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
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</tbody></table>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 <span lang="EN-US">5505</span>和旺建設董事長質押股數占個人持股之比重<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">警訊<span lang="EN-US">2</span>:經營階層變動<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.05pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果一家公司作假帳或有掏空的情形,情況惡化到紙快包不住火時,可能會離開的經營階層人員依序是①財務長(或會計長)、②獨立董事、③一般董事、④董事長。<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">先行指標是財務長。因為財務長不喜歡作假帳,財務長若願意配合是因為相信董事長有能力解決這個危機,但當財務長最終體認到董事長沒有能力解決時(∵董事長即使沒有能力處理,表面上也會表現出沒有問題,以安撫人心),他會離開並希望有誤入叢林的小白兔取代他。第二個指標是獨立董事。因為獨董絕大多數是被矇騙的人,等到獨董都知道且請辭時,表示醜聞已經或即將爆發
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當公司負債比率偏高且財會經理離職或職務調整時,投資人必須小心。<span lang="EN-US"><o:p></o:p></span></span></div>
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<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 77.85pt; mso-char-indent-count: -3.5; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-indent: -49.05pt;">
<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">警訊<span lang="EN-US">3</span>:股票價格異常飆漲<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">大風來時連豬也會飛,當大家都飛到<span lang="EN-US">508</span>公尺的<span lang="EN-US">101</span>大樓高度,此時若有一隻豬飛到<span lang="EN-US">3,952</span>公尺的玉山高度,恐怕就是警訊。因為<b style="mso-bidi-font-weight: normal;">一家公司與擁有相同技術且規模相當的同業,彼此股價不會相差太遠。若股價有異常高於同業、也與公司未來前景無關,通常暗示這家公司在炒股票,可能為了把股價炒高去作假帳</b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">警訊<span lang="EN-US">4</span>:市場上利多消息不斷<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">炒作股票最喜歡也往往最有效的手段是透過媒體或網路散佈利多消息</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,如果這個消息符合重大訊息認定標準,且可能會影響股價時,按規定發言人必須要在開盤之前澄清。發言人大多會說「這則消息是媒體善意的揣測與報導,公司不予置評」(※<b style="mso-bidi-font-weight: normal;">可至公開資訊觀測站的「重大訊息與公告」查詢</b>)。<b style="mso-bidi-font-weight: normal;"><span style="color: red;">如果公司澄清利多消息連續好幾次,通常暗示這利多消息是公司放的,目的就是炒股票。</span></b><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:<span lang="EN-US">6232</span>仕欽董事長自承在<span lang="EN-US">2008</span>年爆發退票事件之前,在市場上大炒利多,對外表示手機訂單大增或大廠有意入主,吸引不少法人介入,另一方面卻又頻繁發布更正或澄清訊息,最後證明子虛烏有。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">警訊<span lang="EN-US">5</span>:企業處於被借殼後的初期階段<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">理論上,要借殼公司的財務狀況應該很好,否則怎麼出得起至少上億的借殼費呢?但<b style="mso-bidi-font-weight: normal;">根據經驗,一些借殼公司或其大股東因為財務狀況不好,希望藉由「借一個殼」活化自己的資產,此時會辦理現金增資,或將被借殼公司大股東的股票轉給借殼公司大股東,讓自己的股票經由借殼變成上市櫃公司的股票。</b>另外,也有少數借殼上市案淪為借殼專業人士的遊戲。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">通常像這種公司一借殼之後,就會開始散布業務移轉的消息來刺激市場。此外,在整個炒股期間也會不斷散布各項利多消息,並且讓公司業績不斷的出現驚奇。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:<span lang="EN-US">4703</span>揚華的前身是「金美克能」,原本從事居家清潔及個人保養用品的業務,<span lang="EN-US">2012</span>年<span lang="EN-US">3</span>月被氮晶科技借殼後改名為揚華科技,主要業務轉型為綠能產業(<span lang="EN-US">LED</span>),此後利多及業績成長消息不斷。由下表可以看出:①營收連三年出現驚人成長,完美到令人難以置信、②營收大幅成長,但營業活動現金流量卻都是負的,看起來就是怪怪的
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">投資借殼成功三、四年之內的公司一定要多加小心,尤其利多不斷,營收大幅成長者</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年度<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2014</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2013</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2012</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營業收入<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">29.2</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">億元<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">14.7</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">億元<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.7pt;" width="403"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">6.3</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">億元<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營收成長率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">+98%<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">+136%<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">+91%<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營業活動現金流入(出)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-0.56</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">億元<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.7pt;" width="403"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-2.62</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">億元<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.7pt;" width="403"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-1.99</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">億元<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 <span lang="EN-US">4703</span>揚華借殼上市後,營收成長異常<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">警訊<span lang="EN-US">6</span>:處於不太好的產業卻獲利異常<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當產業景氣好時,產業內大多數公司都可以賺到錢;當景氣不好時,通常產業內只有經營效率最好的公司會賺錢。因此,<b style="mso-bidi-font-weight: normal;"><span style="color: red;">當景氣不好,若有一家公司沒有明顯強項,收入與獲利卻比同業高很多,就是警訊。</span></b><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:印刷電路板<span lang="EN-US">2418</span>雅新,技術及產品皆普通,在當時的景氣,除非做的是軟板或高階板,否則不容易賺錢。但雅新每年卻都能穩定賺到<span lang="EN-US">EPS 2</span>元多,實在太厲害太穩定了,最後董事長承認虛增營收作假帳。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">從經驗來看,通常公司在作假帳做了兩、三年後才會被抓到。所以要避免踩到假帳地雷,其次要研究產業,對產業有宏觀的了解;其次要熟讀本書內容,了解財報數字背後的意義
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">了解閱讀財報的方法,再加上自己研究的產業知識,才能真正從財報數字中看到企業經營的全貌
</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="background: white; color: red; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">大幅提升投資勝率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「大會計師教你從財報數字看懂經營本質」,作者:張明輝,出版者:城邦文化事業股份有限公司<span lang="EN-US">-</span>商業周刊,<span lang="EN-US">2019</span>年<span lang="EN-US">8</span>月初版<span lang="EN-US">8.5</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-40261877743953875642020-08-16T22:19:00.000+08:002020-08-16T22:19:00.192+08:00從財報看懂經營 第5章 真賺錢,還是帳面好看?-「現金流量表」是獲利品質照妖鏡<div class="MsoNormal" style="layout-grid-mode: char; mso-char-indent-count: 2.0; mso-layout-grid-align: none; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">「<b style="mso-bidi-font-weight: normal;">穩定</b>」產生現金流量的好公司可以做到:①有錢可以持續穩定投入研發、購置設備、和轉投資等方式<b style="mso-bidi-font-weight: normal;">投資未來</b>,從而維持甚至<b style="mso-bidi-font-weight: normal;">提升產業競爭力及規模</b>,進而不斷提高股東<span lang="EN-US">EPS</span>、②有能力<b style="mso-bidi-font-weight: normal;">穩定配發股息</b>給股東,甚至逐年增加、③最重要的是,不論是投資未來還是配發現金股息,都<b style="mso-bidi-font-weight: normal;">不</b>須跟股東拿錢(<b style="mso-bidi-font-weight: normal;">增資</b>)或增加<b style="mso-bidi-font-weight: normal;">舉債</b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">賺錢的企業不代表有能力投資未來及支付股息,虧錢的企業也不表示不具備這個能力,閱讀現金流量表的意義就是要判斷企業是否具備這樣的能力。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、看懂現金流量表的三大關鍵<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴營業活動之現金流量</span></b><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營業活動是指一家企業從購買原料、雇用人工、投入生產,得出產品後把產品賣給客戶的活動。營業活動其實就是「<b style="mso-bidi-font-weight: normal;">賺錢</b>活動」。<b style="mso-bidi-font-weight: normal;">分析營業活動之現金流量其實就是分析企業到底從賺錢的活動中「賺得多少現金」?</b>損益表顯示的稅後淨利之所以不同於營業活動的現金數,主要在於:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒈</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">會計原則採用應計基礎 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">損益表中賺的錢並無法顯示當年度該企業賺得多少現金。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒉</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">損益表中的廠房及設備的折舊費用及無形資產的攤銷費用是不用花錢的。愈是資本密集的產業其實折舊及攤銷費用愈高,因此每年從營業上賺取的現金會比「稅後淨利」高很多。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒊</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">有些活動如投資活動賺得的利息、股利及投資損益,籌資活動所支付的利息,這些都和營業活動無直接關聯,依會計原則可以列入營業活動的現金流出/流入,也可以改列為投資或籌資活動。不過這些項目的金額通常都不高,不用太在意。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">投資人要分析一家公司的營業活動是否穩定,只要<span style="color: blue;">把「稅前淨利(淨損)+折舊及攤銷費用-支付的所得稅」和營業活動現金流入(流出)數相比較,如果歷年來一直保持著很穩定的「比例關係」或很小的數字差異
</span></span><span lang="EN-US" style="background: white; color: blue; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">企業的獲利模式穩定;反之,無法呈現穩定的「比例關係」,而且每年的差異很大 </span><span lang="EN-US" style="background: white; color: blue; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">企業獲利模式不穩定、獲利品質不好。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 2330台積電營業活動之現金流量<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵從事投資活動之現金流量</span></b><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">投資活動是指公司取得或處分不動產、廠房與設備,策略性投資或理財性投資等活動的現金流入及流出。分析一家企業的投資活動可分成三大類來分析:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒈</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">企業是否穩定的投資在「不動產、廠房及設備」上。以了解企業能否保持規模或設備/科技上的優勢。必要時應閱讀該科目的附註說明。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒉</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">企業當年度在①「<b style="mso-bidi-font-weight: normal;">透過損益按公允價值衡量之金融資產</b>」、②「<b style="mso-bidi-font-weight: normal;">透過其他綜合損益按公允價值衡量之金融資產</b>」、③「<b style="mso-bidi-font-weight: normal;">按攤銷後成本衡量之金融資產</b>」、④「<b style="mso-bidi-font-weight: normal;">採權益法之投資</b>」等四個科目的增減,是屬於策略性投資、理財性投資還是策略不明投資的增減,以便了解企業經營是否聚焦、理財性投資是否保守穩健。這部分的分析必須併同閱讀財報上四大投資科目附註之說明及財報附表三的內容<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒊</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果有巨額的<b style="mso-bidi-font-weight: normal;">無形資產</b>增加</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,應閱讀該科目附註以了解其性質,</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果是來自商譽或客戶名單,宜注意往後企業的獲利情形;若商譽大額減少則暗示企業要將資產「洗乾淨」,為企業未來獲利創造有利的空間。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">一家穩健的公司大多聚焦在核心事業的擴張(</span><span lang="EN-US" style="background: white; color: blue; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">反應在取得不動產、廠房及設備上</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,例如:台積電每年給付約<span lang="EN-US">3,000</span>多億元在不動產、廠房及設備的添購上<span style="color: blue;">),其次才是從事策略性(</span></span><span lang="EN-US" style="background: white; color: blue; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">反應在投資企業上下游事業及平行事業以增加企業影響力)及理財性投資。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶從事籌資活動之現金流量</span></b><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">籌資活動是指企業向股東拿錢、還股東錢以及舉借或償還借款的活動。企業籌資活動的現金流量主要為①辦理現金增資、現金減資或購買自家股票、②發放現金股利、③發行或贖回公司債、④增加或減少長短期銀行借款、⑤支付銀行借款及公司債利息(也可列為營業活動)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、現金流量表,獲利品質照妖鏡<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">為什麼從現金流量表可以看一家企業盈餘的品質?∵①現在的會計變得很複雜,像商譽這些無形資產有多大的價值,有時很難認定,所以一些分析人員有時候會<b style="mso-bidi-font-weight: normal;">把無形資產從資產負債表中扣掉</b>、②從損益表來看,有時即使獲利很高,可是因為存貨、應收帳款的累積以及設備及廠房的添置,不一定能夠發放現金股利。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:某廠商董事長說,主要客戶是代工大廠,毛利率以前是「五窮六絕」(<span lang="EN-US">5%</span>~<span lang="EN-US">6%</span>),現在是「茅山道士」(<span lang="EN-US">3%</span>~<span lang="EN-US">4%</span>),未來可能降到「說一不二」(<span lang="EN-US">1%</span>~<span lang="EN-US">2%</span>)。結果代工大廠給的應收帳款天數是六個月,自己跟上游進貨的應付帳款是二個月,加上還要囤貨二個月,一來一往淨差額六個月(=應收<span lang="EN-US">6</span>個月+囤貨<span lang="EN-US">2</span>個月-應付<span lang="EN-US">2</span>個月)
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當營收愈來愈增加,表示應收帳款跟存貨增加
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">賺的錢可能沒辦法發放現金股利,因為都囤放在應收帳款跟存貨裡面
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在現金流量上,找不到現金,以致必須跟銀行借錢發股息,就算要轉投資,也必須跟銀行借錢
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">現在跟銀行愈借愈多共借一百多億元,哪天公司出事情,即使現在住大直豪宅,但董事長是連帶保證人,一夕之間就宣告破產,化為烏有。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">三、以自由現金流量來預估股利穩定性<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">自由現金流量=營業活動的現金流入-資本支出-利息</span></b><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對於賺錢的公司,自由現金流量代表企業有無增加股利的空間。對於賺錢不多或虧錢的企業,暗示著企業有無能力維持現有的股利水準,甚至是否必須放棄預計的資本支出。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:假設台積電未來每年稅後賺<span lang="EN-US">3,500</span>億元,設備支出維持在<span lang="EN-US">3,000</span>億元 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">每年的自由現金流量=<span lang="EN-US">3,500</span>億元+<span lang="EN-US">2,900</span>億元(攤折費用)-<span lang="EN-US">3,000</span>億元(資本支出)=<span lang="EN-US">3,400</span>億元或每股<span lang="EN-US">13.1</span>元 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∴台積電<span lang="EN-US">10</span>元股利應該還有上調空間。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">四、<span lang="EN-US">2475</span>華映窘境之必然<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">華映於<span lang="EN-US">2018</span>年聲請重整,解讀華映應從<span lang="EN-US">2016</span>年或<span lang="EN-US">2017</span>年財報下手,才能學到如何比其他人更早知道華映窘境之必然,並將此法運用到了解其他公司。<span lang="EN-US"><o:p></o:p></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhM-XVr_aAZ2bw3SDeLFipHYmt27QEBo2cbnTAGp3PORMcHAFZZFbOBxyK9FZGbhH7S76BtecJpvb8nfnlL4gDjV6r9cg1r5m3DDYQ7O7mLNZFBNtJLUAwk1HFeNgWTVsketGJU3JU8T2s/s1600/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-5+%25E7%259C%259F%25E8%25B3%25BA%25E9%258C%25A2%25EF%25BC%258C%25E9%2582%2584%25E6%2598%25AF%25E5%25B8%25B3%25E9%259D%25A2%25E5%25A5%25BD%25E7%259C%258B-2475%25E8%258F%25AF%25E6%2598%25A0%25E7%2587%259F%25E6%25A5%25AD%25E6%25B4%25BB%25E5%258B%2595%25E4%25B9%258B%25E7%258F%25BE%25E9%2587%2591%25E6%25B5%2581%25E9%2587%258F.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="華映個體營業活動之現金流量" border="0" data-original-height="1052" data-original-width="637" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhM-XVr_aAZ2bw3SDeLFipHYmt27QEBo2cbnTAGp3PORMcHAFZZFbOBxyK9FZGbhH7S76BtecJpvb8nfnlL4gDjV6r9cg1r5m3DDYQ7O7mLNZFBNtJLUAwk1HFeNgWTVsketGJU3JU8T2s/s640/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-5+%25E7%259C%259F%25E8%25B3%25BA%25E9%258C%25A2%25EF%25BC%258C%25E9%2582%2584%25E6%2598%25AF%25E5%25B8%25B3%25E9%259D%25A2%25E5%25A5%25BD%25E7%259C%258B-2475%25E8%258F%25AF%25E6%2598%25A0%25E7%2587%259F%25E6%25A5%25AD%25E6%25B4%25BB%25E5%258B%2595%25E4%25B9%258B%25E7%258F%25BE%25E9%2587%2591%25E6%25B5%2581%25E9%2587%258F.jpg" title="華映個體營業活動之現金流量" width="386" /></a></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 2475華映個體營業活動之現金流量<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">從上表可以看出①折舊及攤銷費用高達<span lang="EN-US">35</span>億元,表示即使不賺錢仍然可以產生<span lang="EN-US">35</span>億元的現金流入、②<span lang="EN-US">2017</span>年的獲利約<span lang="EN-US">23</span>億元,主要是來自出售非流動資產利益、③營業收入中約有<span lang="EN-US">71</span>億元,在先前已向關係人預收貨款,因此無法再產生現金流量、④因為以上因素,<span lang="EN-US">2017</span>年營業活動現金流量約<span lang="EN-US">-12</span>億元。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">從下表可以看到<span lang="EN-US">2017</span>年營業活動現金流量為負的原因為,積欠關係人貨款達<span lang="EN-US">95</span>億元,加上預收款項<span lang="EN-US">81</span>億元,合計達<span lang="EN-US">176</span>億元,是<span lang="EN-US">2017</span>年向關係人進貨<span lang="EN-US">68</span>億元的<span lang="EN-US">2.6</span>倍
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">除非預收款項及積欠款項交易得以延續,否則<span lang="EN-US">2018</span>年及往後幾年營業活動的現金流量註定不佳。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 2475華映之個體資產負債表<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由下表的「投資活動之現金流量」可以看出:①藉由處分股票及一部分財產給日商<span lang="EN-US">Ortus</span>以及出售其他資產,取得約<span lang="EN-US">74</span>億元現金 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">但以後還有多少資產可供處分?經研讀財報附註<span lang="EN-US">8</span>的結果,只剩大陸華映和少量<span lang="EN-US">8085</span>福華股票、②購置約<span lang="EN-US">17</span>億元的「不動產、廠房及設備」。但面板屬於資本與技術密集產業,<span lang="EN-US">17</span>億元的設備投資與小面板的<span lang="EN-US">6116</span>彩晶相當,卻遠低<span lang="EN-US">3481</span>群創及<span lang="EN-US">2409</span>友達
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">令人擔心公司競爭力是否能維持及提升?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">再由下表的「籌資活動之現金流量」可以看出:①透過借新還舊再籌資約<span lang="EN-US">170</span>億元銀行借款(※應是<span lang="EN-US">122.7</span>億元),這部分不影響現金流量、②利用處分資產取得的現金,償還銀行長期借款約<span lang="EN-US">26</span>億元(=<span lang="EN-US">50.9</span>-<span lang="EN-US">24.4</span>)及關係人借款<span lang="EN-US">10</span>億元、③由於歷年累積的虧損嚴重,沒有配發股利。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">總之,華映因為向關係人預收及積欠太多貨款,除非未來幾年業績超乎尋常的好(<span lang="EN-US">2018</span>年是面板產業非常糟糕的一年),否則營業活動的現金流量很難是正的,∴只能向銀行以借新還舊的方式展延,並且很難大幅更新設備
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">設備投資停滯不前會導致競爭力衰退<span lang="EN-US"><span style="mso-spacerun: yes;"> </span></span>∴除非經由大舉增資,否則營運已走入死胡同,即使向法院聲請重整成功也沒有用。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 2475華映個體投資和籌資活動之現金流量<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">從華映案例可以了解<span style="color: blue;">現金流量表的目的</span>有<span style="color: blue;">①了解一家公司的獲利品質是否良好</span>、<span style="color: blue;">②獲利品質好的公司,可以從營業活動產生穩定的現金流入,再從其自由現金流量預測其股利的穩定性,甚至成長性</span>、<span style="color: blue;">③投資人可以加碼獲利品質好的公司;反之,減碼或設定較低的本益比</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">五、現金流量表對投資人的意義<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">很多台商到香港掛牌,股價都很低,不受青睞?究其原因有①台商<b style="mso-bidi-font-weight: normal;">規模普遍較小</b>,較不受重視、②台商雖然號稱賺很多錢,但往往捨<b style="mso-bidi-font-weight: normal;">不</b>得<b style="mso-bidi-font-weight: normal;">發放股利</b>、③港股很注重是否有<b style="mso-bidi-font-weight: normal;">現金流入</b>,可以穩定發放股利,這也是港股推崇地產業與金融業的原因。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">反觀台股較推崇製造業,然而製造業的缺點就是必須不斷擴產,不斷買土地與機器設備,還有產生大量的應收帳款與存貨。導致生意愈大,三點半卻跑愈重。同時公司帳上的<span lang="EN-US">EPS</span>雖高,卻沒有現金來發放股利。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國外研究機構大都以現金流量的觀念來分析,例如:<span lang="EN-US">2015</span>年油價跌很慘的時候,英國石油公司<span lang="EN-US">BP</span>、荷蘭皇家殼牌(<span lang="EN-US">Royal Dutch Shell</span>)、雪佛龍(<span lang="EN-US">CHEVRON</span>)等石油公司的股價跌幅卻有限。∵法人分析這些公司的現金流量足以支付股息與再投資,即使自由現金流量不足,也會透過棄卒保帥出售非核心事業,換取現金來支付穩定的股息。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,給經營者的建議:隨時注意自己公司的自由現金流量;給投資人的建議:<b style="mso-bidi-font-weight: normal;"><span style="color: red;">景氣有好有壞,標的公司能否穩定發放股息是觀察的主要目標,而從現金流量表可以看出一家公司的獲利品質與財務強度。</span></b><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「大會計師教你從財報數字看懂經營本質」,作者:張明輝,出版者:城邦文化事業股份有限公司<span lang="EN-US">-</span>商業周刊,<span lang="EN-US">2019</span>年<span lang="EN-US">8</span>月初版<span lang="EN-US">8.5</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-91918120712381030622020-08-09T21:19:00.001+08:002020-09-21T20:02:28.745+08:00從財報看懂經營 第4章 具備結構性獲利能力-從「損益表」判斷產業內競爭力<div class="MsoNormal" style="layout-grid-mode: char; mso-char-indent-count: 2.0; mso-layout-grid-align: none; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">損益表的重要科目包括①營業收入、②營業成本、③營業毛利、④營業費用、⑤推銷費用、⑥管理費用、⑦研究發展費用、⑧營業淨利、⑨營業外收入及支出、⑩稅前淨利、</span><span style="color: blue; font-family: "ms mincho"; font-size: 14.0pt;">⑪</span><span style="color: blue; font-size: 14.0pt;">本期所得稅</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">、</span><span style="color: blue; font-family: "ms mincho"; font-size: 14.0pt;">⑫</span><span style="color: blue; font-size: 14.0pt;">稅後淨利</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">、</span><span style="color: blue; font-family: "ms mincho"; font-size: 14.0pt;">⑬</span><span style="color: blue; font-size: 14.0pt;">其他綜合損益</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">、</span><span style="color: blue; font-family: "ms mincho"; font-size: 14.0pt;">⑭</span><span style="color: blue; font-size: 14.0pt;">綜合損益總額。</span><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營業成本是指一家公司銷售存貨與提供勞務所負擔的成本,包括直接原料、直接人工、製造費用(如水電費等)。營業費用包括①推銷費用、②管理費用、③研究發展費用等三個主要科目,以及兩個小科目⑤其他費用:出現機率很小,金額也很低、⑥預期信用減損損失(可放在「營業費用」或「營業外收入及支出」項下):企業的呆帳費用,正常情況下,金額也不高。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營業外收入及支出</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">的主要項目包括<b style="mso-bidi-font-weight: normal;">①採權益法認列之損益</b>、<b style="mso-bidi-font-weight: normal;">②其他收入</b>:一般主要是所持股票、債券及銀行存款之股利及利息收入、<b style="mso-bidi-font-weight: normal;">③外幣兌換調整數</b>、<b style="mso-bidi-font-weight: normal;">④財務成本</b>:主要是各種借款的利息費用、<b style="mso-bidi-font-weight: normal;">⑤其他利益及損失</b>:主要係處份不動產、廠房及設備之損益,或處份投資之損益。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">從宏觀角度看損益表,一家公司的經營是否具備結構性獲利能力的分析及判斷標準如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準一:營收成長性及穩定性顯示企業競爭力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎如何判斷營收成長性的競爭力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">看一家公司的營業收入時,最好<span style="color: blue;">連看</span><b style="mso-bidi-font-weight: normal;"><span style="color: red;">三</span></b><span style="color: blue;">年,每一年都與<b style="mso-bidi-font-weight: normal;">同業</b>來<b style="mso-bidi-font-weight: normal;">比較</b></span>,從長期來看一家公司營收的變化。如果景氣好時,營收成長率比別人高;如果景氣不好時,營收成長率還是比別人高,或衰退率比別人低
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">顯示較具競爭力。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年 度<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2018<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2017<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2016<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">台積電營收(成長率)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">10,315</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">億元(<span lang="EN-US">6%</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">9,774</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">億元(<span lang="EN-US">3%</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 117.25pt;" valign="top" width="469"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">9,479</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">億元(<span lang="EN-US">12%</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">同業營收(成長率)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1,513</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">億元(<span lang="EN-US">1%</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 117.2pt;" valign="top" width="469"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1,493</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">億元(<span lang="EN-US">1%</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 117.25pt;" valign="top" width="469"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1,479</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">億元(<span lang="EN-US">2%</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 台積電的營收與成長率皆大幅高於同業<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎如何判斷營收的穩定性<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果一家公司不管景氣好壞,營收都不會跌 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">顯示營收非常穩定。例如:<span lang="EN-US">2912</span>統一超在市場已經飽和情況下,營收每年仍然繼續增加,顯示統一超具有很強的競爭力。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準二:毛利率穩定性反映企業對價格或生產效能的掌控力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">天下沒有白吃的午餐,只是有人可以吃得比較久,有人沒多久就被趕下餐桌。在掌握或維持毛利率這張餐桌上吃飯,依毛利率持久度的順序如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴具有產量、通路或專利的明顯優勢者<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公司對價格具有掌握能力,就可以設定想要的毛利率,當成本上揚時,根據毛利率反推價格,調漲價格來彌補成本的上揚,從而維持住毛利率。掌控價格的方式有透過規模優勢或專利來控制價格。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:<span lang="EN-US">OPEC</span>長久以來就是透過石油產量來控制油價;<span lang="EN-US">2912</span>統一超之所以具有掌控價格的能力,將毛利率維持在<span lang="EN-US">34%</span>左右,是因為明顯具有通路規模優勢(全省超過五千家門市)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年 度<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2018<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2017<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2016<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2015<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2014<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2912</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">統一超<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">34%<o:p></o:p></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">35%<o:p></o:p></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.45pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">34%<o:p></o:p></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">34%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.45pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">33%<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.15pt;" valign="top" width="369"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2207</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">和泰車<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">8.8%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">8.7%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.45pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">8.6%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">8.6%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.45pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">7.7%<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.15pt;" valign="top" width="369"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2308</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">台達電<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">26.8%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">27.2%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.45pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">27.8%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">27.2%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.45pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">27%<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.15pt;" valign="top" width="369"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1521</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">大億<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">15%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">17%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.45pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">17%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">17%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.45pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">18%<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.15pt;" valign="top" width="369"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">6605</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">帝寶<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">25%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">26%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.45pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">27%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">29%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.45pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">29%<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.15pt;" valign="top" width="369"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2317</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">鴻海<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">6.3%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">6.4%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.45pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">7.4%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.4pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">7.2%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.45pt;" valign="top" width="310"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">6.9%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.3pt; mso-layout-grid-align: none; mso-para-margin-left: 2.36gd; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 毛利率之比較<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.4pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵具有品牌優勢者<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以品牌優勢勝出的企業必須要不斷的維護品牌價值,只要毛利率下跌,或毛利率不跌但推銷費用率大漲,就表示品牌掉漆或是新產品失利,投資人要特別小心。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:<span lang="EN-US">2207</span>和泰車的推銷費用低的原因有①車價高
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營收高、②和泰車是總經銷,只負責品牌形象的廣告,至於車子的展示據點及業務人員薪資等支出則是經銷商負責;<span lang="EN-US">2308</span>台達電因長期致力於研發,並且極注意環保,所以享有技術和品質的雙重優勢 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">過去五年的毛利率相當高且穩定。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶具有技術優勢者<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:<span lang="EN-US">2330</span>台積電透過奈米製程的不斷提升來維持整體毛利率,其奈米製程領先全球,且良率也為業界表率
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">毛利率大幅高於同業,顯示競爭力極佳。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑷行業特性或對價格有所堅持的傳產業者<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公司透過自律的方式,只承接一定毛利率以上的訂單。例如:汽車零組件供應商分為專做原廠生意(<span lang="EN-US">OEM</span>)和專做維修生意(<span lang="EN-US">AM</span>),但兩者的毛利率都很穩定。通常而言,<span lang="EN-US">OEM</span>供應商(例如:<span lang="EN-US">1521</span>大億)的毛利率較低,推銷費用率也較低,<span lang="EN-US">AM</span>供應商(例如:<span lang="EN-US">6605</span>帝寶)的毛利率和推銷費用率則都較高。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑸致力提升生產效能者<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">台灣大部分電子業者的毛利率往往起伏較大,主要原因在於沒有價格掌控力。例如:蘋果供應體系每年都要被蘋果砍價,沒有市場話語權,只能含淚配合,∴只能藉由不斷提升良率、效率、規模或是壓低原料成本去維持毛利率,即便<span lang="EN-US">2317</span>鴻海也是這樣。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">致力提升生產效能的業者毛利率若有重大變化,原因可能有①被砍價,又一時找不到因應方案、②產品良率下滑、③訂單不足造成產能閒置、④關鍵性零組件價格上漲。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">以生產效能來維持毛利率是非常困難的</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,強大如全球排名第<span lang="EN-US">24</span>大企業的鴻海也很難堅持住,鴻海從<span lang="EN-US">2017</span>年起<span lang="EN-US">7%</span>的毛利率就正式失守,不要小看鴻海<span lang="EN-US">1%</span>毛利率的差距,它代表的是超過<span lang="EN-US">500</span>億元的稅前淨利差異。因此,<span style="color: blue;">當毛利率出現顯著的變動時,應了解變動的是短期、中期或長期現象,因為對於損益以及股價的影響當然不同。<span lang="EN-US"><o:p></o:p></span></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準三:推銷費用的合理性反映產品市場力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">推銷費用是指一家公司為了推銷商品或勞務的過程所花費的各項費用。<span lang="EN-US" style="color: blue;">B2C</span><span style="color: blue;">產業的推銷費用佔營收比重會比較高</span>,但行業不同,比重也會不同。<span lang="EN-US" style="color: blue;">B2B</span><span style="color: blue;">產業則通常比較低</span>,不需要太多廣告、人事與店租,相對數量較少的業務人員薪資、交際費以及貨物運輸費用是主要的推銷成本。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">推銷費用是否合理?需要跟同業比較,如果比相同規模同業還低,通常暗示其產品賣項比較好,或產品品質穩定。<span style="color: red;">推銷費用最忌諱的就是「推銷費用的增長率」>「營業收入的增長率」</span>。因為這暗示著①產品賣不動,市場接受度有問題,必須花很多錢去強力促銷、或②產品有瑕疵,必須花大錢去收拾善後。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">通常奢侈品廠商不需投入太多的研發費用,但推銷費用很大,∵大量廣告去做產品形象、租最豪華地段、金碧輝煌的裝潢…等,讓你覺得很高級、買了會很有面子。分析這類企業時,這種行業的廣告支出就如同製造業的研發支出一樣,省不得。若這類型公司的業績不好,推銷費用又大幅減少,表示為了保持獲利,而大幅刪減推銷費用,這無疑是殺雞取卵的行為(※製造業的研發費用亦同)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準四:管理費用的合理性反映企業管理力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">管理費用是指企業的行政管理部門為管理和組織經營所發生的各項費用。<b style="mso-bidi-font-weight: normal;">管理費用的特質有①很多的支出是公司單方面可以決定</b>,例如:電腦系統要導入<span lang="EN-US">SAP</span>、<span lang="EN-US">Oracle</span>還是鼎新系統?<b style="mso-bidi-font-weight: normal;">②公司管的好不好會讓費用差很多</b>,例如:選用好的電腦系統不只可以降低管理費用,甚至還能降低生產成本並促進業績成長。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">管理費用講求「合理性」而不是「最低」,但不表示不追求降低管理費用。評估管理費用的合理性是和規模相當的同業相比較,或和企業過去年度比較,以確定管理費用沒有不合理的大幅增加。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">大部分台商的管理費用偏高的原因有①設廠因素:將工廠設在優惠補助最高的地方,但卻散布在太多地方,以致管理成本過高、②制度因素:工廠散布太廣,各項大宗採購或人事可能有浮濫情形。在授權的同時,若沒有好的內控機制,意味著成本比別人貴了、③本土優勢因素:兩岸文化的差異,不是會講普通話就叫做能溝通,只有當地人才最了解當地法令、更清楚優惠、與當地官員溝通的「眉角」,也更了解環保、五險一金的底線在哪裡。這就相當於二、三十年前,台灣本土電子業打敗在台的美商與日商一樣。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">建議台商應該要提高研發支出以增強技術障礙,多聘僱當地人以強化溝通,另外應該適度整合現有工廠以降低管理與生產成本。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準五:研發費用金額反映投資未來力度<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">張忠謀曾說,研發費用是挹注未來獲利,也是未來能夠持續領先對手的必要投資。研發費用過低會影響未來成長與利潤;研發費用過高則會讓企業現階段獲利較差,對不起現在股東。因此長期性來講,<span style="color: blue;">研發費用與營收要有適度的配比,並且穩穩按這個配比來行事,才是一個最好的方式。</span>例如:<span lang="EN-US">Alphabet</span>(<span lang="EN-US">Google</span>母公司)的研發費用佔營收比率長期以來一直在<span lang="EN-US">15%</span>~<span lang="EN-US">16%</span>,<span lang="EN-US">Amazon</span>為<span lang="EN-US">15%</span>~<span lang="EN-US">16%</span>,台積電近年則是<span lang="EN-US">8%</span>左右。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">分析一家企業的研發費用是否適當,可按兩個指標來分析:①研發金額是否不低於規模相當之同業、②研發支出是否持續增加或未減少。持續不斷投入研發費用對資本密集及技術密集的產業很重要,例如:<span lang="EN-US">DRAM</span>大廠<span lang="EN-US">5347</span>茂德在業務不好時,大砍研發費用,以致高階產品無法順利產出,在惡性循環下,最終宣告倒閉。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">但並非每個產業都需要投入高額的研發費用,例如零售、通路、服飾、鞋襪等產業就不需要。推銷費用中的產品廣告支出、社會形象支出及通路據點的擴張費用,相當於這些產業的研發支出。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準六:獲利來源表現本業是否具競爭力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">了解一家企業「稅前淨利」是否主要來自「營業利益」,可以判斷該公司本業是否具競爭力或公司經營是否專注本業。由於業外收支有不穩定或不可重複性的特質,所以公司若有一時性重大業外收入時不用高興,有重大業外支出時應該檢討並思考避免再發生。例如:<span lang="EN-US">2454</span>聯發科<span lang="EN-US">2017</span>年因營收衰退導致獲利不佳,賣股票來改善獲利,營業外收入及費用<span lang="EN-US">174.18</span>億元(佔營收<span lang="EN-US">7.31%</span>),營業利益<span lang="EN-US">98.19</span>億元(佔營收<span lang="EN-US">4.12%</span>) </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">營業利益佔稅前淨利的比率,可以判斷該公司本業是否具競爭力或是否專注本業。</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準七:稅後淨利或<span lang="EN-US">EPS</span>是影響股價主因之一<span lang="EN-US"><o:p></o:p></span></span></b></div>
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o:title="基本分析:「大會計師教你從財報數字看懂經營本質」-4 具備結構性獲利能力-2475華映合併損益表"/>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7fNNiBOp1QEsrf7unpOzDs_43OupNxgpBKYgsh2skMj9ntwQfgTc-FehjcL6mBaWcY2cDM-xyPRJNSrXj_AfbdPAEofmLJY2_Mg3_KmsztY7NlPzJUx1tVO92tuGs8hVZHsDumMkGRyY/s1600/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-4+%25E5%2585%25B7%25E5%2582%2599%25E7%25B5%2590%25E6%25A7%258B%25E6%2580%25A7%25E7%258D%25B2%25E5%2588%25A9%25E8%2583%25BD%25E5%258A%259B-2475%25E8%258F%25AF%25E6%2598%25A0%25E5%2590%2588%25E4%25BD%25B5%25E6%2590%258D%25E7%259B%258A%25E8%25A1%25A8.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="從華映合併損益表看淨損來源" border="0" data-original-height="1522" data-original-width="1305" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7fNNiBOp1QEsrf7unpOzDs_43OupNxgpBKYgsh2skMj9ntwQfgTc-FehjcL6mBaWcY2cDM-xyPRJNSrXj_AfbdPAEofmLJY2_Mg3_KmsztY7NlPzJUx1tVO92tuGs8hVZHsDumMkGRyY/s640/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-4+%25E5%2585%25B7%25E5%2582%2599%25E7%25B5%2590%25E6%25A7%258B%25E6%2580%25A7%25E7%258D%25B2%25E5%2588%25A9%25E8%2583%25BD%25E5%258A%259B-2475%25E8%258F%25AF%25E6%2598%25A0%25E5%2590%2588%25E4%25BD%25B5%25E6%2590%258D%25E7%259B%258A%25E8%25A1%25A8.png" title="從華映合併損益表看淨損來源" width="548" /></a></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 從華映合併損益表看淨損來源<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">EPS</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">之所以很重要是因為很多公司特別是電子業的合理股價,往往根據行業的<span lang="EN-US">PE Ratio</span>(<span lang="EN-US">Price</span>/<span lang="EN-US">Earnings</span>)來推算。通常不同產業有不同的<span lang="EN-US">PE</span>倍數,同產業內國際規模的大廠和小廠<span lang="EN-US">PE</span>倍數不同,有穩定且豐厚股息的公司與股利不穩定的公司,也有不同的<span lang="EN-US">PE</span>倍數。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">提醒:<b style="mso-bidi-font-weight: normal;">科目代碼<span lang="EN-US">8200</span>「稅後淨利」不必然全是公司的獲利數。</b>例如:<span lang="EN-US">2475</span>華映<span lang="EN-US">2016</span>年的合併損益表中有一家僅佔<span lang="EN-US">25%</span>的大陸華映公司,<span lang="EN-US">8200</span>「本期淨損」<span lang="EN-US">8.95</span>億元,但<span lang="EN-US">8610</span>「母公司業主」淨損卻是<span lang="EN-US">17.76</span>億元,幾乎是<span lang="EN-US">8200</span>「本期淨損」的兩倍。所以當<span lang="EN-US">8200</span>「本期淨利/損」與<span lang="EN-US">8610</span>「母公司業主」淨利/損有很大差異時,一定要再看個體報表,了解差異的原因。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準八:股東權益報酬率(<span lang="EN-US">ROE</span>)比<span lang="EN-US">EPS</span>更能反映經營力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對投資人而言,<span lang="EN-US">EPS</span>很重要,因為<span lang="EN-US">EPS</span>和股價關係最密切。但是就大股東、董事會及精明的投資人而言,<span lang="EN-US">ROE</span>比<span lang="EN-US">EPS</span>更能看出經營團隊是否稱職。<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年度<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2019<o:p></o:p></span></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2018<o:p></o:p></span></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2017<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2016<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2015<o:p></o:p></span></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2014<o:p></o:p></span></div>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">EPS<o:p></o:p></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">13.32</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">13.54</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">13.23</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">12.89</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">11.82</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">10.18</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元<span lang="EN-US"><o:p></o:p></span></span></div>
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<tr style="mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">ROE<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">20.94%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">21.95%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">23.57%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">25.60%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">27.04%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" width="259"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">27.88%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 從台積電<span lang="EN-US">ROE</span>看團隊經營能力<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">從上表可以看出,台積電<span lang="EN-US">EPS</span>在<span lang="EN-US">2019</span>年沒有再創新高,但<span lang="EN-US">ROE</span>已連續<span lang="EN-US">5</span>年顯著下降,顯示經營團隊的經營能力正在鈍化中(※張忠謀<span lang="EN-US">2018/6/5</span>主持最後一場台積電股東會,正式交棒退休)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">※不必理會其他綜合損益及綜合損益總額<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">「其他綜合損益」就是有些事件會影響到企業資產負債表的資產價值或負債金額,進而影響到股東權益。制定會計原則的大爺們將這些影響數列入「其他綜合損益」科目,讓報表閱讀者自行判斷。問題是,您會判斷嗎?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">總結是<span lang="EN-US">2018</span>年以後的報表,除了金融業以及投資部位很高的特定公司外,一般公司的「其他綜合損益」科目金額都不大,可以略而不看。即便有金額大的科目,往往是「國外營運機構財務報表之兌換差額」,這種因為匯率變動造成的一時性影響數,過一陣子又會回復,所以不管是正還是負,還是不重要
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">「其他綜合損益」既然可以不用看,「綜合損益總額」當然也可以不予理會。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「大會計師教你從財報數字看懂經營本質」,作者:張明輝,出版者:城邦文化事業股份有限公司<span lang="EN-US">-</span>商業周刊,<span lang="EN-US">2019</span>年<span lang="EN-US">8</span>月初版<span lang="EN-US">8.5</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-5390263297690013142020-08-02T16:11:00.000+08:002020-08-02T16:11:00.131+08:00從財報看懂經營 第3章 抓出數字背後的魔鬼-從微觀角度看懂「資產負債表」<div class="MsoNormal" style="layout-grid-mode: char; mso-char-indent-count: 2.0; mso-layout-grid-align: none; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">從<b style="mso-bidi-font-weight: normal;">宏觀</b>角度觀察企業的財務數字,可能掌握<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">60%</span></b>的狀況,卻未能發現潛藏的<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">40%</span></b>問題。<b style="mso-bidi-font-weight: normal;">細微</b>之處對經營者而言,往往才是「決策」的關鍵;對投資者而言,往往才能知道「魔鬼」在哪裡。經營者與投資者可以根據以下六個指標解讀各項會計科目,以衡量企業真實的經營情形。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">衡量指標一:從「現金及約當現金」看穩健度<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴現金的安全水位宜保持二個月以上</span></b><span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">現金水位=現金及約當現金 ÷〔(營運支出+資本支出+現金股利)÷
<span lang="EN-US">12</span>〕<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※營運支出=營業收入-稅後淨利-折舊與攤銷費用<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">現金與約當現金包括現金、支票存款、活期存款及三個月內到期的定期存款等。錢多不一定好,但<b style="mso-bidi-font-weight: normal;"><span style="color: red;">適度的現金</span></b>是必要的,所謂「適度」<b style="mso-bidi-font-weight: normal;"><span style="color: red;">是指一般企業在沒有任何現金流入的情況下,能夠維持營運二至三個月。</span></b><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以<span lang="EN-US">2018</span>年台積電為例,現金及約當現金<span lang="EN-US">5,778</span>億元(佔總資產<span lang="EN-US">28%</span>,同業則是<span lang="EN-US">837</span>億元,佔總資產<span lang="EN-US">21%</span>)、營收<span lang="EN-US">10,315</span>億元、稅後淨利<span lang="EN-US">3,512</span>億元、不用花錢的折舊與攤銷費用約<span lang="EN-US">2,900</span>億元、資本支出<span lang="EN-US">3,000</span>億元、現金股利<span lang="EN-US">2,100</span>億元 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">現金水位=<span lang="EN-US">5,778
</span>÷〔((<span lang="EN-US">10,315</span>-<span lang="EN-US">3,512</span>-<span lang="EN-US">2,900</span>)+<span lang="EN-US">3,000</span>+<span lang="EN-US">2,100</span>)÷<span lang="EN-US"> 12</span>〕=<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">7.7</span></b>個月。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">換言之,假設台積電突然發生未知的狀況,無法向客戶收到款,也無法借到錢的話,手上的現金還可以讓企業維持正常的營運、添置設備,並且順利支付股息達<span lang="EN-US">7.7</span>個月之久。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">從企業經營穩健的角度來衡量,國內外資本與技術密集的企業都喜歡囤積現金來合理推估,擁有愈多現金愈有利於企業渡過不景氣,甚至可以趁不景氣時逆勢加碼投資,以擺脫競爭者的追趕,這也應該是台積電囤積這麼多現金的主因
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">現金充裕,經營穩健度高,降低不景氣時所面臨的週轉衝擊</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵勿把現金全部放在借款銀行<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般來說,<b style="mso-bidi-font-weight: normal;">國際化愈深或是經營績效卓越的企業,現金水位都在二個月甚至達到半年以上。</b>但有<b style="mso-bidi-font-weight: normal;">很多的中小企業</b>想的卻是:「沒錢無所謂啊!因為有跟銀行簽籌資額度或透支額度,沒錢可以去銀行搬。」因而誤認為保留太多現金是一種浪費。特別是很多企業的利潤率都很低,與其保留那麼多現金,不如拿去償還銀行貸款,提高企業的利潤,∴<b style="mso-bidi-font-weight: normal;">實務上大概只保有一個月左右的現金</b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">然而,企業經營風險瞬息萬變,企業必須確保自己在這段困難期間能夠維持正常營運,因此持有足夠的現金是絕對必要的。此外,經營者千萬不要以為有跟銀行簽籌資額度或透支額度就可以萬無一失。因為借款時,銀行都會要求簽一張本票,且合約中一定會載明企業如果發生特定事件時,將被視為違反借款條件,銀行可以不予貸款,並要求立即償還原先借款。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">所以當企業發生檢調搜索、誠信疑慮、被告違反專利的情事,銀行抽銀根只須提示本票,就可以將企業存在該銀行戶頭裡相當於借款金額的款項加以凍結。所以借款額度有多少都沒用,平時一定要保有足夠的現金,以因應臨時突發狀況,並且至少要將一半的資金放在非借款銀行,以分散風險,這才是相對安全的做法。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">※結論~關鍵數字:<span lang="EN-US">2</span>個月<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎經營者:平常宜保有至少<span lang="EN-US">2</span>個月的現金水位,且不要把所有現金都放在有借款的銀行。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎投資人:不能只看現金有多少,還必須細算現金安全水位是否夠穩健。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">衡量指標二:從「應收款項」及「存貨」看管理力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴帳齡超過三個月,擔心有呆帳<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">平均收現日數=期</span></b><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">末</span></b><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">應收款項 ÷ 全年銷貨淨額 × <span lang="EN-US">365</span>(天)</span></b><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> <span style="mso-spacerun: yes;"> </span></span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">… 年報<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =期末應收款項
÷ 半年銷貨淨額 × <span lang="EN-US">180</span>(天)<span lang="EN-US"><span style="mso-spacerun: yes;"> </span></span>… 半年報<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =期末應收款項
÷ 當季銷貨淨額 × <span lang="EN-US">90</span>(天)<span lang="EN-US"><span style="mso-spacerun: yes;"> </span></span>… 季報<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">會計學的公式,其分子=(期末應收+期初應收)÷<span lang="EN-US"> 2</span>,但期初應收款項的數字對我們計算應收款項的收款天數是沒有意義的,甚至會扭曲相關數字。例如假設期初數字是<span lang="EN-US">1</span>元,期末數字是<span lang="EN-US">100</span>億元,將兩者相加除以<span lang="EN-US">2</span>,就極可能會有扭曲相關數字之嫌。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">評估應收款項(=應收帳款+應收票據)的目的在於了解貨款是否積壓太多,積壓太多表示貨款可能收不回來,有呆帳的風險。<b style="mso-bidi-font-weight: normal;">一般來說</b>,只要不是極端企業或特殊行業,<b style="mso-bidi-font-weight: normal;"><span style="color: red;">應收款項合理的天數大約在兩個月左右,絕對不宜超過三個月。</span></b>如果超過三個月以上,通常暗指這家公司經營階層的經營力度偏弱,有些則讓人懷疑有作假帳的嫌疑。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">常常有企業主提問,賣貨給新電子五哥等大企業,這些公司的帳款都超過三個月,甚至長達半年才能收回,不可能符合不宜超過三個月的標準,該怎麼辦?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">通常一個企業面對不同客戶會給予不同的授信期間,如果買給新電子五哥的占比不大,應收帳款帳齡應該不會被拖太長,而是一般客戶的授信期太長或大量貨款被拖欠了,此時應該考慮是否繼續和這種客戶做生意。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果真的是因為大量銷貨給新電子五哥所致,建議把新電子五哥的帳款賣給銀行吧!因為銀行和有經驗投資者若看到一家公司應收款項的帳齡超過三個月,會擔心公司收不到錢或作假帳。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">銀行對於應收帳款的融通業務分為①賣斷業務:除非貨品有瑕疵,否則即使對方倒了,銀行也不能要求退錢,此種方法依會計準則可以把應收帳款除列,改善帳齡及公司財務結構、②除了貨品有瑕疵必須退錢外,對方萬一倒了也必須退錢,此種方法不可以把應收帳款除列,也就無法改善帳齡。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">※結論~關鍵數字:<span lang="EN-US">3</span>個月<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎經營者:應收款項天數維持在<span lang="EN-US">2</span>個月以內較佳,不宜超過<span lang="EN-US">3</span>個月。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎投資人:應收款項天數超過<span lang="EN-US">3</span>個月以上,且媒體上不斷有公司的利多消息,很可能是在作假帳,應謹慎評估。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵存貨週轉天數過低或過高,皆表示異常<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">平均銷貨日數=期</span></b><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">末</span></b><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">存貨金額 ÷ 全年銷貨成本 ×<span lang="EN-US"> 365</span>(天)</span></b><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> <span style="mso-spacerun: yes;"> </span></span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">… 年報<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =期末存貨金額
÷ 半年銷貨成本 ×<span lang="EN-US"> 180</span>(天)<span lang="EN-US"><span style="mso-spacerun: yes;"> </span></span>… 半年報<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =期末存貨金額
÷ 當季銷貨成本 × <span lang="EN-US">90</span>(天)<span lang="EN-US"><span style="mso-spacerun: yes;"> </span></span>… 季報<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般來說,只要不是特殊行業,存貨週轉天數(=平均銷貨日數)不宜超過二個月。</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">若超過二個月可能表示一些原本有用的原材料現在用不著或不能用,一些特定料號的製成品因為生產過多或因為被取消訂單只好擺在倉庫裡。有些公司甚至有生產到一半的在製品因故未完成而擺在現場或倉庫裡等待處理。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果一個稍具規模的企業,<span style="color: blue;">不是因為行業特性或讓大家信服的理由</span>(例如:台灣引興成功導入精實生產),<span style="color: blue;">將存貨週轉天數壓低<span lang="EN-US">30</span>天以下,甚至低至<span lang="EN-US">10</span>多天,會讓人懷疑這家公司在虛增銷貨收入及成本、作假帳。</span>記著,即便是<span lang="EN-US">2912</span>統一超,<span lang="EN-US">2018</span>年的存貨週轉天數都有<span lang="EN-US">24</span>天,所以存貨週轉天數過低也是經營異常的徵兆之一。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">※結論~關鍵數字:<span lang="EN-US">2</span>個月<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎經營者:存貨週轉天數維持在<span lang="EN-US">1</span>至<span lang="EN-US">2</span>個月間較佳,以不超過<span lang="EN-US">2</span>個月為宜。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎投資人:<span lang="EN-US">1</span>至<span lang="EN-US">2</span>個月是合理的天數。存貨高於<span lang="EN-US">2</span>個月顯示經營力度有問題;低於<span lang="EN-US">1</span>個月除非是特殊行業或有令人信服的理由,否則就有作假帳之嫌。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應收款項、存貨週轉天數,反映管理能力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">十幾年前曾輔導一家生產記憶體廠商準備上市,從財報發現應收款項天數超過<span lang="EN-US">120</span>天,董事長回答:「對啊,我要求會計部趕快把錢收回來,但財務部門總是執行不力?」(※但實際上應收帳款應由業務人員去收款)經詢問財務部後,原來業務人員除底薪外,獎金是以營收的特定百分比+利潤的特定百分比,完全沒有計入收款機制。為此,公司打掉六千多萬呆帳,修改獎金制度。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">後來又發現存貨週轉天數也很高,董事長回答:「對啊,我就要業務員改快去賣掉,奇怪業務員就是不努力去賣,我也很頭痛。」經詢問業務經理後,因為從獎金公式來看,營業額佔一半,毛利佔一半。所以存貨跌價愈嚴重(※因為記憶體的跌價速度非常快),業務人員獎金愈低,以致沒人會認真去賣過時的存貨。為此,又打掉六千多萬的存貨跌價損失。因此,應收款項天數與存貨週轉天數可以看出公司的經營管理能力。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">衡量指標三:從「投資」看聚焦力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">自<span lang="EN-US">2018</span>年起,<b style="mso-bidi-font-weight: normal;">短期</b>性投資科目有:①透過損益按公允價值衡量之金融資產、②透過其他綜合損益按公允價值衡量之金融資產、③按攤銷後成本衡量之金融資產、④其他金融資產;<b style="mso-bidi-font-weight: normal;">長期</b>性投資科目有:①短期性投資科目的前三種「金融資產」、②採用權益法之投資。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※流動資產中①備供出售金融資產、②持有至到期日金融資產,和非流動資產中①持有至到期日金融資產、</span><span style="font-family: , serif; font-size: 18.6667px; text-indent: -18.6667px;">②</span><span style="font-family: , serif; font-size: 14pt; text-indent: -14pt;">以成本衡量之金融資產,自</span><span lang="EN-US" style="font-family: , serif; font-size: 14pt; text-indent: -14pt;">2018</span><span style="font-family: , serif; font-size: 14pt; text-indent: -14pt;">年起,因重新分類的緣故,不會再出現。</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴理財性投資宜趨吉避凶、穩健保本<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一個追求從本業獲利的企業,如果要運用閒置資金來獲利,通常會以「趨吉避凶」(不投機)的理財原則來賺取報酬,也就是最好是購買債券或是非常穩健的股票,因為非本業的獲利多半不可靠、不長久。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對於企業的理財性投資必須要查閱諸項金融資產的附註甚至附表,才能知道投資些什麼,才能判斷企業的理財性投資是否遵守不暴露在重大風險下的原則
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">理財性投資以穩健保本為原則,忌諱過度追求資本利得</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵策略性投資宜聚焦在與本業相關企業上<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">企業若持有或投資股票,除非有反證,否則依會計原則規定:①若不超過<span lang="EN-US" style="color: blue;">20%</span>,應帳列「透過損益按公允價值衡量之金融資產」或「透過其他綜合損益按公允價值衡量之金融資產」、②若超過<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">20%</span></b>,已具一定影響力,應帳列「採用權益法之投資」、③若超過<span lang="EN-US" style="color: blue;">50%</span>,已具有主導力,個體報表應帳列「採用權益法之投資」,亦應編入合併報表。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">一個穩健經營且充分聚焦的公司,其投資超過被投資公司<span lang="EN-US">20%</span>以上股權的標的,大多會與本業有關。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如台積電投資超過<span lang="EN-US">50%</span>而編入合併報表的公司,大多是在技術、生產、研發及售後服務等功能的外圍事業;投資超過<span lang="EN-US">20%</span>,但不超過<span lang="EN-US">50%</span>的公司,大多是上游廠商(例如<span lang="EN-US">3443</span>創意),以確保上游的原料或機器設備來源、平行廠商(例如<span lang="EN-US">5347</span>世界先進)進行策略聯盟,強化產業競爭力、或是下游廠商(例如<span lang="EN-US">3374</span>精材)保障下游封測的品質 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">策略性投資宜聚焦在本業或核心競爭力所在之產業</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶策略不明的投資愈少愈好<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">策略不明的投資指的是既不是理財性投資,也不是專注本業的策略性投資,這些投資來源可能是①前人留下:例如閒置資產、出租資產、投資性不動產及策略不明的投資等、②投資失敗:基於多角化經營或追求突破創新而試圖跨業經營,因失敗而成為待處分的投資、③共襄盛舉:因人情世故而做一些與本業無關的投資、④不當投資:運用閒置資金想獲取資本利得,從事風險性投資、⑤轉型失焦:經營者從事多角化經營或投資自己喜歡的產業,例如美國奇異(<span lang="EN-US">GE.US</span>)和<span lang="EN-US">2371</span>大同,因不能專注本業或轉型失焦而沉淪、⑥其他原因:例如台積電因為張汝京離開<span lang="EN-US">5347</span>世界先進後,在大陸成立<span lang="EN-US">0981.HK</span>中芯半導體,接著挖角台積電大量人才,因此台積電狀告中芯,在勝訴後擁有一批中芯股票。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">多角化經營在四十年前曾經蔚為風潮,認為可以讓企業經營更穩健。但隨著產業競爭愈激烈,企業大多僅從事單一事業並致力於提高核心競爭力、追求以核心競爭力為主的擴張。例如<span lang="EN-US">2308</span>台達電的核心競爭力是節能,<span lang="EN-US">2912</span>統一超是通路資源,<span lang="EN-US">2330</span>台積電是晶圓代工技術。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">企業體<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">主 要 產 品<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">大同<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">發電機、電表、配電器、變壓器、馬達、電線電纜、<span lang="EN-US">3C</span>家電、智能電子<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">華映<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">中小尺寸面板<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">福華<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">背光模組、<span lang="EN-US">LED</span>照明<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">大世科<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">電腦軟硬體系統整合<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">尚志<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二極體矽晶圓、藍寶石晶棒<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">尚化<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">電裝塗料、電池正極材料<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">綠能<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">太陽能矽晶圓<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※大同以有限資源從事的業務,包括電機、家電、面板、半導體、太陽能及系統整合等六大產業。資源不但分得很厲害,更讓人看不出核心競爭力。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 <span lang="EN-US">2371</span>大同<span lang="EN-US">2018</span>年合併報表之上市櫃公司及其主要產品<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">多角化經營最好由大股東成立個別公司,讓每一家公司都能專注本業(例如:<span lang="EN-US">1402</span>遠東新),其次是將企業轉型為單純的控股公司,並且讓旗下子公司都只專注一項事業(例如:金控本身僅從事集團內部協調工作,旗下各子公司專注從事證券、銀行、保險等專業)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">從財報上來看,策略不明的投資可能出現在①透過其他綜合損益按公允價值衡量之金融資產、②透過損益按公允價值衡量之金融資產、和③採用權益法之投資。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在公司治理上,策略不明的投資是最要不得的投資,追求聚焦及卓越的公司,會盡早處理掉這種與本業無關的投資。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">※結論~評估「投資項目」的關鍵點<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎經營者:理財性投資以穩健保本為原則,策略性投資以本業或與本業相關為原則。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎投資人:如果公司在炒作股票或非本業投資過高,應留意其經營風險將大幅提高。當公司投資特定非本業的事業或欲多角化經營時,可能代表本業前景不佳,基於跨業難度高,此時投資宜謹慎。當企業以小吃大時,不是大利多就是大利空。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">衡量指標四:從「不動產、廠房及設備」看競爭力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在資產負債表中的「不動產、廠房及設備」是一個「原始成本」減「累計折舊」所合成的金額。若要知道原始成本和累計折舊各是多少,可查閱「不動產、廠房及設備」這個科目的「附註」。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果一項設備已經報廢,依會計原則必須從上述科目中剔除;如果長期沒有使用必須轉列「閒置資產」科目;如果出租給他人使用則改放到「投資性不動產」科目。因此會出現在「不動產、廠房及設備」這個科目及其附註中的,就表示這些都是公司正在使用的土地、廠房及設備。我們可以從以下三個標準來評估一家公司的競爭力:<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準一:設備是否夠新<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">理論上,<span style="color: blue;">設備愈新,企業愈具競爭力</span>。例如<span lang="EN-US">2018</span>年台積電財報顯示<span lang="EN-US">2018</span>年及<span lang="EN-US">2017</span>年合計增加<span lang="EN-US">6200</span>多億元的廠房及設備,這個增添金額是同業同期的十多倍。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準二:錢是否花在刀口上<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">一個愈把錢花到刀口(例如生產設備)上的公司,競爭力愈強</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。例如台積電<span lang="EN-US">2018</span>年財報第<span lang="EN-US">56</span>頁「十七、不動產、廠房及設備」的附註說明,機器設備<span lang="EN-US">2</span>兆<span lang="EN-US">7</span>千億元、建築物(大部分是晶圓廠房)<span lang="EN-US">4</span>千多億元,再加上其他未完工程,三者合計超過<span lang="EN-US">98%</span>,顯示確實將錢放在設備(刀口)上。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 從不動產、廠房及設備看台積電之競爭力<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準三:折舊政策<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">折舊政策是指廠房及設備如何攤提折舊?用幾年攤?折舊年限較短的企業透過先苦後甘的方法,忍受過前幾年的高成本後,在幾年後會較同業更具成本優勢
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">折舊較短的企業具有較高的競爭力</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">據悉台積電的折舊年限比同業要少一年,少一年對台積電來講,一年的折舊費用就相差約<span lang="EN-US">400</span>億元。因為台積電每一個奈米製程都比同業早,折舊年限又比同業短,當相同奈米設備的折舊提列完畢時,同業可能才提列到一半而已,這又會造成台積電同奈米產品的成本優勢,台積電的折舊政策搭配領先的奈米製程讓他更具競爭力。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">※結論~評估「不動產、廠房及設備」的關鍵點<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎經營者:企業的資本支出應花在刀口上,折舊政策宜短不宜長。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎投資人:公司的「不動產、廠房及設備」是否用在刀口上,還是花在很難生財的辦公大樓、出租資產或投資性不動產上面。投資人甚至可以到現場實地觀察。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">衡量指標五:從「其他及閒置資產」看企業文化<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">存出保證金、待出售非流動資產、商譽、閒置資產、投資性不動產、遞延所得稅資產、其他應收款、預付款項、預付租金等等統稱為「其他及閒置資產」。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">一家追求卓越的企業,資產要儘量是為了營運獲利之用。凡是不能達到這個目的的資產,應該愈早變現或與負債相抵愈好。</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,<b style="mso-bidi-font-weight: normal;"><span style="color: red;">「其他及閒置資產」愈少</span></b>,總資產愈少,<span style="color: red;">企業的營運效能(營收 ÷ 總資產)就愈高</span>;總資產愈少,跟銀行借的錢就愈少,或是股東權益可以降低,<span style="color: red;">股東關注的<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">EPS</span></b>以及評估經營者能力的<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">ROE</span></b>就<b style="mso-bidi-font-weight: normal;">愈高</b>。</span>「其他及閒置資產」可以分成以下三類:<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">第一類:無形資產中的商譽及客戶關係<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">所謂客戶關係、商譽就是企業在併購其他公司時,所花的錢多過被併購公司可以找到的淨資產價值。例如<span lang="EN-US">4414</span>如興花<span lang="EN-US">100</span>多億元併購港商玖地控股,找遍玖地所有財產市價減去負債只值<span lang="EN-US">20</span>億元,經一番評估後認為玖地客戶群價值約<span lang="EN-US">22</span>億元,剩下約<span lang="EN-US">60</span>億元找不到去處就是商譽了。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在會計上客戶關係及商譽都是「比較虛」的資產,唯一能證明商譽及客戶關係存在的只能是併購企業藉由購買這些資產可以比沒有這項資產的同業會賺錢。反之,如果不能比沒有這項資產的同業會賺錢,客戶關係和商譽就不存在,必須認列減損損失。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">客戶關係與商譽主要的不同處在於,客戶關係價值必須在假設存在的年限內攤銷;商譽是只要企業因併購,預計能產生的利益能夠一直產生,就可以原封不動地放在報表上「萬古長青」。</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">可是一但併購利益不再存在,客戶關係和商譽價值常常會被一撸到底。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">為何說是一撸到底?因為當公司獲利不佳,只要原有大股東或<span lang="EN-US">CEO</span>還在位,為避免股價崩盤,就會為商譽不需要提列或少提列減損而和會計師「奮戰不懈」。反之,當公司被併購,大股東換人或新<span lang="EN-US">CEO</span>上任,客戶關係和商譽就會列在嚴打之列。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對銀行和債權人來說,客戶關係和商譽的價值很難衡量。<b style="mso-bidi-font-weight: normal;">一個商譽很高的公司,代表該公司喜歡運用併購來擴張事業</b>,但如果併購無法協助企業獲利,商譽就有立刻被打掉的問題產生。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對投資人來說,如果一家公司有金額很大的客戶關係和商譽時,就必須留意它有沒有賺到符合預估值的獲利。如果這家企業連續二、三年沒有賺到應有的錢或甚至虧損,就要小心因為提列客戶關係和商譽減損的損失,造成股價重傷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">第二類:投資性不動產及閒置資產<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">通常一家公司經營得愈久,愈會產生一些拉里拉雜的資產出來。例如<span lang="EN-US">2371</span>大同由於歷史悠久,其投資性不動產在<span lang="EN-US">2018</span>年底達<span lang="EN-US">273</span>億元之多,但每年由投資性不動產所產生的租金或其他收益相當有限。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">第三類:上述以外的其他資產<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果財報上有些科目是同業沒有,但你關注的企業有,或大家都有,但你所關注的企業其金額比別人大很多時,經營者及投資人都必須特別警惕。例如<span lang="EN-US">4414</span>如興<span lang="EN-US">2018</span>年財報上的「其他應收款」<span lang="EN-US">10.9</span>億元、「預付款項」<span lang="EN-US">14.7</span>億元、「待出售非流動資產」<span lang="EN-US">15.6</span>億元,金額都明顯比同業高很多。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">※結論~評估「其他及閒置資產」的關鍵點<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎經營者:<b style="mso-bidi-font-weight: normal;"><span style="color: red;">符合「其他及閒置資產」定義的資產不宜高於<span lang="EN-US">5%</span>(商譽除外)</span></b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎投資人:注意符合「其他及閒置資產」定義的資產比率(商譽除外)。商譽金額很高的公司勇於透過併購來追求成長,代表大好大壞,通常禁不起二至三年的獲利大降或不賺錢。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">衡量指標六:從「短期負債」科目看還款壓力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果一家公司財務結構不健全(負債比率偏高、流動比率偏低),就必須留意負債科目及金額
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">一家企業負債比率低、流動比率高時,投資者對於負債科目及金額就不需要太在意,甚至可以不用看。</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">了解負債的目的,主要看是否有可能出現負債到期無法償還,導致公司陷入財務危機,通常可從兩個角度來看:①<b style="mso-bidi-font-weight: normal;">還款壓力</b>:原則上,非流動負債不是一年內必須償還,不是立即的壓力,真正立即的壓力在「流動負債」,對企業營運來說,<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">還款壓力強度依序為:公司債→應付票據→</span><span style="color: red;">銀行借款</span><span style="color: blue;">→應付員工酬勞→應付帳款/費用→其他</span></b>、②<b style="mso-bidi-font-weight: normal;">利息支付</b>:但近年來利息不高,是否支付利息較不重要。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴短期借款、一年內到期長期借款及應付票券</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(統稱<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">銀行借款</span></b>)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一家公司最大的單一負債來源往往是銀行,<span style="color: blue;">當公司一時無法償還銀行借款時,銀行會想辦法協助讓企業得以繼續經營</span>,例如延貸、借新還舊、重啟聯貸等,<span style="color: blue;">因為①分行經理基於雙方情誼和個人績效、②若企業聲請重整,銀行的債權通常都是降息、債務打折、延期償還一起來</span>,∴銀行通常不希望公司重整。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">把「銀行借款」設為中間點,就是取企業經營有問題時,銀行會設法保護你,例外是當公司或其負責人出現誠信危機或已經爆發財務危機(重整)。例如<span lang="EN-US">2475</span>華映<span lang="EN-US">2018</span>年聲請重整,<span lang="EN-US">2809</span>京城銀以此違反借款合約,所有借款立刻到期為由,出售借款擔保品--大同股票,台銀也以違反借款合約為由,提示借款所簽發的本票,讓華映直接跳票。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵應付票據<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">應付票據是公司為了日常經營所需而開出的票據,<b style="mso-bidi-font-weight: normal;">當公司有財務危機的時候,通常做法是向收到票據的公司要求換票</b>,透過換票<b style="mso-bidi-font-weight: normal;">延後一至三個月付款</b>。但如果財務危機持續下去,每換一次票,會愈來愈多公司不願意收你的票,或是要求縮短票期。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應付公司債<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">台灣企業所發行的公司債還款期限通常為<span lang="EN-US">3</span>到<span lang="EN-US">5</span>年不等。不同於應付票據還有機會換票,<b style="mso-bidi-font-weight: normal;">公司債沒有換票的可能</b>,一旦公司債的還款期限在一年之內,會列在「一年內到期之長期借款」或「一年內到期之應付公司債」。因此,<b style="mso-bidi-font-weight: normal;"><span style="color: red;">負債比率偏高、流動比率偏低又有公司債即將到期的公司,是最危險的!</span></b><span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑷應付員工酬勞<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般來說,台灣員工都很「善良」,<b style="mso-bidi-font-weight: normal;">除非長達三、四個月沒有正常發薪,才會群起抗議,如果更久沒發薪可能就會訴諸媒體</b>,所以排在第四位。然而一旦被外界知道公司長期欠薪,那麼公司的經營危機就會大幅提高。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑸應付帳款/其他應付款<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一家想賴帳的公司只要沒有開出支票,隨便找個理由就可以讓法院及債權人忙個二、三年,∴應付帳款的還款壓力遠低於應付票據。例如有一家做連接線的廠商,客戶說該公司提供的連接線裡的銅材料可能含有磷,導致客戶的音響會自燃,若他們查到真含有磷就要採法律行動索賠十億元,在查驗期間不會給付貨款,但連接線必須按時交貨。最後證明根本子虛烏有,最後這家公司順利把付錢時間往後壓,可憐的當然就是被誣陷的廠商了。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑹其他<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">其他包含應付工程款、合約負債(<span lang="EN-US">2017</span>年前稱為預收貨款或預收工程款)、應付稅捐、遞延所得稅負債等帳面估計項目,這些不是沒有開立支票,就是金額不大
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">風險不大。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">※結論~投資人的關鍵判斷<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">根據經驗,除了東隆五金等極少數個案,透過重整而起死回生的企業很少很少,絕大部分重整的公司都是失敗甚至不知所蹤,∴<span style="color: red;">當一家公司聲請重整時,投資人一定要立刻停損出場。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">若一家公司負債比率超過<span lang="EN-US" style="background: yellow; mso-highlight: yellow;">70%</span>、流動比率低於<span lang="EN-US" style="background: yellow; mso-highlight: yellow;">100%</span>時,除非是特殊產業(例如電力、港埠等),否則投資人應該「速速遠離」</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,若流動負債內還有「應付公司債」(=一年內到期之公司債<span lang="EN-US"> & </span>一年內到期之長期借款)時,應即「立即閃離」。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「大會計師教你從財報數字看懂經營本質」,作者:張明輝,出版者:城邦文化事業股份有限公司<span lang="EN-US">-</span>商業周刊,<span lang="EN-US">2019</span>年<span lang="EN-US">8</span>月初版<span lang="EN-US">8.5</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-8623803452541393732020-07-26T10:54:00.000+08:002020-07-26T10:54:01.122+08:00從財報看懂經營 第2章 評估企業的真實身價-從宏觀角度看懂「資產負債表」<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxZQFAfh83VpKrNHFmK2jXmFUDdDKhG0ea3LoEvrLGupwHpOes57e35OvTOJRnxf3EO9rbAv23fT_wr2CdTrbkyy4Y6-WvvGLlXQoL6_F_8EzRGcXYBCYNBREVc6WQEvWyLKbD88tc19g/s1600/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-2+%25E8%25A9%2595%25E4%25BC%25B0%25E4%25BC%2581%25E6%25A5%25AD%25E7%259A%2584%25E7%259C%259F%25E5%25AF%25A6%25E8%25BA%25AB%25E5%2583%25B9-%25E5%2580%258B%25E4%25BA%25BA%25E8%25B3%2587%25E7%2594%25A2%25E8%25B2%25A0%25E5%2582%25B5%25E8%25A1%25A8%25E6%259E%25B6%25E6%25A7%258B%25E5%259C%2596.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="個人資產負債表架構圖" border="0" data-original-height="696" data-original-width="1600" height="173" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxZQFAfh83VpKrNHFmK2jXmFUDdDKhG0ea3LoEvrLGupwHpOes57e35OvTOJRnxf3EO9rbAv23fT_wr2CdTrbkyy4Y6-WvvGLlXQoL6_F_8EzRGcXYBCYNBREVc6WQEvWyLKbD88tc19g/s400/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-2+%25E8%25A9%2595%25E4%25BC%25B0%25E4%25BC%2581%25E6%25A5%25AD%25E7%259A%2584%25E7%259C%259F%25E5%25AF%25A6%25E8%25BA%25AB%25E5%2583%25B9-%25E5%2580%258B%25E4%25BA%25BA%25E8%25B3%2587%25E7%2594%25A2%25E8%25B2%25A0%25E5%2582%25B5%25E8%25A1%25A8%25E6%259E%25B6%25E6%25A7%258B%25E5%259C%2596.png" title="個人資產負債表架構圖" width="400" /></a></div>
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">圖 個人資產負債表架構圖<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">要了解一個企業家的「身價」,必須要知道這位企業家到底有多少財產與多少負債。換句話說,我們必須要編製一張這位企業家的資產負債表。財產不見得就是身價,「財產」與「真正的身價」之所以不對等,這中間的差異就是財產有一部分的來源是透過借貸而來的,也就是「借來的」財產。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">那為何稱之為「資產負債表」,而不是「資產、負債及股東權益表」呢?我們可以這樣解釋,<b style="mso-bidi-font-weight: normal;">公司的所有財產都是要還的,不是還給債主(銀行)就是還給股東。因此以企業角度來看,資產負債表左半部為「資產」,右半部皆為「負債」。</b><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">我們可以從資產負債表看出這家企業的資產負債是否有適當的布局、是否發揮應有的效益、經營者的經營力度、經營者及其大股東的風險偏好與財務強度,甚至可以看出經營者的心態與公司文化等。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">宏觀</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">就是從資產負債表的<b style="mso-bidi-font-weight: normal;">大數字</b>來看整體面,<b style="mso-bidi-font-weight: normal;">微觀</b>就是從<b style="mso-bidi-font-weight: normal;">個別科目</b>來判定細微面,以下是從宏觀的角度來解讀財報數字透露的秘密。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準一:從「資產總額」看出企業影響力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">企業擁有的資產愈多,表示擁有及使用社會的資源就愈多,在政治與經濟上會擁有較大的影響力,透過規模經濟以及社會地位的加持,其競爭力「通常」會強過規模較小的公司,尤其規模優勢現象在成熟型產業會特別明顯。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當資產總額大到一定程度時,往往會因為太大以致大到不能倒。<span lang="EN-US">2008</span>年金融海嘯時,美國政府出手解救眾多的銀行及壽險公司;台灣如國華人壽、幸福人壽等由政府介入處理,無非就是這些企業擁有太多社會資源所致。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">但規模優勢有時也會有例外,比如一家企業同時橫跨數個產業,每項業務在特定產業內的規模可能都不夠大,再加上力量分散、核心競爭力不明顯,以致經營績效不佳。例如美國<span lang="EN-US">GE.US</span>奇異公司和台灣的<span lang="EN-US">2371</span>大同都是跨足太多產業、核心競爭力失焦,以致經營績效不佳的典型案例。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準二:從「資產比重高」項目看出產業特性與競爭力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">不同產業,資產負債表中比重較高的科目會不同。例如銀行業的中信銀,主要資產是「貼現」及「放款」;零售業的統一超,主要資產是「現金」及「存貨」;<span lang="EN-US">3C</span>產品代工的鴻海,主要資產是「現金」、「應收帳款」及「存貨」;電動遊戲業的智冠,資產最高的項目是「應收帳款」、「其他應收款」與「現金」。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">投資者可從</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">這些<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">主要科目,分析其在產業中的競爭強度</span></b>。例如:台積電<span lang="EN-US">2018</span>年底總財產<span lang="EN-US">2</span>兆<span lang="EN-US">901</span>億元,其中不動產、廠房及設備<span lang="EN-US">1</span>兆<span lang="EN-US">721</span>億元(<span lang="EN-US">51%</span>)、現金及約當現金高達<span lang="EN-US">5,778</span>億元(<span lang="EN-US">28%</span>,同業僅<span lang="EN-US">837</span>億元,相較約為同業的七倍),兩者共佔資產總額<span lang="EN-US">79%</span>,充分顯示晶圓代工的產業特性就是資本與技術密集。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公司持有較多現金有利於度過不景氣,甚至在不景氣時也有錢加碼投資,成為未來超越競爭對手的關鍵,因此也是觀察產業競爭力的重要指標。台灣<span lang="EN-US">DRAM</span>產業之所以被韓國三星打敗,主要是因為三星每逢景氣處於谷底時就砸錢從事研發及擴產,在幾次景氣循環之後,技術和規模就被三星遠遠甩在後面,以致台灣<span lang="EN-US">DRAM</span>公司不是倒閉,就是被國外企業併購。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">綜論,台積電的「不動產、廠房及設備」與「現金及約當現金」的金額遠遠超過同業,顯示其產業競爭力很強。另外兩者佔資產比重共<span lang="EN-US">79%</span>,顯示台積電的資產絕大多數與營運有關。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 <span lang="EN-US">2330</span>台積電與同業的資產比重及資產配置<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準三:從「資產配置」看公司經營理念<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">製造業在日常經營最重要的資產項目為④設備→③存貨→②應收帳款→①現金</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="background: white; color: blue; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span></b><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">代表製造業的完整循環</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。如果企業的資產配置大部分是這些資產,表示這家公司是比較健康的。例如台積電<span lang="EN-US">2018</span>年這四個科目佔資產總額共<span lang="EN-US">90%</span>,較同業<span lang="EN-US">82%</span>高,表示台積電的資產大部分為營運所需。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">有人認為各項短期性投資是企業將多餘的現金進行投資以獲取報酬的手段,應該也歸類為營運所需的資產,但根據多年觀察,<span style="color: blue;">很多短期性投資往往提供給銀行作為借款的抵押品</span>,一擺就數年不動。因此,以觀察公司營運的角度來解讀財報數字,<span style="color: blue;">不建議將短期性投資歸類為營運所需。</span>但若投資人了解標的公司甚深,將沒有充當銀行借款抵押品的短期理財性投資列為營運所需也是可以的。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">另外,除了「設備」、「存貨」、「應收帳款」、「現金」以外的其他會計科目(例如:其他應收款、預付款項、待出售非流動資產、無形資產等),對企業日常的營運活動助益不大,這些資產占比愈少,表示企業的資產愈乾淨,愈紮實。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準四:從「資產運用效能(總資產週轉率)」觀察企業賺錢能力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">資產運用效能(=總資產週轉率=年營業總額
÷ 平均資產總額)是指一塊錢的財產能做幾塊錢的生意,愈高愈好。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">資產運用效能受三個因素影響:①產業別</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,通常買賣業在不動產、廠房及設備的投資會比製造業低,總資產週轉率會較高、<span style="color: blue;">②</span>受<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">經營團隊</span></b>的經營力度影響,也就是人才、技術、良率、速度、以及日常管理措施等綜合效能如何發揮、③企業<span style="color: red;">資產為營運所需</span>百分比的影響,與正常營運無關的資產愈少,總資產週轉率就愈高。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準五:從「流動比率」衡量企業短期風險<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一個財務健全的公司,除非行業非常特殊,其流動資產總額都會大於流動負債。因此從<span style="color: blue;">流動比率可以判定一家公司在短期內是否有財務風險:①過低不利於償債能力,暗示公司有財務危機,投資人若發現此徵兆宜伺機出場、②過高不利於資金運用。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">基本上,除非是特殊行業,例如電廠、港埠等企業,<span style="color: red;">大部份產業的企業流動比率超過<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">150%</span></b>較佳,超過<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">120%</span></b>尚可,低於<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">110%</span></b>就是拉警報了。當流動比率低於<span lang="EN-US">100%</span>時,表示企業的償債能力可能有疑慮</span>,此時借款銀行可能會要求立即改善,否則新增借款會出現問題,甚至會收縮原有貸款。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">若公司多年來流動比率相當高,表示公司可調動的資金充裕,可適當多發放股利給股東。例如:<b style="mso-bidi-font-weight: normal;">台積電決定從<span lang="EN-US">2019</span>年起股息調升至<span lang="EN-US">10</span>元,在不損及安全的流動比率下提高資金運用效能以外,還可以維護股價、提高資產營運效能、提高<span lang="EN-US">ROE</span>,就財務管理來說,是非常明智的決定</b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準六:從「負債比率」觀察風險偏好與財務強度<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果<span style="color: red;">產業景氣波動大,負債比率以不宜超過五成,低於<b style="mso-bidi-font-weight: normal;">四</b>成更佳;景氣波動小的企業,負債比率以不宜超過六成,維持在<b style="mso-bidi-font-weight: normal;">五</b>成以內更佳。受到政府保護的產業或企業,</span>例如電廠、港埠、電信等,<span style="color: red;">可以有較高負債比率到<b style="mso-bidi-font-weight: normal;">七</b>成,但再高也不宜了。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">負債比率低</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代表其經營風險較低,但也可能影響公司的獲利能力,因為這也代表公司沒有充分運用外部資金來幫助股東賺更多錢,∴<span style="color: blue;">獲利能力未必好</span>。反之,透過大量借貸來維持營運(<span style="color: blue;">負債比率高</span>),雖然可以幫股東賺更多錢,但<span style="color: blue;">一旦景氣反轉</span>,企業獲利率低於借款利率時,會損傷股東獲利,甚至<span style="color: blue;">可能危及企業生存。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般而言,稅前淨利率低的產業會用較高的負債比,以提高股東的報酬率。例如<span lang="EN-US">2018</span>年鴻海的稅前淨利率=<span lang="EN-US">3%</span>、負債比=<span lang="EN-US">61%</span>,台積電的稅前淨利率=<span lang="EN-US">39%</span>、負債比=<span lang="EN-US">20%</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">就「風險偏好」而言,同一產業不同企業的負債比率,可以看出該企業的風險偏好度。例如<span lang="EN-US">2018</span>年台積電的負債比率=<span lang="EN-US">20%</span>,同業平均為<span lang="EN-US">43%</span>,可以看出台積電經營團隊的風險偏好度低。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">就「財務強度」的角度來觀察,企業的負債比率如果在六成以內,銀行通常會比較放心貸款;如果超過<span lang="EN-US">65%</span>,銀行就會開始緊張;超過<span lang="EN-US">70%</span>,除非是特殊行業,例如台灣電力公司(<span lang="EN-US">2018</span>年負債比率<span lang="EN-US">88%</span>),否則銀行已經在擔心公司可能會有倒閉的危機。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">依照實務經驗,<span style="color: red;">除非是特殊行業,否則如果負債比率貼近<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">75%</span></b>,企業有<span lang="EN-US">95%</span>的可能性會倒閉;如果貼近<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">80%</span></b>,有<span lang="EN-US">99%</span>的機會會倒閉。<span lang="EN-US"><o:p></o:p></span></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">為什麼呢?①股東有錢,但覺得公司前景或經營不佳,不想增資了、②股東很想增資,但股東自己也已經沒錢了、③一家營運正常,獲利穩定的公司,會把獲利拿來償還負債,其負債比率會逐年降低至一定水準。∴無法從市場找資金,大股東也不願意或沒錢增資的情況下,公司不倒也難。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">計算負債比率的盲點就是有些公司的財產裡面有部分是比較<b style="mso-bidi-font-weight: normal;">虛</b>的財產(例如:無形資產)。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以<span lang="EN-US">4414</span>如興<span lang="EN-US">2018</span>年底重編前的財報來看,負債比率<span lang="EN-US">46%</span>(=負債<span lang="EN-US">121</span>億元 ÷ 總資產<span lang="EN-US">263</span>億元)符合傳產負債比率<span lang="EN-US">5</span>成左右的標準,但若扣除<span lang="EN-US">80</span>億元無形資產,負債比率<span lang="EN-US">66%</span>,這是一個比較高的負債比率了。<span lang="EN-US"><o:p></o:p></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdqo5EV0ZPvi6OXIjlnWpK_kEpnbaQHP6ImLZDWhBjOw8zIape1UH1wBPikrzcuE2kpMXuwt2kU3YIl2RnwOFSnuiVKsWqo7QvX6Ao8Nbf7t9z9CBrLkkFLSenfF2mhhoRlM6d_b2BCAI/s1600/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-2+%25E8%25A9%2595%25E4%25BC%25B0%25E4%25BC%2581%25E6%25A5%25AD%25E7%259A%2584%25E7%259C%259F%25E5%25AF%25A6%25E8%25BA%25AB%25E5%2583%25B9-4414%25E5%25A6%2582%25E8%2588%25882018%25E5%25B9%25B4%25E7%259A%2584%25E3%2580%258C%25E7%2584%25A1%25E5%25BD%25A2%25E8%25B3%2587%25E7%2594%25A2%25E3%2580%258D%25E6%25AA%25A2%25E8%25A6%2596.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="4414如興2018年的「無形資產」檢視" border="0" data-original-height="890" data-original-width="1600" height="354" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdqo5EV0ZPvi6OXIjlnWpK_kEpnbaQHP6ImLZDWhBjOw8zIape1UH1wBPikrzcuE2kpMXuwt2kU3YIl2RnwOFSnuiVKsWqo7QvX6Ao8Nbf7t9z9CBrLkkFLSenfF2mhhoRlM6d_b2BCAI/s640/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-2+%25E8%25A9%2595%25E4%25BC%25B0%25E4%25BC%2581%25E6%25A5%25AD%25E7%259A%2584%25E7%259C%259F%25E5%25AF%25A6%25E8%25BA%25AB%25E5%2583%25B9-4414%25E5%25A6%2582%25E8%2588%25882018%25E5%25B9%25B4%25E7%259A%2584%25E3%2580%258C%25E7%2584%25A1%25E5%25BD%25A2%25E8%25B3%2587%25E7%2594%25A2%25E3%2580%258D%25E6%25AA%25A2%25E8%25A6%2596.png" title="4414如興2018年的「無形資產」檢視" width="640" /></a></div>
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o:title="基本分析:「大會計師教你從財報數字看懂經營本質」-2 評估企業的真實身價-4414如興2018年的「無形資產」檢視"/>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 <span lang="EN-US">4414</span>如興<span lang="EN-US">2018</span>年的「無形資產」檢視<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">發現一家公司的負債比率偏高時,可以到「股市公開資訊觀測站」查詢其人事異動</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,如果發覺財會經理離職或調整時,必須更加小心。不過,很多公司「上有政策、下有對策」,如果有財務經理提出辭呈,會商請以「交接」為由轉調至其他部門,然後在一至二個月「交接」完成後才離開,因為財務經理調至其他部門後離職,依照法令規定是不需要申報的(</span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">職務調整≒離職)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標準七:兼看「個體報表」更了解企業經營狀況<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 <span lang="EN-US">2475</span>華映之個體資產負債表<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">依主管機關規定,企業財報應以「合併報表」為主,但年報除了合併報表外,還必須另外再編一份「個體報表」做為補充資訊(<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">※季報無個體報表</span></b>)。然而,當一家企業從事太多不同業務或編入合併報表的子公司不是<span lang="EN-US">100%</span>持有時,合併報表的缺點就會出現。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以顯示器大廠華映為例,有很多的合併子公司,其中最大的就是大陸華映(股權<span lang="EN-US">25%</span>)。大陸華映過去幾年來大多是獲利的,但台灣華映母公司大多時候卻是虧損的。比較合併報表與個體報表可以看出來,沒有主要來自持股<span lang="EN-US">25%</span>大陸華映的美化修飾下,台灣華映<span lang="EN-US">2017</span>年的現金立刻從<span lang="EN-US">252</span>億元降至<span lang="EN-US">35</span>億元,負債比率從<span lang="EN-US">58%</span>升至危險的<span lang="EN-US">70%</span>,流動比率從不及格的<span lang="EN-US">88%</span>降到不可思議的<span lang="EN-US">23%</span>,若沒有母公司大同的支持,華映恐怕早就倒閉了。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">但問題是<span style="color: blue;">何時需要看個體報表</span>,何時不必看?建議是大多數時候不必看,只有在少數情形下需要:<span style="color: blue;">①合併報表中股東權益的「非控制權益」金額愈大,代表合併報表主體母公司的權益愈小。</span>以<span lang="EN-US">2017</span>年華映合併報表中「歸屬於母公司之業主權益合計」約<span lang="EN-US">142</span>億元,僅佔總資產的<span lang="EN-US">10%</span>、<span style="color: blue;">②公司合併太多不同的產業,導致從合併報表中看不出一些關鍵數字。</span>例如統一超合併了百貨、物流等子公司的數據,如果要從合併報表中研究統一超的存貨週轉天數或資產週轉率是沒有意義的,這時就必須看個體報表了。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">用來美化、掩護的財務數字,就如同巴菲特的名言,「只有退潮的時候,你才知道誰在裸泳。」撥開合併報表的迷霧,搭配個體報表參看,更能判別一家公司真正的投資價值。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「大會計師教你從財報數字看懂經營本質」,作者:張明輝,出版者:城邦文化事業股份有限公司<span lang="EN-US">-</span>商業周刊,<span lang="EN-US">2019</span>年<span lang="EN-US">8</span>月初版<span lang="EN-US">8.5</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-81026856067441668082020-07-19T15:27:00.000+08:002020-07-19T15:27:00.628+08:00從財報看懂經營 第1章 對數字有感-經營管理不能只憑直覺和經驗<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公開發行企業財報取得位置<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對經營者與投資人來說,看懂財報,正確解讀財務數字的意義,經營者能洞察目前公司體質是否健全,為企業的長遠發展及時進行策略調整;投資人能明瞭公司經營者的能力與心態,了解其經營策略是否聚焦,甚至企業文化是否追求卓越,進而決定這家公司的投資價值。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">日本經營之聖稻盛和夫和台灣半導體之父張忠謀兩位經營大師都是讀理工的,企業在他們的帶領下,經營得有聲有色,風生水起,甚至起死回生。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">壹、稻盛和夫的經營管理哲學<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稻盛和夫帶領京瓷<span lang="EN-US">Kyocera</span>、<span lang="EN-US">KDDI</span>走向世界五百強企業,他的名言之一就是「<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">會計是經營的中樞核心,不懂會計就不會經營</span></b>」。創立及經營京瓷期間從來沒有虧過錢、帶領並改造日本航空(<span lang="EN-US">JAL</span>)走出破產危機。<b style="mso-bidi-font-weight: normal;"><span style="color: red;">稻盛和夫認為欲運用會計協助企業步上正軌、永續經營,有四個步驟:<span lang="EN-US"><o:p></o:p></span></span></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">第一步:財報必須真實呈現實際經營狀況<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">經營的數據必須毫無作假,實際經營狀況的資料,損益表與資產負債表等所列的項目與詳細的數字,必須是任何人審閱都完善無缺,毫無任何錯誤,百分之百正確顯示公司的實際狀況。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">許多企業在景氣不好、經營不善時,把帳面「做」得好看一點;到了景氣好、有獲利的時候,也會為了儲備存糧,而稍微「藏」一下帳面數字。又或者,台灣很多中小企業有內帳與外帳,但大多數有兩套帳的公司,通常內帳也是「烏鴉鴉」,完全無法真實呈現實際的經營情況。因此要做到「能夠真實呈現真實經營狀況的報表」,很多人在第一關就不及格。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">第二步:經營者要對會計數字有感<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">經營者必須具備了解會計的本質和對數字有敏銳度,才能做到「閱讀結算報表時,必須能夠立即察覺獲利停滯不前的呻吟聲,或是資產縮水的哭泣聲。」<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以「資產縮水的哭泣聲」來說,企業在經營的過程中,有時會累積一些呆滯的存貨,或是遲遲收不回來的應收帳款,這些其實都會讓公司資產縮水。偏偏有些經營者視而不見或拖延不立即處理,還自我安慰這些狀況會慢慢改善。例如:服飾業常常因為存貨過高,誤以為今年沒賣掉,明年還可以繼續賣,而且毛利很高,沒有快速賣掉也無妨,以致造成經營危機,甚至倒閉。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">再就「獲利停滯不前的呻吟聲」來看,有些公司在獲利期,即便獲利衰退,但經營者卻認為現在仍有獲利,無須擔心,而沒有立刻去找出獲利衰退的原因,慢慢的就溫水煮青蛙,整個公司的營運逐漸走下坡。以張忠謀的標準來說,<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">獲利成長率必須高於營收成長率</span></b>(</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> <b style="mso-bidi-font-weight: normal;"><span style="color: red;">EPS</span></b></span><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">成長率>營收成長率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">),<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">如果獲利成長率低於營收成長率,就代表公司正在失去成長的動能</span></b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">第三步:經營者要對數字追根究柢<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">會計數字與預估不符的時候,應該追根究柢而非稅務的教條式說明。例如:會計人員在董事會報告說:「今年第一季獲利不如去年第一季,原因是今年第一季適逢春節,營收減少。其次,我們第一季提列較多呆帳,以致獲利也受到影響。」<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">試問,去年第一季沒有適逢春節假期嗎?今年呆帳增加,但是造成呆帳增加的原因是什麼?會計人員並沒有說明,所以這場報告基本上就是在敷衍董事會上的所有人,而現場其他人也沒有任何反應,更遑論追根究柢。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">第四步:進行變形蟲(阿米巴)經營管理<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稻盛和夫創造了「阿米巴」的經營管理模式。阿米巴就是變形蟲的意思,其<span style="color: blue;">核心的經營理念就是「利潤中心」</span>,把一個公司切成各種利潤中心來管理,而管理這些利潤中心的骨幹就是財務數字。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稻盛和夫剛進入日本航空公司的時候,發覺這家公司完整的業績報告最快也要三個月才能出來,於是要求會計部門必須在一個月之內提出完整的業績報告;此外,業績報告必須細分到各部門,甚至各條航線的損益數字。接著運用這個模式與內部員工溝通,把每一條航線都變成一個利潤中心,航線上的機師、空姐與相關人員都是創造這條航線財務數字的一份子,這條航線是否賺錢也跟著每個人的績效連動。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">透過利潤中心制,每個員工被培養成有意識的生意人,讓員工產生生存的意義與成就感,並激發對工作的使命感,經過<span lang="EN-US">2</span>年<span lang="EN-US">8</span>個月的重整,已向法院申請破產保護,狼狽下市的日航,連續三年均獲利超過<span lang="EN-US">1,800</span>億日圓,在<span lang="EN-US">2012</span>年重新風光上市。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">貳、張忠謀的經營管理哲學<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">台灣半導體之父張忠謀<span lang="EN-US">2011</span>年在獲頒「台灣最佳聲望標竿企業獎」的典禮上,暢談企業基本面的重要性,對於何謂數量化管理、乾淨的資產負債、結構性獲利能力、穩定的現金流量等企業經營的會計精髓,做了精闢的闡述,讓台積電成為全球獲利前百大的企業。<b style="mso-bidi-font-weight: normal;"><span style="color: red;">張忠謀認為沒有辦法數量化的東西就無法管理,或者很難管理。一個卓越的公司必須做到以下三項:</span></b><span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">第一項:高品質的資產和負債<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.</span></b><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">沒有高估的資產<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如呆滯的存貨、收不回的帳款、沒有用的設備、已經減損的商譽等等,該打掉就打掉,讓顯現的資產都是健康的。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.</span></b><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">沒有低估的負債<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">該認列的負債必須及時認列,不可以漏估或低估。當企業發生難以估計的負債時,必須在財報中詳細說明。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.</span></b><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">健康的負債比例<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">「健康」的負債比例是指企業負債比例不宜超過該行業的合理範圍。</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般來說,<span style="color: blue;">產業波動大的高科技公司負債比例宜控制在</span><span style="color: red;">四成</span><span style="color: blue;">以內,產業波動較小的一般製造業之負債比例,宜控制在</span><span style="color: red;">六成</span><span style="color: blue;">以內</span>,至於銀行業負債比例在九成以上,也算正常。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">4.</span></b><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">乾淨的資產負債表<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">所謂「乾淨的」資產負債表就是公司資產都是為了營運所需(<b style="mso-bidi-font-weight: normal;"><span style="color: red;">※營運所需的資產=不動產、廠房及設備+現金+應收帳款+存貨
</span></b></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="background: white; color: red; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">營運所需的資產
÷ 總資產,該比率越高越好</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">),沒有太多「虛」資產(如商譽),也沒有太多無法使用或利用率低的不動產、廠房及設備,同時也沒有難以估計的負債。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">比如一家做<span lang="EN-US">LED</span>的公司,借殼一家做化纖的公司上市,化纖公司的廠房與設備對於<span lang="EN-US">LED</span>事業難以助益,應該要隨著業務轉型而陸續變賣或淘汰,這種掛在帳上但使用率偏低或沒在使用的資產,算是資產不乾淨的典型。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">第二項:具結構性獲利能力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.</span></b><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">獲利成長率>營收成長率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> <b style="mso-bidi-font-weight: normal;"><span style="color: red;">EPS YoY%</span></b></span><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">>營收<span lang="EN-US">YoY%</span></span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">成長與創新是永恆不變的價值,但張忠謀認為:「所謂成長不是一般單純營收的成長,而是附加價值的成長,是追求利潤的成長。」創新的目的是要讓公司賺錢,反映在財務數字上,附加價值的成長必須是獲利成長率高於營收成長率。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">假設營收成長了<span lang="EN-US">5%</span>,獲利成長如果沒有超過<span lang="EN-US">5%</span>,就表示營收成長可能是因為產品被迫降價而損及毛利,也可能是被成本及費用的增長吃掉了,這樣的成長對公司反而是不健康的。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">要做到獲利成長率>營收成長率,企業必須掌握市場定價權,同時也要有相當強的成本控制能力,才會有穩定的毛利率。一般來說,企業欲掌握市場定價權的前提有二:①研發能力強,走在產業前端</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,例如大立光掌握技術上的優勢,即便蘋果也必須「屈服」、<span style="color: blue;">②產品具有極強的品牌或銷售通路</span>(例如統一超)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營業費用與獲利結構要平衡<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">要做到獲利成長率>營收成長率,除了控制毛利率之外,還要控制好營業費用。營業費用隨著產業不同,推銷、管理及研發等費用的分配比亦不同。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">推銷費用會隨著營收增加而增加,但增加比率應≦營收增加比率,如果超過就表示產品的產品力不足,必須大打廣告、增聘業務人員等方式強力促銷才賣得掉。管理費用大多是企業自主掌控,若增加太快往往表示公司的管理力度不到位。<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">研發費用要有策略性思維,與公司長期發展結合。研發費用代表的是投資未來的力度,必須被高度重視,但也不能為了研發而研發,導致現有股東利益受損。所以<b style="mso-bidi-font-weight: normal;">企業可依照行業特性或公司政策,設定營收的一定比例作為研發費用,並持之以恆</b>。例如<span lang="EN-US">Alphabet</span>每年研發支出佔營收比重約在<span lang="EN-US">15%</span>~<span lang="EN-US">16%</span>之間。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">損益平衡點必須控制在低點,以提高經營彈性<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">學理上,企業費用可分為固定費用與變動費用,但實務上,很多費用難以歸類!例如教科書上將「人員薪資」定義為「變動費用」,但員工不是召之即來、揮之即去,何況還有法律保障員工就業的基本權益。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">損益平衡點愈低愈好是指企業在經營時,應提高變動費用的比例</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,這樣即使在景氣不好、營運活動大幅下降時,其成本與費用支出可以更快速的下調,在經營上會更有靈活度,以順利渡過不景氣。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如汽車業的模具研發費用很貴,車廠會要求零件供應商共同負擔模具費用,待正式量產以後再給予零件供應商補貼,透過此方式,車廠就能有效降低自身的固定費用。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">4.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">良好的獲利能力與內部籌資能力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">衡量一家公司的獲利能力,對投資人而言,<span lang="EN-US">EPS</span>最重要,因為<span lang="EN-US">EPS</span>和股價的關係密切。但對企業營運來說,張忠謀認為總資產報酬率(<span lang="EN-US">ROA</span>)、股東權益報酬率(<span lang="EN-US">ROE</span>)和資本回報率(<span lang="EN-US">ROIC</span>)等三項指標也很重要。∴就大股東和董事會而言,<span lang="EN-US">ROE</span>會比<span lang="EN-US">EPS</span>更加重要。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">所謂內部籌資能力是指企業必須能夠從營業活動中,產生足以讓企業從事投資及發放股利的現金流量。<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">第三項:要有持續穩定的現金流入<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">所謂的「穩定的現金流入」是指公司營業活動要有穩定的現金流入,以便支應相關的投資活動與籌資活動。張忠謀認為<span style="color: red;">虧損不可怕,不管賺或賠,能夠產生穩定的現金流量,以支撐公司投資與發放股利的流量,才是好公司。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">參、從財報看出企業經營的量化與質化指標<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一個制度良好、獲利卓越的企業,其會計部門通常可以劃分成兩個單位:①財務會計、②管理會計。財務會計單位主要是編製財務報表提供給投資人、非執行董事和銀行等債權人閱讀。管理會計單位則是根據財務會計單位和其他部門提供的數據,甚至加上「預測」的數據去產生管理報表,提供給公司的管理人員與全體董事作為經營決策之用。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">愈是知名的國際企業,愈是重視管理會計,因為會計的主要功能在經營管理上就是提供「即時的財務數字資訊」,讓經營者們的決策有所本。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">除了公司的財務狀況、經營績效等「量化指標」,其實財務報表也會呈現公司的產業特性、企業文化,甚至經營者的想法與經營力度等「質化指標」。但要如何解讀這些跡象呢?建議是必須要有「對照公司」,藉由和對照公司相同科目的數字相互比較,才能知道標的公司的好壞。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對照公司最好選擇該產業的標竿企業,如果覺得標竿企業與標的公司的差距太大,就找同一個產業內規模差不多的企業來比較。例如<span lang="EN-US">2330</span>台積電找同為業界前五大的格芯(舊譯:格羅方德)、<span lang="EN-US">2303</span>聯電及<span lang="EN-US">0981.HK</span>中芯等當作對照公司。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「大會計師教你從財報數字看懂經營本質」,作者:張明輝,出版者:城邦文化事業股份有限公司<span lang="EN-US">-</span>商業周刊,<span lang="EN-US">2019</span>年<span lang="EN-US">8</span>月初版<span lang="EN-US">8.5</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-21117201855011888532020-07-12T08:30:00.000+08:002020-07-12T08:30:00.174+08:00從財報看懂經營 第0章 作者序<div class="MsoNormal" style="text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p> </o:p></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAw5BQO5d7rQ55VLukT_cytJlVNHiAxsCBj5lBP1Fd8FkcLEdVoDdRk23_nrodWhvl_xDqKkw99zByHpdlS8cwzJzVOYgEgXRU1mkzkRPsfQEXeXT_3Hq1cQafecFmEt9V2Ud17gnjOvg/s1600/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590-%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-0+%25E4%25BD%259C%25E8%2580%2585%25E5%25BA%258F.jpg" imageanchor="1" style="font-family: 新細明體, serif; font-size: 14pt; margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="466" data-original-width="353" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAw5BQO5d7rQ55VLukT_cytJlVNHiAxsCBj5lBP1Fd8FkcLEdVoDdRk23_nrodWhvl_xDqKkw99zByHpdlS8cwzJzVOYgEgXRU1mkzkRPsfQEXeXT_3Hq1cQafecFmEt9V2Ud17gnjOvg/s320/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590-%25E3%2580%258C%25E5%25A4%25A7%25E6%259C%2583%25E8%25A8%2588%25E5%25B8%25AB%25E6%2595%2599%25E4%25BD%25A0%25E5%25BE%259E%25E8%25B2%25A1%25E5%25A0%25B1%25E6%2595%25B8%25E5%25AD%2597%25E7%259C%258B%25E6%2587%2582%25E7%25B6%2593%25E7%2587%259F%25E6%259C%25AC%25E8%25B3%25AA%25E3%2580%258D-0+%25E4%25BD%259C%25E8%2580%2585%25E5%25BA%258F.jpg" width="242" /></a><br />
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">對數字追根究柢,培養評估「績優」公司的能力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">會計是國際共通的商業語言,每家企業所出具的財務報表更是傳達了諸多訊息。魔鬼藏在細節裡,懂會計並且具備適當的產業知識者,能夠從閱讀財務報表中獲得訊息,判斷標的企業究竟是天使,還是魔鬼,或者兩者皆俱?這些訊息「包括但不限於」下列事項:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎資產負債表是否具備高品質?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎損益是否具備結構性獲利能力?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎是否具備自我籌資能力?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎是否有財務危機?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎企業經營是否穩健?是否聚焦?是否有競爭力?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎經營團隊的經營能力強不強?心態如何?是否充分利用資源且不浪費?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎公司的文化如何?是否追求卓越?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎是否有作假帳之嫌?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般人在學習閱讀財務報表的過程中,通常會面臨兩個瓶頸:①不明白會計的基本原則和架構,也就是不了解「資產負債表」、「損益表」及「現金流量表」所要表達的意思、②不明白財報中各項數字所代表的意義。例如:<span lang="EN-US">2018</span>年底,2330台積電及2317鴻海帳上分別保有五千多億元及七千多億元的現金,這個數字對這兩家公司意味著什麼?再如台積電帳上有一千多億元的各項短期投資,這些投資是否健康?是否合理?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「大會計師教你從財報數字看懂經營本質」,作者:張明輝,出版者:城邦文化事業股份有限公司<span lang="EN-US">-</span>商業周刊,<span lang="EN-US">2019</span>年<span lang="EN-US">8</span>月初版<span lang="EN-US">8.5</span>刷。</span></div>
股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-34466130566244691132020-07-05T13:06:00.000+08:002020-07-05T13:06:00.179+08:00權證的挑選與操作 第8章 權證的操作和進場時機<div class="MsoNormal" style="layout-grid-mode: char; mso-char-indent-count: 2.0; mso-layout-grid-align: none; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證獲利的重點在於①挑選標的:標的證券可在存續期間內,由價外進入價內,使權證具有履約價值、或標的證券可在存續期間內,由價內進入更價內,使權證更具有履約價值、且②操作原則:在權證持有時間,盡量減少時間價值的損失
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">操作偏短進短出、速戰速決為原則,獲利與停損的設立,遠高於風險的考量、且③操作心法:寧願靜待進場時機到來,也不隨意讓時間價值侵蝕資本。。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,權證在進場前必須評估:①標的證券價格的變動方向是漲、跌、或盤?②標的證券在存續期間進入價內的機率有多少(履約價格的選定)?③時間價值的耗損情況(存續期間的選定)?④標的證券價格的波動方式是大漲大跌、大漲小回、大跌大彈、大跌小彈、緩漲或緩跌?操作方式要如何因應?⑤權證的停損機制如何設定?<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、認<span style="color: red;">購</span>權證的操作和進場時機</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴標的證券股價突破整理型態</span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">整理形態主要包括:①矩形、②旗形、③三角形、④菱形、⑤楔形。一般標的證券價格在<b style="mso-bidi-font-weight: normal;">整理一段期間</b>之後,不論是再創波段新高或突破壓力線時,預期會有一段漲幅。</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由於此種買進方式是追漲策略,風險相對偏高,若選擇買進價平或價內的認購權證,當遇到假突破則損失較大。因此,權證的挑選與操作建議如下:</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵標的證券股價突破底部型態</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">底部形態主要包括:①雙重底(<span lang="EN-US">W</span>底)、②頭肩底、③圓形底。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般標的證券價格在<b style="mso-bidi-font-weight: normal;">底部整理一段期間</b>之後,當突破頸線時,預期會有一段漲幅。</span><span style="font-size: 14pt;"> </span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∵底部型態可能有突破後拉回回測頸線的問題,且拉回整理的時間不易掌握,若買進存續期間較少的認購權證,恐因整理時間而造成時間價值流失過多的問題。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,權證的挑選與操作建議如下:</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶遇到前波高點或長期均線時</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當標的證券股價遇到前波高點的密集套牢區或長期均線(例如:季線、半年線、年線)時,即使當時漲勢凌厲,若投資人不想承擔追高買進的風險,此時反而可以運用買進認購權證損失有限的道理,建立作多的部位。</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">壓力區過與不過?猜測成分居多,∴使用此種買進方式則類似「埋地雷」的觀念,埋太遠炸不到敵人,埋太近又可能炸到自己。買進履約價格高於壓力區<span lang="EN-US">10%</span>的認購權證,可預防壓力區不過時,損失較小 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">此作單方式是期望突破壓力區就大漲,若未過則最多只是損失權利金而已
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">運用買進認購權證損失有限的道理。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,權證的挑選與操作建議如下:</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑷標的證券股價走勢呈波段上漲</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-size: 14.0pt;"><o:p> </o:p></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2bzhRiMYNVpMYTIVfoL4DcUn0wu_jcc_s1iLRNRRuQhlRjw5OseHuefRtqTG3XwOSTYIP_ed-YLjWvvHJML_yjbYtxZs1GDAvBfJemY_SBAKF_9HeDdy4hIYPQST_Ze6sxBTUaeclS-Y/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E8%2582%25A1%25E5%2583%25B9%25E8%25B5%25B0%25E5%258B%25A2%25E5%2591%2588%25E6%25B3%25A2%25E6%25AE%25B5%25E4%25B8%258A%25E6%25BC%25B2.png" imageanchor="1" style="font-size: 14pt; margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="標的證券股價走勢呈波段上漲" border="0" data-original-height="1161" data-original-width="1600" height="290" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2bzhRiMYNVpMYTIVfoL4DcUn0wu_jcc_s1iLRNRRuQhlRjw5OseHuefRtqTG3XwOSTYIP_ed-YLjWvvHJML_yjbYtxZs1GDAvBfJemY_SBAKF_9HeDdy4hIYPQST_Ze6sxBTUaeclS-Y/s400/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E8%2582%25A1%25E5%2583%25B9%25E8%25B5%25B0%25E5%258B%25A2%25E5%2591%2588%25E6%25B3%25A2%25E6%25AE%25B5%25E4%25B8%258A%25E6%25BC%25B2.png" title="標的證券股價走勢呈波段上漲" width="400" /></a><br />
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當標的證券股價走勢不斷突破前波高點,且拉回沒有跌破前波低點,股價呈現<b style="mso-bidi-font-weight: normal;">上升趨勢</b>(波段漲勢)。一般預期該上升趨勢會持續延續,直至確定趨勢反轉為止。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∵採趨勢操作策略,</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">判斷標的證券<span style="color: blue;">目標價</span>是權證獲利的關鍵</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,∴權證宜挑選價外,以發揮權證以小搏大的特性。因此,權證的挑選與操作建議如下:</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑸布局標的證券的大波段多頭行情</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-size: 14.0pt;"><o:p> </o:p></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2otZsWqXM0SzOTLQMwaMT1rkKreiRV-IFGrfh8eePLU96SkGNFbO5rBOqC7YRO648SPM6w4XLS1WMT8Lyk2NEJF-jC2VBsXJkmL91qA5dNexgaV3faUSqA7VOxfake2aZfnyFoA0VcCg/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E5%25B8%2583%25E5%25B1%2580%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E7%259A%2584%25E5%25A4%25A7%25E6%25B3%25A2%25E6%25AE%25B5%25E5%25A4%259A%25E9%25A0%25AD%25E8%25A1%258C%25E6%2583%2585.png" imageanchor="1" style="font-size: 14pt; margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="布局標的證券的大波段多頭行情" border="0" data-original-height="736" data-original-width="1600" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2otZsWqXM0SzOTLQMwaMT1rkKreiRV-IFGrfh8eePLU96SkGNFbO5rBOqC7YRO648SPM6w4XLS1WMT8Lyk2NEJF-jC2VBsXJkmL91qA5dNexgaV3faUSqA7VOxfake2aZfnyFoA0VcCg/s400/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E5%25B8%2583%25E5%25B1%2580%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E7%259A%2584%25E5%25A4%25A7%25E6%25B3%25A2%25E6%25AE%25B5%25E5%25A4%259A%25E9%25A0%25AD%25E8%25A1%258C%25E6%2583%2585.png" title="布局標的證券的大波段多頭行情" width="400" /></a><br />
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">若投資人認為標的證券的<b style="mso-bidi-font-weight: normal;">大波段</b>多頭行情已經正式展開,但短線仍有震盪可能性時,此時為了避免時間價值消耗殆盡,可買進存續期間較長的認購權證。</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">使用此種買進方式,通常會搭配週線(或月線)的價量結構、或均線的黃金交叉時點、或其他技術分析來建立波段認購權證部位。因此,權證的挑選與操作建議如下:</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑹</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券跌深反彈</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-size: 14.0pt;"><o:p> </o:p></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFCD0QveubsuTxfbeF7227LT_VNdKzUqlwVGCKDYMA71aZwCTvFr1txKG75JDYI5hVHjKBFeKWrZHUcuOh15IkR8QpkgtsW_K_zuPLbQdgaz4uE4OU0SQIrNfBb4mfXQVDs8O0TPCij7I/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E8%25B7%258C%25E6%25B7%25B1%25E5%258F%258D%25E5%25BD%2588.png" imageanchor="1" style="font-size: 14pt; margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="標的證券跌深反彈" border="0" data-original-height="761" data-original-width="1221" height="198" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFCD0QveubsuTxfbeF7227LT_VNdKzUqlwVGCKDYMA71aZwCTvFr1txKG75JDYI5hVHjKBFeKWrZHUcuOh15IkR8QpkgtsW_K_zuPLbQdgaz4uE4OU0SQIrNfBb4mfXQVDs8O0TPCij7I/s320/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E8%25B7%258C%25E6%25B7%25B1%25E5%258F%258D%25E5%25BD%2588.png" title="標的證券跌深反彈" width="320" /></a><br />
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券短線跌幅≧<span lang="EN-US">20%</span>的情況下,如果預期將有跌深反彈時,則可選擇買進<span lang="EN-US">-10%</span>≦價內外程度≦<span lang="EN-US">0%</span>的認購權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">使用此種買進方式時,無論盈虧,務必短進短出。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,權證的挑選與操作建議如下:</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、認<span style="color: lime;">售</span>權證的操作和進場時機</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴標的證券股價跌破整理型態</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-size: 14.0pt;"><o:p> </o:p></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpAtAHPCeMqnM6wSdrUErv9qitW_IWldwQRYpP2JH_4RK8TpP8VE1AbIAV5NHPZc_MwuO4RmpLj3LIig56mAHqXmYrgGXK-nrHoGovcQoXkk71za4Ze6A_xv78Xs0o9_sEPc4vE_EAFus/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E8%2582%25A1%25E5%2583%25B9%25E8%25B7%258C%25E7%25A0%25B4%25E6%2595%25B4%25E7%2590%2586%25E5%259E%258B%25E6%2585%258B.png" imageanchor="1" style="font-size: 14pt; margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="標的證券股價跌破整理型態" border="0" data-original-height="832" data-original-width="1600" height="207" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpAtAHPCeMqnM6wSdrUErv9qitW_IWldwQRYpP2JH_4RK8TpP8VE1AbIAV5NHPZc_MwuO4RmpLj3LIig56mAHqXmYrgGXK-nrHoGovcQoXkk71za4Ze6A_xv78Xs0o9_sEPc4vE_EAFus/s400/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E8%2582%25A1%25E5%2583%25B9%25E8%25B7%258C%25E7%25A0%25B4%25E6%2595%25B4%25E7%2590%2586%25E5%259E%258B%25E6%2585%258B.png" title="標的證券股價跌破整理型態" width="400" /></a><br />
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">整理形態主要包括:①矩形、②旗形、③三角形、④菱形、⑤楔形。標的證券股價①在<span style="color: blue;">高檔整理</span>已有一段期間之後、或②下跌之後的<span style="color: blue;">反彈整理</span>,不論是再創近期新低價或跌破支撐線時,一般預期會有一段跌幅,但又擔心可能會是假跌破的情況,此時即可使用買進認售權證策略。此外,若當日遇突發性的利空消息而跳空下跌時,同樣適用。</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由於此種買進方式是追跌策略,風險相對偏高,若選擇買進價平或價內的認售權證時,當遇到假跌破則損失較大,因此,權證的挑選與操作建議如下:</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵標的證券股價跌破頭部型態</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-size: 14.0pt;"><o:p> </o:p></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgS4LmNrC8QBZdQgn5ZprXOjaR7udSStwN0qxx1yIDXmzu2vPUj7a5s-p2fXCLeIzmwG9D46A49zPDRYMKiE8yafi4dfGteN14-n29T33aydKRhiubXfYCbjvj714-P_FrmSW6VSTdsDQA/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E8%2582%25A1%25E5%2583%25B9%25E8%25B7%258C%25E7%25A0%25B4%25E9%25A0%25AD%25E9%2583%25A8%25E5%259E%258B%25E6%2585%258B.png" imageanchor="1" style="font-size: 14pt; margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="標的證券股價跌破頭部型態" border="0" data-original-height="690" data-original-width="1600" height="171" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgS4LmNrC8QBZdQgn5ZprXOjaR7udSStwN0qxx1yIDXmzu2vPUj7a5s-p2fXCLeIzmwG9D46A49zPDRYMKiE8yafi4dfGteN14-n29T33aydKRhiubXfYCbjvj714-P_FrmSW6VSTdsDQA/s400/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E8%2582%25A1%25E5%2583%25B9%25E8%25B7%258C%25E7%25A0%25B4%25E9%25A0%25AD%25E9%2583%25A8%25E5%259E%258B%25E6%2585%258B.png" title="標的證券股價跌破頭部型態" width="400" /></a><br />
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">頭部形態主要包括:①雙重頂(<span lang="EN-US">M</span>頭)、②頭肩頂、③圓形頂。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般標的證券價格在<b style="mso-bidi-font-weight: normal;">頭部盤理一段期間</b>之後,當跌破頸線時,預期會有一段跌幅。</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∵頭部型態可能有跌破後反彈回測頸線的問題,且反彈整理的時間不易掌握,若買進存續期間較少的認售權證,恐因整理時間而造成時間價值流失過多的問題。因</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">此,權證的挑選與操作建議如下:</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶遇到前波低點或長期均線時</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當標的證券股價遇到前波低點的整理區或長期均線(例如:季線、半年線、年線)時,即使當時跌勢凶猛,若投資人不想承擔追殺作空的風險,此時反而可以運用買進認售權證損失有限的道理,建立作空的部位。</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">使用此種買進方式是期望跌破支撐區就大跌,若未跌破則最多只是損失權利金而已</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">運用買進認售權證損失有限的道理</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,權證的挑選與操作建議如下:</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑷標的證券股價走勢呈波段下跌</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-size: 14.0pt;"><o:p> </o:p></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXOMgxHYLdEhekFk1jNgbJAoKem5wWFGbAvfqqvwqUP7ZEljMlWjXeuDMhoBBxllAkhC0ZMK3AD2mZgcZ4TaFguv2ACesWNR70OtYieWfUdyOoiTkcVlwFTI4fGDG4vPI1xrEFCENMyiI/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E8%2582%25A1%25E5%2583%25B9%25E8%25B5%25B0%25E5%258B%25A2%25E5%2591%2588%25E6%25B3%25A2%25E6%25AE%25B5%25E4%25B8%258B%25E8%25B7%258C.png" imageanchor="1" style="font-size: 14pt; margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="標的證券股價走勢呈波段下跌" border="0" data-original-height="1153" data-original-width="1600" height="287" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXOMgxHYLdEhekFk1jNgbJAoKem5wWFGbAvfqqvwqUP7ZEljMlWjXeuDMhoBBxllAkhC0ZMK3AD2mZgcZ4TaFguv2ACesWNR70OtYieWfUdyOoiTkcVlwFTI4fGDG4vPI1xrEFCENMyiI/s400/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E8%2582%25A1%25E5%2583%25B9%25E8%25B5%25B0%25E5%258B%25A2%25E5%2591%2588%25E6%25B3%25A2%25E6%25AE%25B5%25E4%25B8%258B%25E8%25B7%258C.png" title="標的證券股價走勢呈波段下跌" width="400" /></a><br />
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當標的證券股價走勢不斷跌破前波低點,且反彈沒有突破前波高點,股價呈現<b style="mso-bidi-font-weight: normal;">下降趨勢</b>(波段跌勢)。一般預期該下降趨勢會持續延續,直至確定趨勢反轉為止。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∵採趨勢操作策略,</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">判斷標的證券<span style="color: blue;">目標價</span>是權證獲利的關鍵</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,∴權證宜挑選價外,以發揮權證以小搏大的特性。因此,權證的挑選與操作建議如下:</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑸布局標的證券大波段空頭行情</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-size: 14.0pt;"><o:p> </o:p></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgr846kL3jmOGW6ap2WDwE8RUjvQZzwIY3Mr6HlKFK4Z2yqSUB6_uvP8L9tQkekiqzpyjz0OYg8acOdlNbznPBgRhV1lS0WurHhfuXlFYdWOM16AcC0O6rYG0rFAKlaUew5GvWOaSz8ses/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E5%25B8%2583%25E5%25B1%2580%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E5%25A4%25A7%25E6%25B3%25A2%25E6%25AE%25B5%25E7%25A9%25BA%25E9%25A0%25AD%25E8%25A1%258C%25E6%2583%2585.png" imageanchor="1" style="font-size: 14pt; margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="布局標的證券大波段空頭行情" border="0" data-original-height="725" data-original-width="1600" height="181" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgr846kL3jmOGW6ap2WDwE8RUjvQZzwIY3Mr6HlKFK4Z2yqSUB6_uvP8L9tQkekiqzpyjz0OYg8acOdlNbznPBgRhV1lS0WurHhfuXlFYdWOM16AcC0O6rYG0rFAKlaUew5GvWOaSz8ses/s400/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E5%25B8%2583%25E5%25B1%2580%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E5%25A4%25A7%25E6%25B3%25A2%25E6%25AE%25B5%25E7%25A9%25BA%25E9%25A0%25AD%25E8%25A1%258C%25E6%2583%2585.png" title="布局標的證券大波段空頭行情" width="400" /></a><br />
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">若投資人認為標的證券的<b style="mso-bidi-font-weight: normal;">大波段</b>空頭行情已經正式展開,但短線仍有震盪可能性時,此時為了避免時間價值消耗殆盡,可買進存續期間較長的認售權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">使用此種買進方式,通常會搭配週線(或月線)的價量結構、或均線的死亡交叉時點、或其他技術分析來建立波段認售權證部位。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,權證的挑選與操作建議如下:</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑹</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券漲多回檔</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-size: 14.0pt;"><o:p> </o:p></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQ4T_pY3TCN71OqjfyjQnzrIxpZucPeC01Bm-HD3OKT3vEoqVmNt2mKQsR_MiiruMqSTG68-67Yp2_WSl1VvxgL8a4EPU4XCWGJkrV7NY9WboBNklFFKLgifgj5V-gWySR61MLzncnmZg/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E6%25BC%25B2%25E5%25A4%259A%25E5%259B%259E%25E6%25AA%2594.png" imageanchor="1" style="font-size: 14pt; margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="標的證券漲多回檔" border="0" data-original-height="754" data-original-width="1230" height="196" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQ4T_pY3TCN71OqjfyjQnzrIxpZucPeC01Bm-HD3OKT3vEoqVmNt2mKQsR_MiiruMqSTG68-67Yp2_WSl1VvxgL8a4EPU4XCWGJkrV7NY9WboBNklFFKLgifgj5V-gWySR61MLzncnmZg/s320/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E6%25BC%25B2%25E5%25A4%259A%25E5%259B%259E%25E6%25AA%2594.png" title="標的證券漲多回檔" width="320" /></a><br />
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在標的證券短線漲幅≧<span lang="EN-US">20%</span>的情況下,如果預期將有漲多回檔時,則可選擇買進<span lang="EN-US">-10%</span>≦價內外程度≦<span lang="EN-US">0%</span>的認售權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∵在實務上,並非每次漲多都會有回檔的機會。∴若直接作空標的證券,反而可能面臨軋空的窘境。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">使用此種買進方式時,無論盈虧,務必短進短出。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,權證的挑選與操作建議如下:</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcIK5CtGk0t6qMG09sNe9S35EGLkC8tfBopDYBiUMZrcLIvKuPGxzV0kInIW6-PJLPIsvJFUhiGLFDs9mIBALqwHiQg_mx6UvcUBjj1PIqJ1jMranislD6BeVNCrVUpEJdBPdOifHDrjg/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E6%25BC%25B2%25E5%25A4%259A%25E5%259B%259E%25E6%25AA%2594-%25E6%2593%258D%25E4%25BD%259C%25E5%25BB%25BA%25E8%25AD%25B0.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="標的證券漲多回檔-操作建議" border="0" data-original-height="316" data-original-width="1600" height="126" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcIK5CtGk0t6qMG09sNe9S35EGLkC8tfBopDYBiUMZrcLIvKuPGxzV0kInIW6-PJLPIsvJFUhiGLFDs9mIBALqwHiQg_mx6UvcUBjj1PIqJ1jMranislD6BeVNCrVUpEJdBPdOifHDrjg/s640/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-8+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%2593%258D%25E4%25BD%259C%25E5%2592%258C%25E9%2580%25B2%25E5%25A0%25B4%25E6%2599%2582%25E6%25A9%259F-%25E6%25A8%2599%25E7%259A%2584%25E8%25AD%2589%25E5%2588%25B8%25E6%25BC%25B2%25E5%25A4%259A%25E5%259B%259E%25E6%25AA%2594-%25E6%2593%258D%25E4%25BD%259C%25E5%25BB%25BA%25E8%25AD%25B0.png" title="標的證券漲多回檔-操作建議" width="640" /></a></div>
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股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-54093433962966334432020-06-28T13:02:00.000+08:002020-06-28T13:02:02.882+08:00權證的挑選與操作 第7章 權證的挑選<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.blogger.com/blogger.g?blogID=6336220364381668643" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6336220364381668643" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj442MPDKY2kXAEijx77bIf_qakQAhKYaMB5oDBQ_U08cQMKc3HHrwmCarnvzENnjaAvNEKtwS5If28pVDgMyDjtq-9RILbMgAJuAjTmBW-Lf44xdlEqt6auKsrkbNhWfDYxR2Fjf9k_n8/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-7+%25E6%25AC%258A%25E8%25AD%2589%25E6%258C%2591%25E9%2581%25B8%25E7%259A%2584%25E9%2597%259C%25E9%258D%25B5%25E6%25A2%259D%25E4%25BB%25B6.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="675" data-original-width="1200" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj442MPDKY2kXAEijx77bIf_qakQAhKYaMB5oDBQ_U08cQMKc3HHrwmCarnvzENnjaAvNEKtwS5If28pVDgMyDjtq-9RILbMgAJuAjTmBW-Lf44xdlEqt6auKsrkbNhWfDYxR2Fjf9k_n8/s400/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-7+%25E6%25AC%258A%25E8%25AD%2589%25E6%258C%2591%25E9%2581%25B8%25E7%259A%2584%25E9%2597%259C%25E9%258D%25B5%25E6%25A2%259D%25E4%25BB%25B6.jpeg" width="400" /></a></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、權證篩選的關鍵條件<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴成交量</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: red;">MV5</span><span style="color: red;">≧<span lang="EN-US">500</span></span><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">依目前上市櫃權證的交易檔數已逾<span lang="EN-US">2</span>萬檔以上。以<span lang="EN-US">2019/12/16</span>來說,可交易的權證共<span lang="EN-US">20,764</span>檔,全部成交量共<span lang="EN-US">2,352,118</span>張,平均每檔成交量約<span lang="EN-US">113</span>張,但該日成交量為<span lang="EN-US">0</span>的權證卻有<span lang="EN-US">8,382</span>檔,佔整體權證<span lang="EN-US">40.37%</span>;再以<span lang="EN-US">2019/12/25</span>來看,可交易的權證共<span lang="EN-US">20,827</span>檔,全部成交量共<span lang="EN-US">1,881,423</span>張,平均每檔成交量約<span lang="EN-US">90</span>張,但該日成交量為<span lang="EN-US">0</span>的權證卻有<span lang="EN-US">9,420</span>檔,佔整體權證<span lang="EN-US">45.23%</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">單日成交張數<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1,000</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">↑<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">750</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">↑<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">500</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">↑<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">250</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">↑<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">100</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">↑<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">50</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">↑<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.35pt;" width="425"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">12/16</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">成交比例<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" width="227"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.53%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.71%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">5.41%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">13.13%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">27.43%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">37.54%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">40.37%<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.35pt;" width="425"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">12/25</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">成交比例<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" width="227"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.13%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.05%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">4.20%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">10.19%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">23.14%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">32.65%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.5pt;" width="214"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">45.23%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.3pt; mso-layout-grid-align: none; mso-para-margin-left: 2.36gd; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 權證的交易情況<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由上可知,殭屍權證普遍居多,所以<b style="mso-bidi-font-weight: normal;"><span style="color: red;">若某檔權證成交量較大</span></b> </span><span lang="EN-US" style="background: white; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券大抵是近期熱門股</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券股價近期波動較大</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">近期買進該檔權證的獲利機會較大</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">符</span></b><b style="mso-bidi-font-weight: normal;"><span style="background: white; color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">合權證短線交易、快速獲利、避免時間價值損失的操作原則。</span></b><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.4pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵價內外程度</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<b style="mso-bidi-font-weight: normal;"><span style="color: red;">價外≧<span lang="EN-US">-20%</span>、價內≦<span lang="EN-US">15%</span></span><span lang="EN-US"><o:p></o:p></span></b></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在其他條件不變下,愈價內的權證 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">履約價值愈高、與標的股價連動愈大 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格愈貴;同理,在其他條件不變下,愈價外的權證
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">履約價值愈低、與標的股價連動愈低
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格愈低。∴購買深度價外權證前宜三思!<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.4pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶距到期日期間(或稱:存續期間)</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<b style="mso-bidi-font-weight: normal;"><span style="color: red;">存續期間≧<span lang="EN-US">90</span>天</span><span lang="EN-US"><o:p></o:p></span></b></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">存續期間愈長 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證的權利行使期限就愈長</span><span style="font-size: 14.0pt;">
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證由價外(平)變成價內的機率愈高</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">具履約價值的機會愈高</span><span style="font-size: 14.0pt;">
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格愈貴</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑷隱含波動率<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在其他條件不變下,隱含波動率愈高 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格愈貴;反之,在其他條件不變下,隱含波動率愈低 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格愈低。∴儘量要挑選隱含波動率較低且要能維持穩定區間的權證,才是最佳選擇。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※深度價內與深度價外的權證,隱含波動率易失真,不具參考性。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※委買隱含波動率比委賣隱含波動率重要。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※元大證券的權證試算(含隱含波動率查詢)網址:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><a href="https://www.warrantwin.com.tw/eyuanta/Warrant/Analyzer.aspx" target="_blank">https://www.warrantwin.com.tw/eyuanta/Warrant/Analyzer.aspx</a><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑸溢價比</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<b style="mso-bidi-font-weight: normal;"><span style="color: red;">溢價比≦<span lang="EN-US">30%</span></span><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">溢價比=(權證價格-權證理論價格)÷ 權證理論價格。溢價比愈大 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格愈貴;溢價比愈小
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格愈低。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑹實質槓桿</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<b style="mso-bidi-font-weight: normal;"><span style="color: red;">實質槓桿≧<span lang="EN-US">3</span></span><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">實質槓桿愈大 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證跟標的證券的連動性愈大;實質槓桿愈小 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證跟標的證券的連動性愈小。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑺價差比</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<b style="mso-bidi-font-weight: normal;"><span style="color: red;">價差比≦<span lang="EN-US">2.5%</span></span><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價差比愈小 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">滑價成本愈低;價差比愈大 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">滑價成本愈高。由於買賣價差是必要成本,若滑價成本偏高,長期累積恐會侵蝕獲利。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑻委買委賣單量充足</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<b style="mso-bidi-font-weight: normal;"><span style="color: red;">委買張數和委賣張數各≧<span lang="EN-US">100</span>張</span><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">委買委賣單量充足,表示發行券商造市積極,提供充足的流動性方便投資人進行買賣。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑼發行券商<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">發行券商能否提供合理的報價與充足的流動性給投資人,是相當重要的。建議選擇隱含波動率穩定、造市積極。價格反應快速、買賣價差小、委買委賣單量充足的券商所發行的權證。總之,比較券商過去造市聲譽,買賣權證較有保障。(※查詢權證流動量提供者的造市品質,可至「權證資訊揭露平台」查詢,網址:<span lang="EN-US"><a href="http://warrants.sfi.org.tw/" target="_blank">http://warrants.sfi.org.tw</a></span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※<span style="color: red;">行使比例會影響履約價值</span>,但不是影響權證價格的因素,也不是權證篩選的關鍵條件。亦即,雖然行使比例愈高 </span></b><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格愈高、行使比例愈低 </span></b><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格愈低,<span style="color: red;">但行使比例不影響該檔權證的漲跌幅。</span><span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">假設標的證券股價<span lang="EN-US">100</span>元,上漲<span lang="EN-US">10</span>元,<span lang="EN-US">Delta</span>=<span lang="EN-US">0.4</span>,兩檔不同行使比例權證的履約價格和到期日皆相同時,其漲跌金額和漲跌幅計算如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">漲跌金額<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">漲跌幅<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證<span lang="EN-US">A<o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">5<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:<span lang="EN-US">1<o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">4</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(=<span lang="EN-US">10 </span>×<span lang="EN-US"> 0.4 </span>×<span lang="EN-US"> 1</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">80%</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(=<span lang="EN-US">4 </span>÷<span lang="EN-US"> 5</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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</tr>
<tr style="mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" width="227"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證<span lang="EN-US">B<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.85pt;" width="283"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">0.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.9pt;" width="284"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:<span lang="EN-US">0.1<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.05pt;" width="604"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">0.4</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(=<span lang="EN-US">10 </span>×<span lang="EN-US">
0.4 </span>×<span lang="EN-US"> 0.1</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 129.75pt;" width="519"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">80%</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(=<span lang="EN-US">0.4 </span>÷<span lang="EN-US">
0.5</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.4pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※六不買:快到期、太價外、太低價、快賣完、價偏離、造市差。<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.05pt; mso-char-indent-count: -2.0; mso-layout-grid-align: none; text-align: justify; text-indent: -28.05pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、權證挑選的步驟<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.4pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴選擇適當的標的證券<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證因具有到期日,所以講求的是如何在短時間內快速獲利,因此在選擇標的證券時,原則上以①熱門題材股、或②短期內上漲或下跌機率高者為優先。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.4pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵挑選適當的權證<span lang="EN-US"><o:p></o:p></span></span></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 19.6pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">時 機<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.25pt;" width="737"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證獲利關鍵<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 195.75pt;" width="783"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證挑選原則<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">波段漲跌<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.25pt;" width="737"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">判斷標的證券的目標價<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 195.75pt;" valign="top" width="783"><div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">-10%</span>≦價內外程度≦<span lang="EN-US">0%<o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎存續期間≧<span lang="EN-US">3</span>個月<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎實質槓桿≧<span lang="EN-US">3<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">區間震盪<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.25pt;" width="737"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">區間操作賺取價差,權證首重流動性<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 195.75pt;" valign="top" width="783"><div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">-10%</span>≦價內外程度≦<span lang="EN-US">10%<o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎存續期間≧<span lang="EN-US">3</span>個月<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎成交量≧<span lang="EN-US">500</span>張、或券商報價相對積極、買賣量相對充足<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">短線急漲急跌<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.25pt;" width="737"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">大膽買進、<span lang="EN-US">3</span>天內平倉、嚴設停損停利<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 195.75pt;" valign="top" width="783"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">積極型投資人<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">-15%</span>≦價內外程度≦<span lang="EN-US">0%<o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">1</span>個月≦存續期間≦<span lang="EN-US">3</span>個月<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎實質槓桿≧<span lang="EN-US">5<o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">保守型投資人<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">-10%</span>≦價內外程度≦<span lang="EN-US">10%<o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">2</span>個月≦存續期間≦<span lang="EN-US">3</span>個月<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎實質槓桿≧<span lang="EN-US">3<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">緩漲緩跌<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.25pt;" width="737"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證上漲>時間價值的減損<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">-10%</span>≦價內外程度≦<span lang="EN-US">10%<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎存續期間≧<span lang="EN-US">4</span>個月<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">預期標的證券<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">中長期大漲大跌<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">避免時間價值減損拖垮績效<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">積極型投資人<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎價外程度≦<span lang="EN-US">-10%<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎存續期間≧<span lang="EN-US">4</span>個月<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般型投資人<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">-10%</span>≦價內外程度≦<span lang="EN-US">0%<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎存續期間≧<span lang="EN-US">4</span>個月<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">預期標的證券<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">中長期小漲小跌<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">不宜投資權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">鎖住獲利<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">繼續參與<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券漲跌<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">預期標的證券進入末升/跌段,當獲利出場後,再以獲利的<span lang="EN-US">5%</span>~<span lang="EN-US">10%</span>投資該標的權證繼續參與最後行情<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">-10%</span>≦價內外程度≦<span lang="EN-US">10%<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">3</span>個月≦存續期間≦<span lang="EN-US">6</span>個月<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">避險操作<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">擔心持有的標的證券下跌</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">買進認售權證避險<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">擔心作空的標的證券上漲</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">買進認購權證避險<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎價外程度≧<span lang="EN-US">-15%<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">3</span>個月≦存續期間≦<span lang="EN-US">6</span>個月<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">※在實務上,權證的挑選可先設定權證的篩選條件之後,再依篩選出來的權證,確認標的證券股價走勢是否適合投資該檔權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶嚴設停利停損<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證因為具有到期日,∴權證的價值會隨著時間而流逝,無法像股票可以長期抗戰,等待解套,因此權證停利停損就非常重要。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">若標的證券股價走勢符合預期,權證已達獲利目標,則應獲利了結賣出,避免獲利遭時間價值侵蝕。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">若持有的權證已進入深度價內,實質槓桿已經降低,但標的證券走勢未變,則可適時地酌量改換別檔權證操作。亦即,買進相同標的證券,但實質槓桿較高的權證,繼續享有權證的槓桿效果。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">若標的證券股價走勢不如預期,應立即停損賣出權證,避免時間價值流逝,且因權證到期之後就歸零,∴絕對不可採逢低攤平買進策略,以免「愈攤愈平」,損失更為嚴重。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=6336220364381668643" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-family: "新細明體" , "serif";">元大證券,網址:<span lang="EN-US">https://www.warrantwin.com.tw/ya/YaBasis.html<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※圖片來源:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif";">http://warrantnotes.unisurf.tw/storage/article/149/YNoMGYZxUCa1TNHUoObb5XuriwEnqNVsRNgiySKR.jpeg<o:p></o:p></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-79354319657443550772020-06-21T11:18:00.000+08:002020-06-21T11:18:07.483+08:00權證的挑選與操作 第6章 權證的功能和理論價格簡介<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.05pt; mso-char-indent-count: -2.0; mso-layout-grid-align: none; text-align: justify; text-indent: -28.05pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、權證的功能<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴避險功能<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當投資人持有現貨時,可以利用買進權證來達成避險。例如:投資人持有股票若擔心未來股價下跌會造成損失,此時可以買進該股票的認售權證。當未來股價下跌時,投資人得以履約價格來出售股票;當未來股價上漲時,投資人則可放棄履約。因此,可降低投資人之風險,其代價則是所負擔的權利金。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵投機功能<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當投機者對未來標的證券價格預期有所變化時,可交易權證以賺取價差的利潤。例如:若預期股價大漲買進認購權證;若預期股價大跌可買進認售權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶遞延投資決策功能<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由於權證到期日的特性,允許持有人在未來的一段時間決定是否執行買賣的權利。因此,可以遞延投資決策的進行。例如:買進認購權證可視為將買進股票的動作分為兩個階段,即先付權利金買進認購權證,如果未來股價上漲則履約以買進股票;如果未來股價下跌則放棄履約的權利。如此投資人可避免因先買進股票而後股價卻下跌的風險。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑷套利<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">利用買賣權平價公式(<span lang="EN-US">Put-Call Parity</span>)評估同一標的證券各履約價格的權證之間,其權利金報價是否合理?有無套利機會?(※不過,在實務上,因權證的交易量普遍偏低,恐因滑價成本過高而無法套利,且認購權證也恐無對應的認售權證來套利)<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑸價格發現<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">所謂價格發現指的是自由競爭市場真正均衡價格的顯現能力。因為個股期貨/權證的交易皆須經過交易所公開競價,因此最後的成交價格應該最能反映市場參與者對未來市場供需的判斷
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">個股期貨/權證價格可做為未來標的證券價格的預期指標。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、權證之<span lang="EN-US">B-S</span>模型公式</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(不考慮發放股利)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴基本假設<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">①資本市場是完美的,沒有稅或交易成本,股票價格沒有上下限,任何股票可無限分割且無限賣空。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">②股票過程符合對數常態分配,亦即股價取對數後為常態分配(換言之,股價本身恆大於等於零)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">③無風險利率固定,且股票報酬率的波動度為常數。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">④權證存續期間,股票不發放任何股利(<span lang="EN-US">D</span>)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑤歐式權證,只能在到期日時履約。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑥標的證券不為違約。<span lang="EN-US"><o:p></o:p></span></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=6336220364381668643" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑦股價是連續的,不會有突發性股價跳空情況發生。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWBsQP63xjm1u4himiX1GJFfPayyO0KJL8vk5tvSnUoX1mSQdWeiK5FZ3hkOmoVG99lvGJWZAXJ_CSN_mi8YASVNpmF2Ijh0uzJxFJmwwTtefK6QzuSGzHdfzqgD9vWidyXNKvQXGCLu8/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-6+%25E6%25AC%258A%25E8%25AD%2589%25E7%2590%2586%25E8%25AB%2596%25E5%2583%25B9%25E6%25A0%25BC%25E7%25B0%25A1%25E4%25BB%258B-B-S%25E6%25A8%25A1%25E5%259E%258B%25E5%2585%25AC%25E5%25BC%258F.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="權證之B-S模型公式" border="0" data-original-height="270" data-original-width="1600" height="106" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWBsQP63xjm1u4himiX1GJFfPayyO0KJL8vk5tvSnUoX1mSQdWeiK5FZ3hkOmoVG99lvGJWZAXJ_CSN_mi8YASVNpmF2Ijh0uzJxFJmwwTtefK6QzuSGzHdfzqgD9vWidyXNKvQXGCLu8/s640/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-6+%25E6%25AC%258A%25E8%25AD%2589%25E7%2590%2586%25E8%25AB%2596%25E5%2583%25B9%25E6%25A0%25BC%25E7%25B0%25A1%25E4%25BB%258B-B-S%25E6%25A8%25A1%25E5%259E%258B%25E5%2585%25AC%25E5%25BC%258F.png" title="權證之B-S模型公式" width="640" /></a></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">其中<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">C</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:歐式認購權證的目前價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">P</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:歐式認售權證的目前價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:標的證券目前價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">K</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:履約價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">σ:標的證券報酬率的波動度(亦即標準差、隱含波動率)(以<b style="mso-bidi-font-weight: normal;">年</b>為單位)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">T</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:距到期日的時間長度(以<b style="mso-bidi-font-weight: normal;">年</b>為單位)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">r</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:無風險利率(以<b style="mso-bidi-font-weight: normal;">年</b>為單位)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">ln</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:自然對數<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">N(d</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 8.0pt;">1</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:標準常態分配的累積機率密度函數。此函數的平均數為<span lang="EN-US">0</span>,變異數為<span lang="EN-US">1</span>,而此機率函數代表隨機變數小於<span lang="EN-US">d</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 8.0pt;">1</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">的<span lang="EN-US">t</span>累積機率總和。<span lang="EN-US"><o:p></o:p></span></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=6336220364381668643" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">三、一般型權證~以<span lang="EN-US">B-S</span>模型訂價<span lang="EN-US"><o:p></o:p></span></span></b><br />
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">發行人網頁有提供權證理論價格之計算器,投資人可輸入相關參數後,計算出權證價格,作為評估權證市場價格合理性之參考。茲將各家券商權證理論價格計算器之網址列示如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元大:<span lang="EN-US"><a href="https://www.warrantwin.com.tw/eyuanta/Warrant/Analyzer.aspx" target="_blank">https://www.warrantwin.com.tw/eyuanta/Warrant/Analyzer.aspx</a><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">凱基:<span lang="EN-US" style="letter-spacing: -.5pt;"><a href="https://warrant.kgi.com/EDWebSite/Views/WarrantCalculator/WarrantCalculator.aspx" target="_blank">https://warrant.kgi.com/EDWebSite/Views/WarrantCalculator/WarrantCalculator.aspx</a></span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">富邦:<span lang="EN-US" style="letter-spacing: -.5pt;"><a href="https://warrants.fbs.com.tw/want/wCalculator.aspx">https://warrants.fbs.com.tw/want/wCalculator.aspx</a></span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">群益:<span lang="EN-US"><a href="https://iwarrant.capital.com.tw/warrants/wAnalysis.aspx" target="_blank">https://iwarrant.capital.com.tw/warrants/wAnalysis.aspx</a><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國泰:<span lang="EN-US"><a href="http://warrant.cathaysec.com.tw/WarrantsAnalyzer.aspx" target="_blank">http://warrant.cathaysec.com.tw/WarrantsAnalyzer.aspx</a><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">永豐:<span lang="EN-US"><a href="http://warrantchannel.sinotrade.com.tw/want/wSimulation.aspx" target="_blank">http://warrantchannel.sinotrade.com.tw/want/wSimulation.aspx</a><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">日盛:<span lang="EN-US"><a href="http://warrantinfo.jihsun.com.tw/want/wSimulation.aspx" target="_blank">http://warrantinfo.jihsun.com.tw/want/wSimulation.aspx</a><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元富:<span lang="EN-US"><a href="http://iwarrantinfo.masterlink.com.tw/Web2013/WANT/WCalculator.aspx" target="_blank">http://iwarrantinfo.masterlink.com.tw/Web2013/WANT/WCalculator.aspx</a><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">四、牛熊證~以財務費用年率計算<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">牛熊證價格=履約價格與標的證券市價之差價+財務費用<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">財務費用=財務相關費用年率
× 履約價 ×(距到期日天數 ÷ <span lang="EN-US">365</span>)× 行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-23890391426111465382020-06-14T11:02:00.000+08:002020-06-14T11:02:18.572+08:00權證的挑選與操作 第5章 權證的價值<div class="MsoNormal" style="layout-grid-mode: char; mso-char-indent-count: 2.0; mso-layout-grid-align: none; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證的價值可區分成內含價值(或稱:履約價值)與時間價值,亦即,權證價值=內含價值(<span lang="EN-US">Intrinsic Value</span>;<span lang="EN-US">IV</span>)+時間價值(<span lang="EN-US">Time Value</span>;<span lang="EN-US">TV</span>)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價值=<b style="mso-bidi-font-weight: normal;">內含價值(</b><span lang="EN-US">IV</span><b style="mso-bidi-font-weight: normal;">)+時間價值(</b><span lang="EN-US">TV</span><b style="mso-bidi-font-weight: normal;">)</b><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證價值=<span lang="EN-US">Max</span>(標的證券價格-履約價格<span lang="EN-US"> , 0</span>)×
行使比例+時間價值<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =<span lang="EN-US">Max</span>(<span lang="EN-US">S</span>-<span lang="EN-US">K , 0</span>)× 行使比例+<span lang="EN-US">TV<o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證價值=<span lang="EN-US">Max</span>(履約價格-標的證券價格<span lang="EN-US"> , 0</span>)×
行使比例+時間價值<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =<span lang="EN-US">Max</span>(<span lang="EN-US">K</span>-<span lang="EN-US">S , 0</span>)× 行使比例+<span lang="EN-US">TV<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、權證的價值來源<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價內權證</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證持有人依照目前標的證券價格,立即履約會產生</span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">獲利</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">,此時該權證則稱為</span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">價內</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證。</span><span lang="EN-US" style="color: blue; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對認購權證而言,若目前標的證券價格(<span lang="EN-US">S</span>)>履約價格(<span lang="EN-US">K</span>)時,如果持有人履約,則可以履約價格向發行人買進標的證券之後,並在市場上以市價賣出來獲利。因此,<span style="color: blue;">當<span lang="EN-US">S</span>><span lang="EN-US">K</span>時 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">價內認購權證</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對認售權證而言,若目前標的證券價格(<span lang="EN-US">S</span>)<履約價格(<span lang="EN-US">K</span>)時,如果持有人履約,則可在市場上以市價買進標的證券,並向發行人以履約價格賣出標的證券來獲利。因此,<span style="color: blue;">當<span lang="EN-US">S</span><<span lang="EN-US">K</span>時 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">價內認售權證</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">此外,若標的證券價格<b style="mso-bidi-font-weight: normal;">遠高</b>於履約價格時,此時認購權證則稱為<b style="mso-bidi-font-weight: normal;">深度</b>價內認購權證;若標的證券價格<b style="mso-bidi-font-weight: normal;">遠低</b>於履約價格時,此時認售權證則稱為<b style="mso-bidi-font-weight: normal;">深度</b>價內認售權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵價平權證<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證持有人依照目前標的證券價格,立即履約的</span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">獲利為零</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">,此時該權證則稱為</span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">價平</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,<span style="color: blue;">當<span lang="EN-US">S</span>=<span lang="EN-US">K</span>時 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">價平認購權證、價平認售權證</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US" style="color: blue;"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶價外權證<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證持有人依照目前標的證券價格,立即履約會產生</span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">虧損</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">,此時該權證則稱為</span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">價外</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證。</span><span lang="EN-US" style="color: blue; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對認購權證而言,若目前標的證券價格(<span lang="EN-US">S</span>)<履約價格(<span lang="EN-US">K</span>)時,如果持有人履約將會產生虧損,故不會選擇履約。因此,<span style="color: blue;">當<span lang="EN-US">S</span><<span lang="EN-US">K</span>時 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">價外認購權證</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對認售權證而言,若目前標的證券價格(<span lang="EN-US">S</span>)>履約價格(<span lang="EN-US">K</span>)時,如果持有人履約將會產生虧損,故不會選擇履約。因此,<span style="color: blue;">當<span lang="EN-US">S</span>><span lang="EN-US">K</span>時 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">價外認售權證</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">此外,若標的證券價格<b style="mso-bidi-font-weight: normal;">遠低</b>於履約價格時,此時認購權證則稱為<b style="mso-bidi-font-weight: normal;">深度</b>價外認購權證;若標的證券價格<b style="mso-bidi-font-weight: normal;">遠高</b>於履約價格時,此時認售權證則稱為<b style="mso-bidi-font-weight: normal;">深度</b>價外認售權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑷內含價值(<span lang="EN-US">Intrinsic Value</span>)<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當權證為價內權證時,<b style="mso-bidi-font-weight: normal;"><span style="color: red;">履約價格與標的證券價格間的價差絕對值</span></b>即為內含價值。但是,對於價外或價平的權證而言,由於立即履約並不會產生獲利,故內含價值=<span lang="EN-US">0</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證的內含價值=<span lang="EN-US">Max</span>(<span lang="EN-US">S</span>-<span lang="EN-US">K , 0</span>)×
行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證的內含價值=<span lang="EN-US">Max</span>(<span lang="EN-US">K</span>-<span lang="EN-US">S , 0</span>)×
行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價內<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價平<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價外<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">K<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">內含價值=(<span lang="EN-US">S</span>-<span lang="EN-US">K</span>)× 行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US">K<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">內含價值=<span lang="EN-US">0<o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><<span lang="EN-US">K<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">內含價值=<span lang="EN-US">0<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><<span lang="EN-US">K<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">內含價值=(<span lang="EN-US">K</span>-<span lang="EN-US">S</span>)× 行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US">K<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">內含價值=<span lang="EN-US">0<o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">K<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">內含價值=<span lang="EN-US">0<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證的內含價值<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑸時間價值(<span lang="EN-US">Time Value</span>)<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">時間價值等於權證價格超過內含價值的部分。因此,價平及價外權證的價格(權利金)剛好等於時間價值。</span><span lang="EN-US" style="color: blue; font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">時間價值反映著權證持有人希望權證由價外(或價平)變成價內,甚至深度價內的一種<span style="background: yellow; mso-highlight: yellow;">期望</span>。</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,如果權證的存續期間越長,權證持有人所願意支付的權利金就越高,將權利金扣除內含價值,即為時間價值的定義。</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">此外,值得注意的是,<span style="color: blue;">隨著到期日的接近,時間價值會漸漸消逝並趨近於零。</span></span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">圖 權證時間價值的遞減情況</span><span style="font-family: "新細明體" , "serif"; font-size: 10.0pt;">(愈接近到期日,<span lang="EN-US">TV</span>耗損速度愈快)</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、權證在到期前的價值<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎認購權證在到期前的價值<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">假設認購權證在到期前某一天的①標的證券價格=<span lang="EN-US">S</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">T</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">、②認購權證價格=<span lang="EN-US">C</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">T</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∵權證價值=內含價值(<span lang="EN-US">IV</span>)+時間價值(<span lang="EN-US">TV</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證價值=<span lang="EN-US">Max</span>(<span lang="EN-US">S</span>-<span lang="EN-US">K , 0</span>)× 行使比例+<span lang="EN-US">TV<o:p></o:p></span></span></div>
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<span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∴<span lang="EN-US">C</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">T</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US" style="color: blue;">Max</span><span style="color: blue;">(<span lang="EN-US">S</span></span></span><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 7.0pt;">T</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">-<span lang="EN-US">K , 0</span>)× 行使比例</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">+<span lang="EN-US">TV<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎認售權證在到期前的價值<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">假設認售權證在到期前某一天的①標的證券價格=<span lang="EN-US">S</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">T</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">、②認售權證價格=<span lang="EN-US">P</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">T</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∵權證價值=內含價值(<span lang="EN-US">IV</span>)+時間價值(<span lang="EN-US">TV</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證價值=<span lang="EN-US">Max</span>(<span lang="EN-US">K</span>-<span lang="EN-US">S , 0</span>)× 行使比例+<span lang="EN-US">TV<o:p></o:p></span></span></div>
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<span lang=EN-US style='font-size:14.0pt;font-family:"新細明體","serif";
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<span style='font-size:14.0pt;font-family:
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5.0pt;font-family:"新細明體","serif"'>T</span><span style='font-size:10.0pt;
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<span lang=EN-US style='font-size:14.0pt'><o:p> </o:p></span></p>
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<span lang=EN-US style='font-size:10.0pt;
font-family:"新細明體","serif"'>S</span><span lang=EN-US style='font-size:
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font-family:"新細明體","serif"'><<span lang=EN-US>K<o:p></o:p></span></span></p>
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<span lang=EN-US style='font-size:14.0pt'><o:p> </o:p></span></p>
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<span
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<p class=MsoNormal align=center style='text-align:center'>
<span
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<p class=MsoNormal align=center style='text-align:center'>
<span
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<![if !mso]></td>
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<div>
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<span
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<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiNziOot_OPCYQ9x7Bi171lxAsimk8h64zx0rup5Dn31oNBrOTiDhCuZmS1F9wOehBk5ghjyyXdA79RKeHFqBRT9zB4Vi0RdPzHWVeafMWzaEvjcYzhCJ7ky6QDeKlc5_9qNHd8A87g8c/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-5+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E5%2583%25B9%25E5%2580%25BC-%25E8%25AA%258D%25E5%2594%25AE%25E6%25AC%258A%25E8%25AD%2589%25E5%259C%25A8%25E5%2588%25B0%25E6%259C%259F%25E5%2589%258D%25E7%259A%2584%25E5%2583%25B9%25E5%2580%25BC.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="認售權證在到期前的價值" border="0" data-original-height="948" data-original-width="1423" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiNziOot_OPCYQ9x7Bi171lxAsimk8h64zx0rup5Dn31oNBrOTiDhCuZmS1F9wOehBk5ghjyyXdA79RKeHFqBRT9zB4Vi0RdPzHWVeafMWzaEvjcYzhCJ7ky6QDeKlc5_9qNHd8A87g8c/s400/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-5+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E5%2583%25B9%25E5%2580%25BC-%25E8%25AA%258D%25E5%2594%25AE%25E6%25AC%258A%25E8%25AD%2589%25E5%259C%25A8%25E5%2588%25B0%25E6%259C%259F%25E5%2589%258D%25E7%259A%2584%25E5%2583%25B9%25E5%2580%25BC.png" title="認售權證在到期前的價值" width="400" /></a></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">三、權證在到期時的</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">報酬型態</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎認購權證在到期時的</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">報酬型態</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">假設認購權證在最後結算日的①標的證券結算價格=<span lang="EN-US">S</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">、②認購權證價值=<span lang="EN-US">C</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∵權證價值=內含價值(<span lang="EN-US">IV</span>)+時間價值(<span lang="EN-US">TV</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證價值=<span lang="EN-US">Max</span>(<span lang="EN-US">S</span>-<span lang="EN-US">K , 0</span>)× 行使比例+<span lang="EN-US">TV<o:p></o:p></span></span></div>
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<span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">C</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US">Max</span>(<span lang="EN-US">S</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-<span lang="EN-US">K , 0</span>)× 行使比例+<span lang="EN-US">0<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∴<span lang="EN-US">C</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US" style="color: red;">Max</span><span style="color: red;">(<span lang="EN-US">S</span></span></span><span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">-<span lang="EN-US">K , 0</span>)× 行使比例</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由上述公式可知,不論未來標的證券價格為何,認購權證在到期日的報酬型態均為<span style="color: blue;">非</span>負報酬(∵<span lang="EN-US">C</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">≧<span lang="EN-US">0</span>)。因此,認購權證的持有人在到期日時均不會有任何虧損,但是<span style="color: red;">持有人</span>為了要享有此權利,就必須<span style="color: red;">支付</span>權利金(=權證價格)來當作代價。所以在考量持有人所支付的權利金之後,持有人在到期日或最後結算日時就可能會產生權利金的虧損
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">持有人的到期損益<span style="color: red;">=<span lang="EN-US">Max</span>(<span lang="EN-US">S</span></span></span><span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">-<span lang="EN-US">K , 0</span>)× 行使比例-權證價格</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span
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<span lang=EN-US style='font-size:14.0pt;
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lang=EN-US style='font-size:8.0pt;font-family:"新細明體","serif";color:red'>m</span><span
style='font-size:14.0pt;font-family:"新細明體","serif";color:red'>-<span
lang=EN-US>K , 0</span>)× 行使比例</span><span lang=EN-US style='font-size:
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<span style='font-size:14.0pt;font-family:"新細明體","serif";
mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri'>-權證價格</span><span
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<span
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<span lang=EN-US style='font-size:8.0pt;
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證的到期損益圖</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">【範例】</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">假設標的證券價格於<span lang="EN-US">8/1</span>為<span lang="EN-US">130</span>元、認購權證價格為<span lang="EN-US">1.5</span>元、履約價格為<span lang="EN-US">150</span>元、權證到期日為<span lang="EN-US">9/1</span>、行使比例為<span lang="EN-US">1</span>:<span lang="EN-US">0.1</span>,若當<span lang="EN-US">9/1</span>標的證券價格上漲至<span lang="EN-US">170</span>元,則此認購權證之到期損益狀況如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Ans</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">到期損益=<span lang="EN-US">Max</span>(<span lang="EN-US">S</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 8.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-<span lang="EN-US">K , 0</span>)×
行使比例-權證價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =<span lang="EN-US">Max</span>(<span lang="EN-US">170</span>-<span lang="EN-US">150 , 0</span>)<span lang="EN-US">× 0.1</span>-<span lang="EN-US">1.5<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =<span lang="EN-US">0.5<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">報酬率=<span lang="EN-US">0.5 </span>÷<span lang="EN-US">
1.5</span>=<span lang="EN-US">33.33%<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※損益兩平點<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格=(<span lang="EN-US">S</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 8.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-<span lang="EN-US">K</span>)×
行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.5</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=(<span lang="EN-US">S</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 8.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-<span lang="EN-US">150</span>)<span lang="EN-US">× 0.1<o:p></o:p></span></span></div>
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<span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 8.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US">165<o:p></o:p></span></span></div>
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<span style="background: white; color: #444444; font-family: "新細明體" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">∴</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券結算價格=<span lang="EN-US">165</span>元時,權證持有人損益兩平。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎認售權證在到期時的</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">報酬型態</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">假設認售權證在最後結算日的①標的證券結算價格=<span lang="EN-US">S</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">、②認售權證價值=<span lang="EN-US">P</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∵權證價值=內含價值(<span lang="EN-US">IV</span>)+時間價值(<span lang="EN-US">TV</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證價值=<span lang="EN-US">Max</span>(<span lang="EN-US">K</span>-<span lang="EN-US">S , 0</span>)× 行使比例+<span lang="EN-US">TV<o:p></o:p></span></span></div>
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<span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">P</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US">Max</span>(<span lang="EN-US">K</span>-<span lang="EN-US">S</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> , 0</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)× 行使比例+<span lang="EN-US">0<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∴<span lang="EN-US">P</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US" style="color: lime;">Max</span><span style="color: lime;">(<span lang="EN-US">K</span>-<span lang="EN-US">S</span></span></span><span lang="EN-US" style="color: lime; font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span lang="EN-US" style="color: lime; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> , 0</span><span style="color: lime; font-family: "新細明體" , "serif"; font-size: 14.0pt;">)× 行使比例</span><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由上述公式可知,不論未來標的證券價格為何,認售權證在到期日的報酬型態均為<span style="color: blue;">非</span>負報酬(∵<span lang="EN-US">P</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">≧<span lang="EN-US">0</span>)。因此,認售權證的持有人在到期日時均不會有任何虧損,但是<span style="color: red;">持有人</span>為了要享有此權利,就必須<span style="color: red;">支付</span>權利金(=權證價格)來當作代價。所以在考量持有人所支付的權利金之後,持有人在到期日或最後結算日時就可能會產生權利金的虧損
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: lime; font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">持有人的到期損益<span style="color: lime;">=<span lang="EN-US">Max</span>(<span lang="EN-US">K</span>-<span lang="EN-US">S</span></span></span><span lang="EN-US" style="color: lime; font-family: "新細明體" , "serif"; font-size: 7.0pt;">m</span><span lang="EN-US" style="color: lime; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> , 0</span><span style="color: lime; font-family: "新細明體" , "serif"; font-size: 14.0pt;">)× 行使比例-權證價格</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US" style="color: red;"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證的到期損益圖</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">【範例】</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">假設標的證券價格於<span lang="EN-US">8/1</span>為<span lang="EN-US">130</span>元、認售權證價格為<span lang="EN-US">1.5</span>元、履約價格為<span lang="EN-US">110</span>元、權證到期日為<span lang="EN-US">9/1</span>、行使比例為<span lang="EN-US">1</span>:<span lang="EN-US">0.1</span>,若當<span lang="EN-US">9/1</span>標的證券價格下跌至<span lang="EN-US">90</span>元,則此認售權證之到期損益狀況如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Ans</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">到期損益=<span lang="EN-US">Max</span>(<span lang="EN-US">K</span>-<span lang="EN-US">S</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 8.0pt;">m</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> , 0</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)×
行使比例-權證價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =<span lang="EN-US">Max</span>(<span lang="EN-US">110</span>-<span lang="EN-US">90 , 0</span>)<span lang="EN-US">× 0.1</span>-<span lang="EN-US">1.5<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =<span lang="EN-US">0.5<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">報酬率=<span lang="EN-US">0.5 </span>÷<span lang="EN-US">
1.5</span>=<span lang="EN-US">33.33%<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※損益兩平點<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格=(<span lang="EN-US">K</span>-<span lang="EN-US">S</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 8.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)× 行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.5</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=(<span lang="EN-US">110</span>-<span lang="EN-US">S</span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 8.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)<span lang="EN-US">× 0.1<o:p></o:p></span></span></div>
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<span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 8.0pt;">m</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US">95<o:p></o:p></span></span></div>
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<span style="background: white; color: #444444; font-family: "新細明體" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">∴</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券結算價格=<span lang="EN-US">95</span>元時,權證持有人損益兩平。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※圖片來源:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif";">http://www.warrantwin.com.tw/eyuanta/images/qa/qa_32.jpg<o:p></o:p></span></div>
股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-49281040755443274712020-06-07T10:32:00.000+08:002020-06-07T10:32:00.371+08:00權證的挑選與操作 第4章 影響權證價格的變動因素<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.blogger.com/blogger.g?blogID=6336220364381668643" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsQtaXw35oDMVageKCq6Vnu_jbFtmkfA3C0C6BDnYviD9KxL-c4zThSiSo0r-ksR29wP_GYNTZgSLbCo8JeP-9d-OfH1HOd_mWgPRQ10n9twhZkW5t_CAACdM-VAn0G3wB19Qn_Wgn-HM/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-4+%25E5%25BD%25B1%25E9%259F%25BF%25E6%25AC%258A%25E8%25AD%2589%25E5%2583%25B9%25E5%2580%25BC%25E5%259B%25A0%25E7%25B4%25A0.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="255" data-original-width="542" height="187" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsQtaXw35oDMVageKCq6Vnu_jbFtmkfA3C0C6BDnYviD9KxL-c4zThSiSo0r-ksR29wP_GYNTZgSLbCo8JeP-9d-OfH1HOd_mWgPRQ10n9twhZkW5t_CAACdM-VAn0G3wB19Qn_Wgn-HM/s400/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-4+%25E5%25BD%25B1%25E9%259F%25BF%25E6%25AC%258A%25E8%25AD%2589%25E5%2583%25B9%25E5%2580%25BC%25E5%259B%25A0%25E7%25B4%25A0.png" width="400" /></a></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價值係由<b style="mso-bidi-font-weight: normal;"><span style="color: red;">標的證券價格</span></b>(<span lang="EN-US">S</span>)、<b style="mso-bidi-font-weight: normal;"><span style="color: red;">履約價格</span></b>(<span lang="EN-US">K</span>)、<b style="mso-bidi-font-weight: normal;"><span style="color: red;">存續期間</span></b>(<span lang="EN-US">T</span>)、<b style="mso-bidi-font-weight: normal;"><span style="color: red;">標的資產</span></b>報酬率之<b style="mso-bidi-font-weight: normal;"><span style="color: red;">波動率</span></b>(σ)、<b style="mso-bidi-font-weight: normal;"><span style="color: red;">無風險利率</span></b>(<span lang="EN-US">r</span>)和<b style="mso-bidi-font-weight: normal;"><span style="color: red;">現金股利</span></b>(<span lang="EN-US">D</span>)等因素,帶入<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">B-S</span>模型</b>決定合理的權證價格。<span lang="EN-US">B-S</span>模型計算出來的價格稱之為<b style="mso-bidi-font-weight: normal;">理論</b>價格,而市場上權證價格會受到買賣雙方力道影響,故權證理論價格和市場上的價格不一定會相等。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">影響</span><br />
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因素<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價 格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價 格<span lang="EN-US"><o:p></o:p></span></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=6336220364381668643" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">說 明<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">正相關<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">負相關<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券價格越高,認購權證價值越高<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券價格越低,認售權證價值越高<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">負相關<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">正相關<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">履約價格越低,認購權證價值越高<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">履約價格越高,認售權證價值越高<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">T<o:p></o:p></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.85pt;" width="283"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">正相關<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.9pt;" width="284"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">正相關<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 326.0pt;" valign="top" width="1304"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">存續期間越長,認購及認售權證進入價內的可能性都越高,權證價值也都越高<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">σ<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">正相關<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.9pt;" width="284"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">正相關<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 326.0pt;" valign="top" width="1304"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">波動率越高,標的證券價格越活躍,認購及認售權證進入價內的可能性都越高,權證價值也都越高<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">r<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">正相關<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.9pt;" width="284"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">負相關<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">利率越高,履約價格折現後越低,認購權證價值越高<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">利率越低,履約價格折現後較高,認售權證價值越高<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">D<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">無影響<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.9pt;" width="284"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">無影響<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 326.0pt;" valign="top" width="1304"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因為當標的證券發放現金股利時,發行券商會調整權證的履約價格,所以基本上沒有影響<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">※行使比例會影響履約價值,但不是權證價格的變動因素。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 影響權證價格因素的相關性</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、標的資產價格(<span lang="EN-US">S</span>)<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證是賦予持有人有權利向發行人依照事先約定的履約價格,買進標的證券的權利。</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">換言之,<span style="color: blue;">認購權證的<b style="mso-bidi-font-weight: normal;">履約價格</b>相當於權證</span><span style="color: red;">持有人</span><span style="color: blue;">向發行人</span><span style="color: red;">買進</span><span style="color: blue;">標的證券之</span><b style="mso-bidi-font-weight: normal;"><span style="color: red;">成本</span></b><span style="color: blue;">。</span>所以在其他條件不變下,若目前標的證券價格越高,由於持有人所付出的買進成本(=履約價格)固定,將使得持有人獲利越高,導致認購權證價格會隨著標的證券價格增加而遞增。反之,若標的證券價格越低,則認購權證會越沒有價值。亦即,<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">認購權證價格與標的證券價格呈</span><span style="color: red;">正</span><span style="color: blue;">相關。</span></b></span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※當標的證券價格<span style="color: blue;"><</span>認購權證的履約價格時,持有人將不會履行買進的權利。</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證是賦予持有人有權利向發行人依照事先約定的履約價格,賣出標的證券的權利。</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">換言之,<span style="color: blue;">認售權證的<b style="mso-bidi-font-weight: normal;">履約價格</b>相當於權證</span><span style="color: red;">持有人</span><span style="color: blue;">向發行人</span><span style="color: lime;">賣出</span><span style="color: blue;">標的證券之</span><b style="mso-bidi-font-weight: normal;"><span style="color: red;">價格</span></b><span style="color: blue;">。</span>所以在其他條件不變下,若目前標的證券價格越低,由於持有人所賣出的價格(=履約價格)固定,將使得持有人獲利越高,導致認售權證價格會隨著標的證券價格下跌而遞增。反之,若標的證券價格越高,則認售權證會越沒有價值。亦即,<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">認售權證價格與標的證券價格呈</span><span style="color: lime;">負</span><span style="color: blue;">相關。</span></b></span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※當標的證券價格<span style="color: blue;">></span>認售權證的履約價格時,持有人將不會履行賣出的權利。</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、履約價格(<span lang="EN-US">K</span>)<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在<span style="color: blue;">認購權證</span>方面,由於<span style="color: blue;">履約價格相當於</span><span style="color: red;">持有人</span><span style="color: blue;">向發行人</span><span style="color: red;">買進</span><span style="color: blue;">標的證券之</span><span style="color: red;">成本</span><span style="color: blue;">。</span>因此,當履約價格越高時,買進的成本就越高</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證的價格越低。反之,當履約價格越低時,買進的成本就越低</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證的價格越高。亦即,<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">認購權證價格與履約價格呈</span><span style="color: lime;">負</span><span style="color: blue;">相關。</span></b></span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在<span style="color: blue;">認售權證</span>方面,由於<span style="color: blue;">履約價格相當於</span><span style="color: red;">持有人</span><span style="color: blue;">向發行人</span><span style="color: red;">賣出</span><span style="color: blue;">標的證券之</span><span style="color: red;">價格</span>。因此,當履約價格越高時,賣出的價格就越高</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證的價格越高。反之,當履約價格越低時,賣出的價格就越低</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證的價格越低。亦即,<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">認售權證價格與履約價格呈</span><span style="color: red;">正</span><span style="color: blue;">相關。</span></b></span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">三、距到期日期間(<span lang="EN-US">T</span>)</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(或稱:存續期間)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證是一種權利,當距到期日時間越長,不論是認購權證或認售權證的權利行使期限就越長</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證或認售權證的價格就隨之增加。反之,距到期日時間越短,認購權證或認售權證的價格就越低。亦即,<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">認購權證與認售權證的價格均與距到期日期間呈</span><span style="color: red;">正</span><span style="color: blue;">相關。</span></b></span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">四、標的資產報酬率之波動率(σ)</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(或稱:隱含波動率)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: red;"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當標的證券的波動程度越高時,投資人規避標的證券價格風險的需求將會越高(需求>供給),且</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購或認售權證進入價內的可能性都越高</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證或認售權證的價格會隨之上漲。反之,標的證券的波動程度越低時,投資人規避標的證券價格風險的需求將會越低(需求<供給),且</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購或認售權證進入價內的可能性都越低,在</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">時間價值耗損下而變得容易損失</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證或認售權證的價格會隨之下跌。亦即,<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">認購權證與認售權證的價格均與標的證券報酬率之波動率呈</span><span style="color: red;">正</span><span style="color: blue;">相關。</span></b></span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">五、無風險利率(<span lang="EN-US">r</span>)<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對認購權證而言,如果在到期日時履約,持有人將支付<span style="color: blue;">履約價格</span>給發行人以換取標的證券。因此,無風險利率越高</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">持有人未來支付的履約價格<span style="color: blue;">現值</span>將越低</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證價值上升。反之,無風險利率越低,認購權證價值越低。亦即,<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">認購權證價格與無風險利率呈</span><span style="color: red;">正</span><span style="color: blue;">相關。</span></b></span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對認售權證而言,如果在到期日時履約,持有人將收取<span style="color: blue;">履約價格</span>,並將標的證券交給發行人。因此,無風險利率越高</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">持有人未來收取的履約價格<span style="color: blue;">現值</span>將越低</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證價值下降。反之,無風險利率越低,認售權證價值越高。亦即,<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">賣權價格與無風險利率呈</span><span style="color: lime;">負</span><span style="color: blue;">相關。</span></b></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue; font-size: 14.0pt;"><o:p></o:p></span></b></div>
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<a href="https://www.blogger.com/blogger.g?blogID=6336220364381668643" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由上可知,無風險利率會將履約價格折現。亦即,無風險利率與履約價格呈負相關。</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">六、現金股利(<span lang="EN-US">D</span>)<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">發放現金股利會使得<span style="color: blue;">標的證券價格</span>下降</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">現金股利可視為標的證券價格的減項</span><span style="font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">現金股利與標的證券價格呈負相關。</span><span lang="EN-US" style="font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">但</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當標的證券發放現金股利時,發行券商會調整權證的履約價格,以保障認購或認售權證持有人原本的權益,所以基本上現金股利發放與否對權證價格沒有影響。<span lang="EN-US"><o:p></o:p></span></span></div>
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股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-21254815169321571472020-05-31T09:48:00.000+08:002020-05-31T09:48:00.349+08:00權證的挑選與操作 第3章 權證的買賣與履約<div class="separator" style="clear: both; text-align: center;">
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、權證如何買賣<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">有股票交易帳戶者即可利用現有帳戶從事權證買賣。初次購買認購(售)權證時,除專業機構投資人外,應向證券帳戶所屬證券商簽具風險預告書,才可以進行權證買賣。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、買賣規格<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" width="740"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股票<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">交易單位<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" width="794"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1,000</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">單位(<span lang="EN-US">1</span>張)<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" width="740"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1,000</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股(<span lang="EN-US">1</span>張)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">交易稅<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" width="794"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">‰<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" width="740"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">‰<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">手續費<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" width="794"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.425</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">‰<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" width="740"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.425</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">‰<span lang="EN-US"><o:p></o:p></span></span></div>
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<td rowspan="6" style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 31.85pt;" width="127"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">跳<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">動<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">單<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">位<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.4pt;" valign="top" width="270"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">0.01</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="794"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">報價<<span lang="EN-US">5</span>元<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" valign="top" width="740"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">報價<<span lang="EN-US">10</span>元<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.4pt;" valign="top" width="270"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">0.05</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="794"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">5</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元≦報價<<span lang="EN-US">10</span>元<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" valign="top" width="740"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">10</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元≦報價<<span lang="EN-US">50</span>元<span lang="EN-US"><o:p></o:p></span></span></div>
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<tr style="mso-yfti-irow: 6;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.4pt;" valign="top" width="270"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">0.10</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="794"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">10</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元≦報價<<span lang="EN-US">50</span>元<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" valign="top" width="740"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">50</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元≦報價<<span lang="EN-US">100</span>元<span lang="EN-US"><o:p></o:p></span></span></div>
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<tr style="mso-yfti-irow: 7;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.4pt;" valign="top" width="270"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">0.50</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="794"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">50</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元≦報價<<span lang="EN-US">100</span>元<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" valign="top" width="740"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">100</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元≦報價<<span lang="EN-US">500</span>元<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.4pt;" valign="top" width="270"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.00</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="794"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">100</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元≦報價<<span lang="EN-US">500</span>元<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" valign="top" width="740"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">500</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元≦報價<<span lang="EN-US">1000</span>元<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.4pt;" valign="top" width="270"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">5.00</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="794"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">500</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元≦報價<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" valign="top" width="740"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1000</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元≦報價<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td colspan="2" style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="397"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">零股交易<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="794"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">無<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" valign="top" width="740"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">有<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td colspan="2" style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" width="397"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">網路下單限制<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 10.0pt;">(以大昌證券為例)<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="794"><div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-indent: -14.0pt;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎單日委託張數:<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.4pt; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">單筆<span lang="EN-US">99</span>張、多筆合計<span lang="EN-US">499</span>張<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-indent: -14.0pt;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎單日委託金額<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.4pt; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">依個人申請額度而定<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" valign="top" width="740"><div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-indent: -14.0pt;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎單日委託張數:<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.4pt; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">單筆<span lang="EN-US">499</span>張、多筆不限<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.0pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; text-indent: -14.0pt;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎單日委託金額<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 14.4pt; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">依個人單日買賣額度而定<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.05pt; mso-char-indent-count: -2.0; mso-layout-grid-align: none; text-align: justify; text-indent: -28.05pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">三、權證的漲跌幅</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<b style="mso-bidi-font-weight: normal;"><span style="color: red;">標的證券</span></b>的漲跌幅 × 行使比率</span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.4pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴標的證券為國內股票、<span lang="EN-US">ETF</span>及<span lang="EN-US">TDR</span>者<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 42.8pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎漲停價格=權證當日開盤競價基準+(標的證券當日漲停價格-標的證券當日開盤競價基準)× 行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 42.8pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎跌停價格=<span lang="EN-US">Max</span>{權證當日開盤競價基準-(標的證券當日開盤競價基準-標的證券當日跌停價格)×
行使比例<span lang="EN-US"> , 0</span>}<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.4pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵標的指數為國內指數者<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 42.8pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎漲停價格=權證當日開盤競價基準+(標的指數當日漲停價格-標的指數當日開盤競價基準)× 每點數對應金額
× 行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 42.8pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎跌停價格=<span lang="EN-US">Max</span>{權證當日開盤競價基準-(標的指數當日開盤競價基準-標的指數當日跌停價格)×
每點數對應金額 × 行使比例<span lang="EN-US"> , 0</span>}<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.4pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶標的證券所屬交易所無漲跌幅限制者<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證無漲跌幅限制。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.05pt; mso-char-indent-count: -2.0; mso-layout-grid-align: none; text-align: justify; text-indent: -28.05pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">四、權證流動量提供者機制<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">發行人發行每一檔權證都配置流動量提供者,負責對該檔權證應買和應賣報價,以利投資人買賣該檔權證,解決投資人想買買不到、想賣賣不掉流動性不足之現象。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.4pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴主動報價<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">流動量提供者每隔<span lang="EN-US">5</span>分鐘至少自動報價<span lang="EN-US">1</span>次,報價至少維持<span lang="EN-US">30</span>秒或隨標的證券價格變動而調整。所提供之買賣價差不得大於<span lang="EN-US">10</span>個升降單位。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.8pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:發行人自訂最大升降單位<span lang="EN-US">10</span>,當權證委買價格為<span lang="EN-US">1</span>元時,依規定最小跳動單位為<span lang="EN-US">0.01</span>,則流動量提供者提供之賣出價格不得大於<span lang="EN-US">1.1</span>元,即委買與委賣之間不得逾<span lang="EN-US">0.1</span>元(=<span lang="EN-US">10 </span>×<span lang="EN-US"> 0.01</span>)。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵每筆最低委託數量<span lang="EN-US"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 42.8pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎委託買進報價<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 43.2pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 3.6gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">100</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">張或總金額達<span lang="EN-US">10</span>萬元,但有下列各情事之一者為<span lang="EN-US">10</span>張:<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 57.2pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 3.6gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">①現股流動性不足時。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 57.2pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 3.6gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">②標的證券為處置股票時。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 57.2pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 3.6gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">③開盤後<span lang="EN-US">5</span>分鐘至<span lang="EN-US">15</span>分鐘及收盤前<span lang="EN-US">5</span>分鐘。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 42.8pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎委託賣出報價:<span lang="EN-US">10</span>張。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶下列時機得不提供報價<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎開盤後<span lang="EN-US">5</span>分鐘內。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎權證之標的證券暫停交易。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎當流動量提供者專戶內之權證數量無法滿足每筆報價最低賣出單位時,流動量提供者得僅申報買價。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎發行人自行訂定之其他時機,列舉如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">①標的證券價格漲停時,認購(售)權證得僅申報買進(賣出)價格;<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券價格跌停時,認購(售)權證得僅申報賣出(買進)價格。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">②權證價格漲(跌)停時,得僅申報買進(賣出)價格。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">③價內程度≧<span lang="EN-US">30%</span>之權證,得僅申報買進價格。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">④權證理論價值低於<span lang="EN-US">0.01</span>元的權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑤流動量提供者在日常運作出現技術性問題時。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑥當發行人無法進行避險時。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">五、證券商發行權證是否對標的證券有所預期?<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">證券商發行權證可提供投資人多一項投資工具,另會依據權證理論模型進行避險操作,因此投資人的損益和發行人並無直接關連。投資人會因標的證券漲跌而產生獲利或損失,而發行人會因標的證券波動性或流動性風險而產生獲利或虧損,∴證券商發行權並不一定是看多或看空該標的證券。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">六、權證履約給付的方式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎證券給付。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎現金給付。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎證券給付但發行人有現金選擇權。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎證券給付但持有人有現金選擇權。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎證券給付,惟發行人得選擇以現金結算,如到期具履約價值而未申請履約者,發行人將以權證到期日標的證券收盤前<span lang="EN-US">60</span>分鐘內成交價格之簡單算術平均價自動現金結算。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎證券給付,如到期具履約價值而未申請履約者,發行人將以權證到期日標的證券收盤前<span lang="EN-US">60</span>分鐘內成交價格之簡單算術平均價自動現金結算。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎證券給付,但持有人有現金選擇權,如到期具履約價值而未申請履約者,發行人將以權證到期日標的證券收盤前<span lang="EN-US">60</span>分鐘內成交價格之簡單算術平均價自動現金結算。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎實物交割,惟發行人得選擇以現金結算,如以實物交割者,交割最小單位為<span lang="EN-US">1</span>台兩或其整倍數,未達<span lang="EN-US">1</span>台兩之部分仍採現金給付。如到期具履約價值而未申請履約者,發行人將以標的黃金現貨當日收市均價自動現金結算。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎實物交割,惟持有人得選擇以現金結算,如以實物交割者,交割最小單位為<span lang="EN-US">1</span>台兩或其整倍數,未達<span lang="EN-US">1</span>台兩之部分仍採現金給付。如到期具履約價值而未申請履約者,發行人將以標的黃金現貨當日收市均價自動現金結算。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">七、權證申請履約流程<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴投資人申請履約流程<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">投資人請於交易日<span lang="EN-US">14</span>:<span lang="EN-US">30</span>以前,持<span style="color: blue;">證券存摺</span>、<span style="color: blue;">集保印鑑</span>並填具「<span style="color: blue;">認購(售)權證履約申請委託書</span>」至<b style="mso-bidi-font-weight: normal;"><span style="color: red;">開戶</span></b><span style="color: blue;">券商</span>提出申請,並完成預繳履約所須支付之款項(※投資人須在買進的權證已匯入集保帳戶後,才可申請履約,且請求數量為<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">1,000</span></b>單位的權證或其整倍數。)<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵券商收到投資人履約申請<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">券商決定採現金結算或證券給付給投資人,投資人可於申請履約後第二個營業日取得款或券。履約給付方式可分為以下三種:①現金結算、②證券給付、③證券給付,惟券商得選擇現金結算之認購(售)權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">履約給付方式為③「證券給付,惟券商得選擇現金結算之權證」,如果券商選擇以現金結算,或該投資人分配以現金結算,券商將於投資人請求履約日後第一營業日退還預收之款項(※<span style="color: red;">目前權證大多由券商決定現金結算或證券給付</span>,投資人可至公開資訊觀測站查詢相關公告)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">八、權證申請到期結算作業<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">依臺灣證券交易所股份有限公司辦理認購(售)權證履約注意事項第一項規定,如果權證到期具履約價值時,如持有人未及時申請履約,發行人都會以到期價內自動現金結算方式,於到期後第二個營業日將款項匯撥至投資人帳戶。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證結算價採樣<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國內掛牌個股<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證到期日標的證券收盤前<span lang="EN-US">60</span>分鐘平均成交價<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國內各類指數<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證到期日標的指數收盤前<span lang="EN-US">30</span>分鐘平均指數<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國外掛牌個股<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證到期日標的證券收盤價<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國外各類指數<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證到期日標的指數收盤指數<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 權證到期結算價的計算標準<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">九、權證交易和履約成本<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtsU84wfuFFx4SWjY7EhPjMdroUVKhYfe3Fwhg-EVEVrrPsf-qwKoxmgFr-_xjFZFuEBS5g6ZI9-KGMQ3quu0C6AjXw1e0sHikVKvXACPps_q_y2UjEaEubX3iMR8bZ2758JaZ7DfR-Lo/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-3+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E4%25BA%25A4%25E6%2598%2593%25E9%25A0%2588%25E7%259F%25A5-%25E6%25AC%258A%25E8%25AD%2589%25E4%25BA%25A4%25E6%2598%2593%25E5%2592%258C%25E5%25B1%25A5%25E7%25B4%2584%25E6%2588%2590%25E6%259C%25AC.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="權證交易和履約成本" border="0" data-original-height="991" data-original-width="1600" height="396" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtsU84wfuFFx4SWjY7EhPjMdroUVKhYfe3Fwhg-EVEVrrPsf-qwKoxmgFr-_xjFZFuEBS5g6ZI9-KGMQ3quu0C6AjXw1e0sHikVKvXACPps_q_y2UjEaEubX3iMR8bZ2758JaZ7DfR-Lo/s640/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-3+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E4%25BA%25A4%25E6%2598%2593%25E9%25A0%2588%25E7%259F%25A5-%25E6%25AC%258A%25E8%25AD%2589%25E4%25BA%25A4%25E6%2598%2593%25E5%2592%258C%25E5%25B1%25A5%25E7%25B4%2584%25E6%2588%2590%25E6%259C%25AC.png" title="權證交易和履約成本" width="640" /></a></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">十、買賣權證的口訣</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:六不、一要、兩好<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.</span><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">不</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">要使用<span style="color: red;">市價單</span>,以避免買到漲停或賣在跌停的不合理價格。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.</span><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">不</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">要在開(收)盤後(前)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">5</span></b>分鐘,等券商造市佈單後再交易會比較好。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.</span><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">不</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">要<b style="mso-bidi-font-weight: normal;">長期持有</b>,以降低時間價值減損而歸零的風險少(持有天數≦<span lang="EN-US">14</span>天)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">4.</span><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">不</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">要<b style="mso-bidi-font-weight: normal;">太早進場</b>,預期標的證券即將有所漲跌時再買進。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">5.</span><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">不</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">要<b style="mso-bidi-font-weight: normal;">凹單</b>,看錯必須立刻停損出場。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">6.</span><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">不</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">要<b style="mso-bidi-font-weight: normal;">重押</b>,每次投入資金≦<span lang="EN-US" style="color: red;">20%</span>為限,因為權證<span style="color: red;">報酬率高但勝算低</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">7.</span><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">要</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">挑選信用良好、波動率穩定的<b style="mso-bidi-font-weight: normal;">發行券商</b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">8.</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">買賣<b style="mso-bidi-font-weight: normal;">價差比</b>要越小越<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">好</span></b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">9.</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">委買<b style="mso-bidi-font-weight: normal;">佈單量</b>要越高越<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">好</span></b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">十一、適性分析</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(您適合買權證嗎?)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證以小搏大,進入門檻低,但因為高槓桿高報酬,相對也必須承受高風險,所以不是每個投資人都可以賺得到錢。看錯必須立即認錯停損,若加碼攤平往往慘賠收場。所以,不是每個人都適合買權證,除非您合乎下列幾點:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎看得懂標的證券走勢,能在適當時機進場者。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎資金較少,但想利用權證高槓桿提高報酬率,且能承擔風險者。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎理性投資,賺錢會停利,賠錢會停損,不逢低攤平。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎盤中可以看盤,決策果決,適合短線交易者。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎了解權證操作,建立避險部位或套利交易者。<span lang="EN-US"><o:p></o:p></span></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=6336220364381668643" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">十二、權證歷年交易金額統計</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(單位:億元)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_32Db2JgM0b2UXPK9eeVim6KyFPrwmviLP7A3wkpH-k0jlOm-OypJTrJ64LY7hXTkcYHfXWfj69GqJA_Lk7_LbeC7HjwoowO59p0HutugeUo6mTamyGNWDf1Z95JH0USTX8XTs6uhdbo/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-3+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E4%25BA%25A4%25E6%2598%2593%25E9%25A0%2588%25E7%259F%25A5-%25E6%25AC%258A%25E8%25AD%2589%25E6%25AD%25B7%25E5%25B9%25B4%25E4%25BA%25A4%25E6%2598%2593%25E9%2587%2591%25E9%25A1%258D%25E7%25B5%25B1%25E8%25A8%2588.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="權證歷年交易金額統計" border="0" data-original-height="766" data-original-width="1600" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_32Db2JgM0b2UXPK9eeVim6KyFPrwmviLP7A3wkpH-k0jlOm-OypJTrJ64LY7hXTkcYHfXWfj69GqJA_Lk7_LbeC7HjwoowO59p0HutugeUo6mTamyGNWDf1Z95JH0USTX8XTs6uhdbo/s640/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-3+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E4%25BA%25A4%25E6%2598%2593%25E9%25A0%2588%25E7%259F%25A5-%25E6%25AC%258A%25E8%25AD%2589%25E6%25AD%25B7%25E5%25B9%25B4%25E4%25BA%25A4%25E6%2598%2593%25E9%2587%2591%25E9%25A1%258D%25E7%25B5%25B1%25E8%25A8%2588.png" title="權證歷年交易金額統計" width="640" /></a></div>
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<span style="font-family: , serif; text-align: justify; text-indent: -12pt;">※全體市場=上市+上櫃+興櫃。</span><br />
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<span style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">※其他:存託憑證、<span lang="EN-US">ETF</span>、<span lang="EN-US">ETN</span>、受益證券、封閉式基金、債券等。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">※資料來源<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">臺灣證券交易所:<span lang="EN-US"><a href="https://www.twse.com.tw/zh/statistics/statisticsList?type=07&subType=233" target="_blank">https://www.twse.com.tw/zh/statistics/statisticsList?type=07&subType=233</a><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">證券櫃檯買賣中心:<span lang="EN-US"><a href="https://www.tpex.org.tw/web/stock/aftertrading/market_statistics/statistics.php?l=zh-tw" target="_blank">https://www.tpex.org.tw/web/stock/aftertrading/market_statistics/statistics.php?l=zh-tw</a><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">證券櫃檯買賣中心:<span lang="EN-US"><a href="https://www.tpex.org.tw/web/emergingstock/historical/yearly/EMYearly.php?l=zh-tw" target="_blank">https://www.tpex.org.tw/web/emergingstock/historical/yearly/EMYearly.php?l=zh-tw</a><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">十三、權證資訊取得管道<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴臺灣證券交易所→「產品與服務」→「認購(售)權證」<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">網址:<span lang="EN-US"><a href="https://www.twse.com.tw/zh/page/products/securities/warrant/profile.html" target="_blank">https://www.twse.com.tw/zh/page/products/securities/warrant/profile.html</a><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵證券櫃檯買賣中心→「衍生商品」→「認購(售)權證專區」<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">網址:<span lang="EN-US"><a href="https://www.tpex.org.tw/web/link/index.php?l=zh-tw&t=5&t2=42&s=3" target="_blank">https://www.tpex.org.tw/web/link/index.php?l=zh-tw&t=5&t2=42&s=3</a><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶公開資訊觀測站→「認購(售)權證」<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">網址:<span lang="EN-US"><a href="https://mops.twse.com.tw/mops/web/index" target="_blank">https://mops.twse.com.tw/mops/web/index</a><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑷基本市況報導網站→「各項專區」→「權證行情」<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">網址:<span lang="EN-US"><a href="https://mis.twse.com.tw/stock/group.jsp?type=warrant&ex=tse&ind=D1" target="_blank">https://mis.twse.com.tw/stock/group.jsp?type=warrant&ex=tse&ind=D1</a><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑸權證資訊揭露平台<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">網址:<span lang="EN-US"><a href="http://warrants.sfi.org.tw/" target="_blank">http://warrants.sfi.org.tw/</a><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">臺灣證券交易所,網址:<span lang="EN-US">https://www.twse.com.tw/zh/page/products/securities/warrant/faq.html<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">元大證券,網址:<span lang="EN-US">https://www.warrantwin.com.tw/eyuanta/Learning/Warrant.aspx<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">日盛證券,網址:<span lang="EN-US">http://www.jihsun.com.tw/jsmarket/home/bond/new3.asp<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">中國信託證券,網址:<span lang="EN-US">https://warrant.win168.com.tw/Pages/Classroom/Class01.aspx<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">大展證券,網址:<span lang="EN-US">http://www.tachan.com.tw/new_tachan/html/warrant/warrant2-2.html<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※圖片來源:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif";">http://www.sinotrade.com.tw/UploadFiles/WM_MNG/20170526113948_02_2.png<o:p></o:p></span></div>
股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-60599906192669706722020-05-24T08:00:00.000+08:002020-05-24T08:00:14.681+08:00權證的挑選與操作 第2章 權證的分類和比較<div class="separator" style="clear: both; text-align: center;">
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、基本分類<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴以判斷標的證券漲跌分類<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span style="color: red;">認購權證</span></b>(</span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 14.0pt;">≈</span><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">買權</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">適合看<b style="mso-bidi-font-weight: normal;"><span style="color: red;">多</span></b>的投資人購買<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: red;"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證是一種表彰「持有人在事先約定的期間內,可以用約定的履約價格向發行人購入一定數量的標的證券,或以現金結算方式收取差價的權利」之有價證券。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">若其標的證券價格上漲,愈高於該履約價格,則該認購權證的價值亦隨之上漲;反之,若其標的證券價格下跌,愈低於該履約價格,則該認購權證的價值亦將下跌。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span style="color: lime;">認售權證</span></b>(</span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 14.0pt;">≈</span><b style="mso-bidi-font-weight: normal;"><span style="color: lime; font-family: "新細明體" , "serif"; font-size: 14.0pt;">賣權</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">適合看<b style="mso-bidi-font-weight: normal;"><span style="color: lime;">空</span></b>的投資人購買<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: lime;"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證是一種表彰「持有人在事先約定的期間內,可以用約定的履約價格向發行人售出一定數量的標的證券,或以現金結算方式收取差價的權利」之有價證券。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">若其標的證券價格下跌,愈低於該履約價格,則該認售權證的價值亦隨之上漲;反之,若其標的證券價格上漲,愈高於該履約價格,則該認售權證的價值亦將下跌。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵以履約時間點分類<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎歐式權證(<span lang="EN-US">European Warrants</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">持有人僅可於權證到期日當天向發行人要求履約。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎美式權證(<span lang="EN-US">American Warrants</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">持有人可在權證到期日(含)前的任一交易日,向發行人要求提前履約。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎亞式權證(<span lang="EN-US">Asian Warrants</span>)…但目前<span style="color: red;">台灣</span>交易的權證尚<span style="color: red;">無</span><span style="color: blue;">亞式</span>權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在履約的時候,標的證券價格改採某一段特定時間的平均價格為計算基礎。其目的主要是當標的證券流動性不佳時,透過平均價格的履約設定方式,可以防止人為操縱履約時點的標的證券價格。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶以履約價值分類<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span style="color: red;">價內</span></b>權證:內含價值><span lang="EN-US">0</span>,<b style="mso-bidi-font-weight: normal;"><span style="color: red;">具有履約價值</span></b>的權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎價平權證:內含價值=<span lang="EN-US">0</span>,損益兩平的權證(不計算投資成本)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span style="color: lime;">價外</span></b>權證:內含價值<<span lang="EN-US">0</span>,<b style="mso-bidi-font-weight: normal;"><span style="color: lime;">不具有履約價值</span></b>的權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑷以可連結標的分類<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎股票型權證:標的證券為單一個股,例如:台積電權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">ETF</span>型權證:標的證券為一籃子股票,例如:台灣<span lang="EN-US">50</span>權證、寶滬深權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎指數型權證:以市場編製之指數為標的,例如:加權股價指數權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑸以權證履約價值型式分類<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一般型型權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般型權證指的是於存續期間內,除了除權息、增減資等因素外,履約價格均不會調整的權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎特殊型權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">上/下限型權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">①上限型認購權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">上限型認購權證係指存續期間內,當標的股票收盤價≧發行時設定之上限價時,即視同該權證到期,發行人將以觸界當日標的股票收盤價辦理現金結算予投資人。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">②下限型認售權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">下限型認售權證係指存續期間內,當標的股票收盤價≦發行時設定之下限價時,即視同該權證到期,發行人將以觸界當日標的股票收盤價辦理現金結算予投資人。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">③下限型認購權證(簡稱牛證)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">看多型<span style="color: blue;">價內</span>權證,其下限價高於履約價,在存續期間內,當標的股價收盤跌破下限價時,牛證將強制提前到期,以觸界日為最後交易日,觸界日次兩個營業日為到期日。發行人將以觸界日次一營業日標的證券所有成交價之簡單算數平均數為結算價格,使用牛證結算公式(=(結算價格-履約價)×
行使比例),以現金結算款項予投資人。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">④上限型認售權證(簡稱熊證)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">看空型<span style="color: blue;">價內</span>權證,其上限價低於履約價,在存續期間內,當標的股價收盤漲超過上限價時,熊證將強制提前到期,以觸界日為最後交易日,觸界日次兩個營業日為到期日。發行人將以觸界日次一營業日標的證券所有成交價之簡單算數平均數為結算價格,使用熊證結算公式(=(履約價-結算價格)×
行使比例),以現金結算款項予投資人。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">重設型權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">顧名思義,重設型權證乃是<span style="color: blue;">履約價格</span>可以<span style="color: blue;">調整</span>的權證。就重設型認購權證而言,在一段特定期間內,若標的股下跌至相當水準,權證的履約價格將可往下重設,具有下檔風險的保護。反之,重設型認售權證亦然。此種權證商品設計之目的是為了提高投資人認購意願,降低權證發行人發行之作業風險,故其權利金亦會較一般型權證高。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.4pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑹以連結標的發行市場分類<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎國內標的權證:標的證券為國內掛牌股票、<span lang="EN-US">ETF</span>或指數。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 42.8pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎國外標的權證:標的證券為國內掛牌股票、<span lang="EN-US">ETF</span>或指數。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 28.4pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 1.2gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑺以權證代號分類<span lang="EN-US"><o:p></o:p></span></span></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 33.75pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="8" style="border-bottom: double windowtext 1.5pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 1.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.55pt;" width="170"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">上<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">市<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">證<span lang="EN-US"><o:p></o:p></span></span></div>
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<td rowspan="4" style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.5pt;" width="170"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">購<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">證<span lang="EN-US"><o:p></o:p></span></span></div>
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<td rowspan="3" style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" width="227"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">內<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">的<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般型<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">6</span>碼,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">030001</span>至<span lang="EN-US">089999<o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">牛證<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">C</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">03001C</span>至<span lang="EN-US">08999C<o:p></o:p></span></span></div>
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</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">展延型牛證<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">X</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">03001X</span>至<span lang="EN-US">08999X<o:p></o:p></span></span></div>
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</tr>
<tr style="mso-yfti-irow: 3;">
<td colspan="2" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 6.0cm;" width="680"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國外標的<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">F</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">03001F</span>至<span lang="EN-US">08999F</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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</tr>
<tr style="mso-yfti-irow: 4;">
<td rowspan="4" style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.5pt;" width="170"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">售<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">證<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td rowspan="3" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" width="227"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">內<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">的<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般型<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">P</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">03001P</span>至<span lang="EN-US">08999P<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">熊證<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">B</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">03001B</span>至<span lang="EN-US">08999B<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">展延型熊證<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">Y</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">03001Y</span>至<span lang="EN-US">08999Y<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td colspan="2" style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 6.0cm;" width="680"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國外標的<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">Q</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">03001Q</span>至<span lang="EN-US">08999Q<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td rowspan="8" style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.55pt;" width="170"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">上<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">櫃<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">證<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td rowspan="4" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.5pt;" width="170"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">購<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">證<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td rowspan="3" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" width="227"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">內<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">的<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般型<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">6</span>碼,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">700000</span>至<span lang="EN-US">739999<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">牛證<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">C</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">70000C</span>至<span lang="EN-US">73999C<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">展延型牛證<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">X</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">70000X</span>至<span lang="EN-US">73999X<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td colspan="2" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 6.0cm;" width="680"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國外標的<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">F</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">70000F</span>至<span lang="EN-US">73999F</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td rowspan="4" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.5pt;" width="170"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">售<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">證<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td rowspan="3" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" width="227"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">內<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">的<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般型<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">P</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">70000P</span>至<span lang="EN-US">73999P<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 13;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">熊證<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">B</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">70000B</span>至<span lang="EN-US">73999B<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 14;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" width="454"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">展延型熊證<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 8.0cm;" valign="top" width="907"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">Y</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">70000Y</span>至<span lang="EN-US">73999Y<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 15; mso-yfti-lastrow: yes;">
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國外標的<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">代號<span lang="EN-US">5</span>碼+英文字母「<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">Q</span></b>」,<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">編號從<span lang="EN-US">70000Q</span>至<span lang="EN-US">73999Q<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、權證名稱說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">為了方便投資人辨識,從權證的中文簡稱編碼,可以一眼就看出標的證券、發行人、到期年月份(※<span lang="EN-US">A</span>:<span lang="EN-US">10</span>月、<span lang="EN-US">B</span>:<span lang="EN-US">11</span>月、<span lang="EN-US">C</span>:<span lang="EN-US">12</span>月)、權證類型及序號,茲列表如下說明:<span lang="EN-US"><o:p></o:p></span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsqsbiD7ZXYFj7Y6NELoY2WMcWKAOwlv_Ik-_R_H3zw86_1uuNkYHnqOtgMC1kPWoGx5BpicI_XM3uie5yo3zvgrj9I5567-C8eZfO0ojVxD9OH5CUAQE9O973mkumBfjCDrzes55E1Lw/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-2+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E5%2588%2586%25E9%25A1%259E%25E5%2592%258C%25E6%25AF%2594%25E8%25BC%2583-%25E6%25AC%258A%25E8%25AD%2589%25E5%2590%258D%25E7%25A8%25B1%25E8%25AA%25AA%25E6%2598%258E.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="權證名稱說明" border="0" data-original-height="444" data-original-width="1600" height="176" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsqsbiD7ZXYFj7Y6NELoY2WMcWKAOwlv_Ik-_R_H3zw86_1uuNkYHnqOtgMC1kPWoGx5BpicI_XM3uie5yo3zvgrj9I5567-C8eZfO0ojVxD9OH5CUAQE9O973mkumBfjCDrzes55E1Lw/s640/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-2+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E5%2588%2586%25E9%25A1%259E%25E5%2592%258C%25E6%25AF%2594%25E8%25BC%2583-%25E6%25AC%258A%25E8%25AD%2589%25E5%2590%258D%25E7%25A8%25B1%25E8%25AA%25AA%25E6%2598%258E.png" title="權證名稱說明" width="640" /></a></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">三、一般型權證、牛熊證和展延證之比較<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般型權證的價格會因著標的證券股價之價內價外表現而漲跌變化,股價連動比例落在<span lang="EN-US">0</span>~<span lang="EN-US">100%</span>區間。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">牛熊證(屬於深度價內的權證)是一般型權證的姊妹產品,股價連動比例則趨近於<span lang="EN-US">100%</span>,有下(上)限價格之停損機制。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">展延牛熊證(簡稱〝展延證〞)則是牛熊證再加上可展延到期日的機制。<span lang="EN-US"><o:p></o:p></span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpFDwxI8vlXHiOEJiUI5MD0GLmFHkRwkq-umpnMjXfbRnoBihwFGaj3n7OtdpRn0g3MEc-cQzgiY4LReG9zggVKFh3m_Y11bcMqcA2easl43woNh7zCezQC_-js0-rjdnj0TMaPjCGngc/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-2+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E5%2588%2586%25E9%25A1%259E%25E5%2592%258C%25E6%25AF%2594%25E8%25BC%2583-%25E4%25B8%2580%25E8%2588%25AC%25E5%259E%258B%25E6%25AC%258A%25E8%25AD%2589%25E3%2580%2581%25E7%2589%259B%25E7%2586%258A%25E8%25AD%2589%25E5%2592%258C%25E5%25B1%2595%25E5%25BB%25B6%25E8%25AD%2589%25E4%25B9%258B%25E6%25AF%2594%25E8%25BC%2583.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="一般型權證、牛熊證和展延證之比較" border="0" data-original-height="503" data-original-width="1600" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpFDwxI8vlXHiOEJiUI5MD0GLmFHkRwkq-umpnMjXfbRnoBihwFGaj3n7OtdpRn0g3MEc-cQzgiY4LReG9zggVKFh3m_Y11bcMqcA2easl43woNh7zCezQC_-js0-rjdnj0TMaPjCGngc/s640/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-2+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E5%2588%2586%25E9%25A1%259E%25E5%2592%258C%25E6%25AF%2594%25E8%25BC%2583-%25E4%25B8%2580%25E8%2588%25AC%25E5%259E%258B%25E6%25AC%258A%25E8%25AD%2589%25E3%2580%2581%25E7%2589%259B%25E7%2586%258A%25E8%25AD%2589%25E5%2592%258C%25E5%25B1%2595%25E5%25BB%25B6%25E8%25AD%2589%25E4%25B9%258B%25E6%25AF%2594%25E8%25BC%2583.png" title="一般型權證、牛熊證和展延證之比較" width="640" /></a></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><br />四、權證與其他投資工具比較<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZQqMW1VwVYJv8RlP58Xi1E4wcsueQ4MzJ7FBFH0YpVe8EM_piSTCoEuTI-O_aSAwF942bLskiRQppqX-c81_4o6qwgAW3MnevQYbpHLxFKbEv4BbXJR4qBoFAScwIpF50nO3_W9ZSbQI/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-1+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E5%259F%25BA%25E7%25A4%258E%25E7%259F%25A5%25E8%25AD%2598-1+%25E6%25AC%258A%25E8%25AD%2589%25E8%2588%2587%25E5%2585%25B6%25E4%25BB%2596%25E6%258A%2595%25E8%25B3%2587%25E5%25B7%25A5%25E5%2585%25B7%25E6%25AF%2594%25E8%25BC%2583.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="權證與其他投資工具比較" border="0" data-original-height="669" data-original-width="1600" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZQqMW1VwVYJv8RlP58Xi1E4wcsueQ4MzJ7FBFH0YpVe8EM_piSTCoEuTI-O_aSAwF942bLskiRQppqX-c81_4o6qwgAW3MnevQYbpHLxFKbEv4BbXJR4qBoFAScwIpF50nO3_W9ZSbQI/s640/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-1+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E5%259F%25BA%25E7%25A4%258E%25E7%259F%25A5%25E8%25AD%2598-1+%25E6%25AC%258A%25E8%25AD%2589%25E8%2588%2587%25E5%2585%25B6%25E4%25BB%2596%25E6%258A%2595%25E8%25B3%2587%25E5%25B7%25A5%25E5%2585%25B7%25E6%25AF%2594%25E8%25BC%2583.png" title="權證與其他投資工具比較" width="640" /></a></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">元大證券,網址:<span lang="EN-US">https://www.warrantwin.com.tw/ya/YaBasis.html<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※圖片來源:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif";">https://warrant.kgi.com/EDWebSite/Images/ClassRoom/BasicC01.gif<o:p></o:p></span></div>
股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-21135432465043392562020-05-17T08:30:00.000+08:002020-05-17T08:30:00.299+08:00權證的挑選與操作 第1章 權證的基礎知識<div class="separator" style="clear: both; text-align: center;">
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、何謂權證<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證係指標的證券公司以外之第三者所發行表彰權證持有人可於<span style="color: blue;">某段期間</span>內或<span style="color: blue;">特定日期</span>,有<span style="color: red;">權利</span>按<span style="color: blue;">約定價格</span>向發行人<span style="color: blue;">買進</span>(<span style="color: blue;">賣出</span>)<span style="color: blue;">約定數量</span>之<span style="color: blue;">標的證券</span>或以現金結算方式收取價差之有價證券(</span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 14.0pt;">≈</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">選擇權</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、基本術語<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴標的證券</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Underlying
Stock</span>)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證持有人向發行人要求履約時所表彰的物品(例如:股票、<span lang="EN-US">ETF</span>、指數)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵履約價格</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Exercise Price</span>;<span lang="EN-US">K</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證持有人可以向發行人在未來買進或賣出標的證券之<span style="color: blue;">事先</span>所約定的價格,此約定的價格稱為履約價格或執行價格。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶到期日</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Maturity
Date</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在權證合約中約定持有人的權利最後行使期限,即為到期日。而目前時點至到期日的時間則稱為距到期日期間(<span lang="EN-US">Time to Maturity</span>;<span lang="EN-US">T</span>)或<b style="mso-bidi-font-weight: normal;">存續期間</b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑷價內、價平、價外<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎價內:標的證券價格已經超過該權證的履約價格 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證具有履約價值。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎價平:標的證券價格等於該權證的履約價格。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎價外:標的證券價格尚未達到該權證的履約價格 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證不具有履約價值。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價內(<span lang="EN-US">In the Money</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價平(<span lang="EN-US">At the Money</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價外(<span lang="EN-US">Out the Money</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">K<o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US">K<o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><<span lang="EN-US">K<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">K</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">S<o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">S</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US">K<o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">K</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><<span lang="EN-US">S<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※<span lang="EN-US">S</span>:標的證券的價格、<span lang="EN-US">K</span>:權證的履約價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑸內含價值</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Intrinsic
Value</span>)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證立即執行履約所能實現的獲利,亦即「價內」(<span lang="EN-US">In
the Money</span>)之金額,以數學式表示如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證內含價值=<span lang="EN-US">Max</span>(標的證券價格-履約價格<span lang="EN-US"> ,
0</span>)× 行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證內含價值=<span lang="EN-US">Max</span>(履約價格-標的證券價格<span lang="EN-US"> ,
0</span>)× 行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑹時間價值</span></b><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">不具有履約價值的價外權證,因距到期日之前仍有機會進入價內,∴即使內含價值為零,權證還是會有價值,這就是時間價值。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑺權利金</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Premium</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由於權證持有人有權利向發行人要求履約,為了享受此權利,必須在購買權證時支付<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">權利金</span></b>(<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">=權證的市場價格</span></b>),以取得在未來購入或售出標的證券的權利。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權利金分為內含價值(<span lang="EN-US">Intrinsic Value</span>)與時間價值(<span lang="EN-US">Time Value</span>),以數學式表示如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">權利金</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(權證價值)<b style="mso-bidi-font-weight: normal;"><span style="color: red;">=內含價值+時間價值<span lang="EN-US"><o:p></o:p></span></span></b></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證價值=<span lang="EN-US">Max</span>(標的證券價格-履約價格 <span lang="EN-US">, 0</span>)×
行使比例+時間價值<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證價值=<span lang="EN-US">Max</span>(履約價格-標的證券價格 <span lang="EN-US">, 0</span>)×
行使比例+時間價值<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑻行使比率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Exercise Ratio</span>;亦稱執行比例)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當權證進行履約或到期結算時,每一張權證可以對應標的證券多少張。例如:行使比率=<span lang="EN-US">1</span>:<span lang="EN-US">0.5 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一張(<span lang="EN-US">1,000</span>單位)權證可換取<span lang="EN-US">0.5</span>張(<span lang="EN-US">500</span>股)的標的證券。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券數量=權證張數 ×<span lang="EN-US"> 1,000 </span>× 行使比率</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">三、重要名詞<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴歷史波動率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Historical
Volatility</span>)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">利用<b style="mso-bidi-font-weight: normal;"><span style="color: red;">過去</span></b>的標的證券的價格資料,所計算出標的證券價格報酬率的<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">標準差</span></b>,用以衡量標的證券報酬率的波動幅度。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵隱含波動率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Implied
Volatility</span>;σ)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">根據權證在市場上的交易價格與其他相關的參數,帶進「布萊克<span lang="EN-US">-</span>修斯選擇權評價模型(<span lang="EN-US">Black-Scholes Option Pricing
Model</span>,簡稱<span lang="EN-US" style="color: blue;">B-S</span><span style="color: blue;">模型</span>)」,<span style="color: red;">反</span>推出市場投資人對標的證券價格報酬率<b style="mso-bidi-font-weight: normal;"><span style="color: red;">未來</span></b>波動率的數值(※∵權證屬於選擇權的一種,兩者評價方式自然相同)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※在其他條件相同的情況下,隱含波動率愈高,權證價格愈貴;反之,隱含波動率愈低,權證價格愈低。∴<b style="mso-bidi-font-weight: normal;"><span style="color: red;">以隱含波動率的角度來挑選權證時,除了挑選隱含波動率較低的權證之外,還要留意隱含波動率的穩定度</span></b>,才不會發生標的證券的漲跌方向明明看對,權證卻不漲或漲很少的窘境。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※補充:笑狀波幅</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Volatility
Smile</span>)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">笑狀波幅是指在其他條件不變的情況下,對相同的標的資產但<b style="mso-bidi-font-weight: normal;">不同</b>履約價格的權證價格,所反算出來的隱含波動率,並將隱含波動率設為<span lang="EN-US">Y</span>軸、履約價格設為<span lang="EN-US">X</span>軸,所劃出的連線圖形,大部分都是近似微笑型態的曲線,故稱之為微笑效應(<span lang="EN-US">smile effect</span>),或是笑狀波幅(<span lang="EN-US">volatility smile</span>)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由於價內與價外權證所算出的隱含波動率常常不同,產生笑狀波幅現象,但<span lang="EN-US">B-S</span>模型的假設卻是同一標的物的權證的隱含波動率應該相等 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">笑狀波幅代表著<span lang="EN-US">B-S</span>模型高估價平權證且低估價內與價外的權證</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><b style="mso-bidi-font-weight: normal;"><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">同一檔權證,在價平的時候,隱含波動率會比較低,在價內或價外的時候,隱含波動率會比較高</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(如下圖所示)<span style="color: blue;">。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">圖 <span lang="EN-US">S&P 500</span>指數在<span lang="EN-US">2003/4/11</span>賣權的隱含波動率</span><span style="font-family: "新細明體" , "serif"; font-size: 8.0pt;">(當天現貨價格:<span lang="EN-US">895</span>、到期日:<span lang="EN-US">2003/5/17</span>)</span><span lang="EN-US" style="font-family: "新細明體" , "serif";"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶價差比<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價差比為「買賣的交易成本」占投資人花費的「投資本金」的比例。價差比愈大 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">滑價成本</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">愈高,長期累積下來會嚴重侵蝕交易損益,其計算公式如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">滑價成本=實際成交價-預計成交價<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價差比=最佳買賣價差
÷ 委賣價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =最低委賣價-最高委買價)÷
最低委賣價<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑷溢價比<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">「溢價比」是權證投資裡的專有名詞,溢價反映的是投資人以市場價格買入某權證並持有至到期時,標的證券價格需要上升或下跌多少才能使該筆權證投資保本。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">溢價比=(權證價格
÷ 行使比例+價外值)÷ 標的證券價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =(權證價格
÷ 行使比例)÷ 標的證券價格+<span style="color: blue;">價外比<span lang="EN-US"><o:p></o:p></span></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認購權證溢價比=(權證價格
÷ 行使比例+履約價格-標的證券價格)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> ÷
標的證券價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">認售權證溢價比=(權證價格
÷ 行使比例+標的證券價格-履約價格)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> ÷
標的證券價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※衡量權證是否容易履約、保本、或獲利,應該使用「<span style="color: blue;">價外比</span>」即可評估。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※<b style="mso-bidi-font-weight: normal;"><span style="color: red;">溢價基本上指的是所支付的實際金額超過該商品的名目價值或面值。∴權證的溢價比應該使用下列的公式會更為恰當</span></b>:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">溢價比=(權證價格-權證理論價格)÷ 權證理論價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證理論價格=波動率採<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">歷史</span></b>波動率來計算,並帶入<span lang="EN-US">B-S</span>模型所計算出的權證價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑸權證風險值的說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">實務上會將<span lang="EN-US">B-S</span>模型進一步量化評估,並常以希臘字母(<span lang="EN-US">Greeks</span>)表示其衍生之風險值。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">風險值<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">說 明<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Delta<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券價格變動,引起權證價格之變動<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Gamma<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券價格變動,引起<span lang="EN-US">Delta</span>值之變動<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Vega<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券價格波動率變動,引起權證價格之變動<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Theta<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">距到期日天數變動,引起權證價格之變動<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.Delta</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(δ)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: red;"><o:p></o:p></span></b></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiectWtztwSGJIKd0GW4ryhSIN4cSJ6K467c7BfaRQV-hDyZQ-UzmUbbAv0GGDHrFMNUhyqtCbDL6NYHaaoCtCiv4LA4ye_I1WTXGwHAhDtdf7ZDF0HNkiIBbjtAO9rVQun4kI-kHRIBcs/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-1+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E5%259F%25BA%25E7%25A4%258E%25E7%259F%25A5%25E8%25AD%2598-Delta.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="權證理論價格曲線" border="0" data-original-height="279" data-original-width="438" height="253" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiectWtztwSGJIKd0GW4ryhSIN4cSJ6K467c7BfaRQV-hDyZQ-UzmUbbAv0GGDHrFMNUhyqtCbDL6NYHaaoCtCiv4LA4ye_I1WTXGwHAhDtdf7ZDF0HNkiIBbjtAO9rVQun4kI-kHRIBcs/s400/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259AWarrants%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E6%258C%2591%25E9%2581%25B8%25E8%2588%2587%25E6%2593%258D%25E4%25BD%259C-1+%25E6%25AC%258A%25E8%25AD%2589%25E7%259A%2584%25E5%259F%25BA%25E7%25A4%258E%25E7%259F%25A5%25E8%25AD%2598-Delta.jpg" title="權證理論價格曲線" width="400" /></a></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">圖 權證理論價格曲線<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">Delta</span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">係用來衡量權證價格對標的證券價格變動之敏感度。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:<span lang="EN-US">Delta</span>=<span lang="EN-US">0.5 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券價格每上漲<span lang="EN-US">1</span>元,權證價格則上漲<span lang="EN-US">0.5</span>元。認購權證<span lang="EN-US">Delta</span>值介於<span lang="EN-US">0</span>到<span lang="EN-US">1</span>之間,呈正相關;認售權證<span lang="EN-US">Delta</span>值則介於<span lang="EN-US">0</span>到<span lang="EN-US">-1</span>之間,呈負相關。此外,權證價內外程度係決定<span lang="EN-US">Delta</span>值高低之最主要因素。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎愈深度價內權證由於具有履約價值之確定性愈高 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> Delta</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">值趨近於<span lang="EN-US">1</span>或<span lang="EN-US">-1 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">與標的證券價格之連動性最高。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎愈深價外權證由於愈難具有履約價值 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> Delta</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">值將隨價外程度逐漸趨近於<span lang="EN-US">0 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">與標的證券價格之連動性最低。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎價平權證<span lang="EN-US">Delta</span>值則多介於<span lang="EN-US">0.5</span>到<span lang="EN-US">0.6</span>之間。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對發行人而言,<span lang="EN-US">Delta</span>值代表「避險比例」,用以計算發行人賣出權證後之應避險部位。例如:賣出<span lang="EN-US">1</span>單位<span lang="EN-US">Delta</span>值=<span lang="EN-US">0.5</span>之認購權證,當標的證券價格每上漲<span lang="EN-US">1 </span>元,認購權證價格上漲<span lang="EN-US">0.5</span>元,發行人將虧損<span lang="EN-US">0.5</span>元,故應避險部位為<span lang="EN-US">0.5</span>單位連結標的證券,以確保發行人賣出權證損益不因標的證券價格變動而受影響,此即「<span lang="EN-US">Delta</span>中立避險」。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.Gamma</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(γ)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Gamma</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">係用來衡量<span lang="EN-US">Delta</span>值對標的證券價格變動之敏感度,表示當標的證券價格每上漲(下跌)<span lang="EN-US">1</span>元,<span lang="EN-US">Delta</span>值增加(減少)之幅度,其值恆為正。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎當權證處於深度價內或深度價外時 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> Delta</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">值分別趨近於<span lang="EN-US">1</span>或<span lang="EN-US">0 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">完全反應或完全不反應標的證券價格的漲跌 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> Gamma</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">值趨近於<span lang="EN-US">0</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎價平權證因價格變動幅度最大 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> Gamma</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">值最高。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.Vega</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(</span><span lang="EN-US" style="background: white; color: #333333; font-family: "新細明體" , "serif"; font-size: 14.0pt;">ν</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Vega</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">係用來衡量權證價格對標的證券價格波動率變動之敏感度,表示當標的證券價格波動率每變動<span lang="EN-US">1%</span>,權證價格之變動量。因標的證券價格波動率與權證價格為正相關,故<span lang="EN-US">Vega</span>值恆為正。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎深度價內(價外)權證趨近於完全反應(不反應)標的證券價格漲跌 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券價格波動率變動對權證價格影響性極小
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> Vega</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">值趨近於<span lang="EN-US">0</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎價平權證價格對標的證券價格波動率變動敏感度最高 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒ </span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Vega</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">值最大。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">實務上,因投資人係買賣證券商所申報之委買賣價格隱含波動率,大多挑選隱含波動率趨勢較為穩定之權證,故<span lang="EN-US">Vega</span>值對交易決策之作用較小,僅用來估算證券商倘不當調降隱含波動率可能產生之權證價差損失。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">4.Theta</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(θ)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: red;"><o:p></o:p></span></b></span></div>
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<span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">Theta</span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">係用來衡量權證價格對距到期日天數變動之敏感度</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,表示距到期日天數每減少<span lang="EN-US">1</span>日,權證價格之減少量,其值恆為負,此即<span style="color: red;">權證時間價值之每日減損幅度</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎深度價內外權證的時間價值較少,每日減損幅度也較小 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> Theta</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">絕對值較低。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎價平權證的時間價值最多,每日減損幅度也最高 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> Theta</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">絕對值最高。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">綜上所述,<b style="mso-bidi-font-weight: normal;">對投資人而言,<span style="color: blue;">深度</span><span style="color: red;">價內</span>權證雖然價格較貴,投資資金成本較高,惟<span lang="EN-US">Delta</span>值較接近於<span lang="EN-US">1</span>,與標的價格之連動性較高,且<span lang="EN-US">Theta</span>絕對值較低,每日減損之時間價值較少,不失作為現貨市場中替代期貨商品之投資工具</b>;相較之下,對發行人而言,深度價內權證之避險資金成本較高,每日可賺取之時間價值卻較少,或許為市場上發行檔數較少之原因。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑹成本槓桿<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">指購買一單位標的證券所需的資金,可以用來購買幾單位的權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">成本槓桿=標的證券股價
÷ 權證價格 × 行使比例<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑺實質槓桿</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(有效槓桿)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">衡量購買標的證券同等代價所取得的權證,當標的證券股價漲跌<span lang="EN-US">1%</span>時,所有資金投資於權證下,其報酬漲跌的幅度。實質槓桿愈大 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證跟標的證券的連動性愈大。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:標的證券股價=<span lang="EN-US">100</span>元、行使比例=<span lang="EN-US">1</span>、<span lang="EN-US">Delta</span>=<span lang="EN-US">0.6</span>、認購權證價格=<span lang="EN-US">10</span>元。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">成本槓桿=<span lang="EN-US">10</span>倍、實質效槓桿=<span lang="EN-US">6</span>倍(=<span lang="EN-US">10 </span>× <span lang="EN-US">0.6</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券價格上漲<span lang="EN-US">1%</span>,所有資金投資於權證下,其報酬=<span lang="EN-US">6%<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">實質槓桿=(標的證券價格
× <span lang="EN-US">Delta </span>× 行使比例)÷ 權證價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =成本槓桿
× <span lang="EN-US">Delta<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">四、標的證券除權、除息時,權證條件應作的調整<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券除息、除權時,權證不比照計算除息、除權參考價,僅調整其履約價格及行使比例,並比照前項公式計算漲跌停價格。若履約價格、行使比例調整方式與台灣證交所規定之公式不同,發行人會在公開說明書上以顯著字體說明之。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎當標的證券除權時<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公開說明書會載明權證必須跟著調整履約價格及行使比例,調整的一個主要原則就是:儘量使投資人權證部位的價值在調整前、後能維持相同。<span lang="EN-US"> <o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎當標的證券除息時<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">雖然發行券商也會調整權證的履約價格,不過通常無法完全彌補權證價值的損失,所以標的證券若是屬於高現金股利政策的公司,在投資權證時,須將此項因素列入考量。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">五、權證優點<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">投資門檻低<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證權利金經發行券商設計後,普遍約佔直接購入標的證券價金的兩成以下 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證價格大多介於<span lang="EN-US">1</span>~<span lang="EN-US">2</span>元之間,也就是買一張權證只要<span lang="EN-US">1</span>~<span lang="EN-US">2</span>千元,適合資金有限又想賺取價差的投資人。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">槓桿效果大<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證的實質槓桿大多在<span lang="EN-US">3</span>~<span lang="EN-US">15</span>倍之間,若是買進股票獲利<span lang="EN-US">10%</span>,則買進權證可能賺進<span lang="EN-US">30%</span>~<span lang="EN-US">150%</span>的報酬。如果你的眼光夠精準,短時間內可能賺進好幾倍報酬。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">多空皆宜<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">看多買進認購權證,看空買進認售權證,多空操作非常靈活,買賣方式跟股票一模一樣,非常方便。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">4.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">不會超額損失(最大損失有限)<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">投資權證最大的損失就是買進權證的價金(權利金),即使行情不如預期,也不會有追繳保證金的壓力。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">5.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">交易稅賦低<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證交易稅僅<span lang="EN-US">1</span>‰,較股票交易稅<span lang="EN-US">3</span>‰低;且權證交易不列入二代健保補充課稅項目。另遇除權息時,投資人可採購入權證方式參與除權息,避免股利課稅。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">六、權證風險<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">時間價值風險<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">投資權證基本上是以<span style="color: red;">時間價值</span>換取標的證券價格會依預期方向漲跌的機會。當權證距到期日越長
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券價格會依預期方向漲跌的機會越多
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">時間價值較多;反之,若權證距到期日越少
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券價格會依預期方向漲跌的機會越少
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">時間價值較少。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">目前台灣流通的權證,發行時的存續期間約在<span lang="EN-US">6</span>個月~<span lang="EN-US">2</span>年之間,最常見的是<span lang="EN-US">6</span>個月。所以買進權證時,注意要挑選距到期日較長之權證(例如:<span lang="EN-US">3</span>個月以上),且標的證券價格走勢不如預期時,賣掉原有權證,改買進距到期日較長的權證,可規避時間價值減損之風險。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">越攤越平之風險<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">不論看對(錯)標的證券價格走勢,都應<span style="color: red;">嚴設停利停損</span>,轉進其他條件更適合的權證。∵不論看對或看錯方向,權證價值都將隨時間越接近到期日而加速流逝。很多投資人在股價不如預期時都有「攤平」的觀念,但權證在到期時,若無履約價值,其價值直接歸零,權證「攤平」恐有「越攤越平」之風險。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">深度價外超便宜權證之風險<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">除非對標的證券短期間價格表現有相當把握,否則建議以履約價格附近的權證為主。常聽到「權證是以小搏大的一種投資工具」,投資人總不免產生迷思:買進便宜的權證才是真正的以小博大。但<span style="color: red;">愈價外的權證與標的證券價格的連動性愈低 </span></span><span lang="EN-US" style="background: white; color: red; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">到期</span><span style="background: white; color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">結算歸零的機率愈高</span><span style="background: white; color: #444444; font-family: "新細明體" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">(俗稱「龜苓膏」)</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">4.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">流動量提供者報價價差過大之風險<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由於目前市場上交易的權證有<span lang="EN-US">2</span>萬多檔,但真正有交易量的卻不多,在交易量少的權證,流動量提供者報價時,若買賣價差過大
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">流動性差
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">即使看對行情,也恐因滑價成本過高而嚴重侵蝕獲利
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">比較各家流動量提供者報價品質,且使用<span style="color: red;">限價單</span>買賣權證。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">5.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">流動量提供者報價不穩定之風險<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<br /></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">開盤報價<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 159.75pt;" valign="top" width="639"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">收盤報價<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">標的證券價格<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 159.75pt;" valign="top" width="639"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">475<o:p></o:p></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 159.75pt;" valign="top" width="639"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">475<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">委買報價波動率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">50%<o:p></o:p></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 159.75pt;" valign="top" width="639"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">47%<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證買進價<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 159.75pt;" valign="top" width="639"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.79<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.52<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證賣出價<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 159.75pt;" valign="top" width="639"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.8<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.52<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※假設履約價格<span lang="EN-US">500</span>元、行使比例<span lang="EN-US">0.1</span>、存續期間<span lang="EN-US">6</span>個月、權證價格由<span lang="EN-US">B-S</span>模型計算得之。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證流動量提供者調整報價波動率將影響權證之報價,∴投資權證時,宜多加觀察並慎選報價穩定的流動量提供者,避免報價不穩定的權證,以免看對行情卻仍無法獲利,如上表所示,隱含波動率對報價可能的影響。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">6.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">槓桿風險<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證漲跌幅之計算係以標的證券價格漲跌金額核計 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證漲跌幅>標的證券漲跌幅
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">看對可賺取高倍數的報酬率、看錯也會以相對的倍數擴大損失。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※權證漲跌幅之計算,請參考「第三章 權證的買賣與履約」。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">7.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證漲跌與標的證券漲跌方向不一致之風險<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價外認購(認售)權證因時間價值流失,其上漲金額≠標的證券上漲(下跌)金額 × 行使比例。但深度價外認購(認售)權證若預期在存續期間內,上漲(下跌)超過履約價格的機率偏低時,往往會有標的證券上漲(下跌),權證價格逆勢下跌的現象。∴投資權證建議應對存續期間較短的深度價外權證避而遠之。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">另外,流動量提供者依公式計算出合理報價,但有時市場需求暢旺,致使投資人買進價格偏離合理報價,當市場需求下降,高價買進之投資人會感覺流動量提供者之報價偏低,未隨標的證券價格漲跌連動。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">8.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">價格偏離風險<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權證全數流通在外,發行人無法造市時,價格容易偏離合理價格。確認方式是使用權證試算器計算權證是否偏離合理價格過多。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="text-indent: -12pt;">※參考資料:</span></div>
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<span style="font-family: "新細明體" , "serif";">臺灣證券交易所,網址:<span lang="EN-US">https://www.twse.com.tw/zh/page/products/securities/warrant/faq.html<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">元大證券,網址:<span lang="EN-US">https://www.warrantwin.com.tw/ya/YaBasis.html<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">日盛證券,網址:<span lang="EN-US">http://www.jihsun.com.tw/jsmarket/home/bond/new3.asp<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">中國信託證券,網址:<span lang="EN-US">https://warrant.win168.com.tw/Pages/Classroom/Class01.aspx<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">大展證券,網址:<span lang="EN-US">http://www.tachan.com.tw/new_tachan/html/warrant/warrant2-2.html<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※圖片來源:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif";">http://warrantnotes.unisurf.tw/storage/article/141/b4SUwG2liM4aopp7BzfuuPfrw07IqT0UEKmjyWRU.jpeg<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif";">https://www.warrantwin.com.tw/eyuanta/images/qa/qa_33.jpg<o:p></o:p></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-33529985522487653212020-05-10T14:53:00.000+08:002020-05-10T14:53:14.011+08:00財務比率選股法則 第6章 股票評價之財務比率<div class="separator" style="clear: both; text-align: center;">
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、本益比</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Price/Earnings
Ratio</span>,<span lang="EN-US">P/E</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">追蹤本益比=股價
÷ 最近四季的每股盈餘<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※零成長股價評估模式<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">P</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US">E </span>÷<span lang="EN-US"> K<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">本益比=<span lang="EN-US">P </span>÷<span lang="EN-US"> E</span>=<span lang="EN-US">1 </span>÷<span lang="EN-US"> K<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">其中,<span lang="EN-US">P</span>=股價、<span lang="EN-US">E</span>=每股盈餘、<span lang="EN-US">K</span>=必要報酬率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※固定成長股價評估模式<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">P</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US">E </span>÷(<span lang="EN-US">K</span>-<span lang="EN-US">G</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">本益比=<span lang="EN-US">P </span>÷<span lang="EN-US"> E</span>=<span lang="EN-US">1 </span>÷(<span lang="EN-US">K</span>-<span lang="EN-US">G</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">其中,<span lang="EN-US">G</span>=盈餘成長率<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><<span lang="EN-US">20<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎成長股合理本益比變化圖<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎合理本益比的依據應回歸到投資報酬率衡量的起始點~市場利率水準,再視情形增減倍數。從本益比研判投資價值有三個思考方向:<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">追蹤本益比(<span lang="EN-US">trailing P/E</span>)<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">用前四季的盈餘所計算出來的本益比,研判股價是否出現低估值得投資的起點。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">預估本益比(<span lang="EN-US">forward P/E</span>)<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">預 估 型 態<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">優 點<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">缺 點<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以次年<span lang="EN-US">EPS</span>預估<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">簡單明瞭,資料容易取得<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">延遲反映營運方向變化,若有重大變化會造成低估或高估價值<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以未來四季加總<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">提早反映公司未來價值<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">對未來的價值太早在本益比上反映,造成高估或低估目前價值<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">用分析師預估未來四季的盈餘而計算的本益比。因為大多數公司的盈餘每年成長,因此預估本益比幾乎都會比追蹤本益比低。不幸的是,分析師對未來盈餘的預估向來都過於樂觀。由此可見,因為預估本益比低而買進股票,就意味著期望的未來盈餘可以全部實現,但這通常是不會發生的。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">歷史本益比區間(<span lang="EN-US">PE Band</span>)<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">通常股價會在這個本益比區間來回震盪,長期高於或低於的機會不大,除非公司或產業發生重大的變化影響整體趨勢方向。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎本益比是衡量投資人為取得公司的盈餘而願意付出多少錢。一般來說,本益比越高,表示投資人願意付出較高的價錢從公司獲得<span lang="EN-US">1</span>元的盈餘。<b style="mso-bidi-font-weight: normal;">高本益比</b>(通常是本益比><span lang="EN-US">30</span>)<b style="mso-bidi-font-weight: normal;">通常會有較佳的成長前景</b>;<b style="mso-bidi-font-weight: normal;">低本益比</b>(通常是本益比<<span lang="EN-US">15</span>)<b style="mso-bidi-font-weight: normal;">通常是未來成長展望較差</b>。然而,<span style="color: blue;">本益比本身並未透露太多關於這檔股票的評價。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎優點:①與營收相較,會計盈餘是現金流量比較理想的替代值、②有關每股盈餘未來的結果與預估值,可以輕易的從任何財務資料來源中找到。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">缺點:本益比<span lang="EN-US">15</span>倍是不代表有什麼意義,單獨觀察的時候,並不表示好或是不好。<b style="mso-bidi-font-weight: normal;"><span style="color: red;">本益比只有在瞭解相關背景資訊時才會變得有意義。<span lang="EN-US"><o:p></o:p></span></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: red;">本益比不適用於<b style="mso-bidi-font-weight: normal;">景氣循環股</b>,也不適用於<b style="mso-bidi-font-weight: normal;">資產股</b>。<span lang="EN-US"><o:p></o:p></span></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">本益比最有用的方法是:①跟同業比較、②與整個市場比較、或③跟自己不同時點的比較。</span></b>每個方法都有一些價值,只是要知道它們的限制,且不應該只依賴這些方法來做最終買賣的決定。例如:公司的本益比較同業低可能是一件好事,但是即使是同業也可能會有不同的資本結構、風險程度及成長率,這些全部都會影響本益比。在其他條件都相同的情況下,成長前景較佳、風險較低、資金再投入需求較低的公司,其本益比應該會比較高。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎本益比只用在相對比較的基礎上,這意味著你的分析可能會因選用的參考指標而遭到扭曲。本益比低於參考指標有時候並不代表便宜,因為參考指標本身可能就已經過高。例如:<span lang="EN-US">2000</span>年的時候,一檔本益比<span lang="EN-US">75</span>倍的網路股看起來很便宜,因為當時網路股的平均本益比為<span lang="EN-US">200</span>倍。但從事後的觀點來看,不論是該股或是產業平均本益比都是不合理的。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span style="color: red;">觀察本益比的時候,要確定本益比的“盈餘”是合理的,並且足以代表公司持續的獲利水準。</span></b>有一些事件會讓本益比失真:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">最近曾經處分掉事業部門的公司可能人為的膨脹了“盈餘”,導致本益比降低。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公布的盈餘數字有時候會因一次性的利得或損失而膨脹(或減少),導致本益比偏高或偏低。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">景氣循環股(例如:半導體業、汽車製造業)端視位於景氣循環的哪個位置。在追蹤本益比非常低的時候,因為意味著最近幾年的盈餘已經非常高,緊接而來可能就是盈餘下滑,所以不是買進的時機。同樣的,當盈餘觸底並快要再次進入成長階段的時候,景氣循環股看起來很貴,但卻是買進的好時機。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎本益比注意事項<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">①估計未來每股盈餘--經常性盈餘的探討<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般而言,股票的價值是反映未來的經濟情況,每股盈餘應為未來的估計值,但未來的數值很難估計,投資人往往以下列三種方式估計未來的每股盈餘:</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">⒈</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以<b style="mso-bidi-font-weight: normal;">去年的每股盈餘</b>估計未來的每股盈餘、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">⒉</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以<b style="mso-bidi-font-weight: normal;">過去的每股盈餘平均數</b>估計未來的每股盈餘、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">⒊</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以今年<b style="mso-bidi-font-weight: normal;">公司財務預測</b>或<b style="mso-bidi-font-weight: normal;">財務分析師的預測</b>計算每股盈餘,並當作未來每股盈餘的估計值。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">但以過去的資料或今年的財務預測資料估計未來,必須假設過去或今年預測的盈餘未來仍會再度發生。因此,應該是以經常性盈餘而非稅後淨利當作估計值。<span style="color: blue;">經常性盈餘包括<b style="mso-bidi-font-weight: normal;">營業利益</b>(本業收益)及<b style="mso-bidi-font-weight: normal;">長期投資收入</b>(例如:轉投資)</span>;不包括處分資產收益(※除非有賣不完的土地或處分不完的轉投資產業)及操作股票收益(※操作股票收益只有在本業為證券業或金融業才能被視為經常性收入,否則必須假設為一時性收益,無法在未來經常發生)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在<span style="color: blue;">以本益比評估企業價值時,只有<b style="mso-bidi-font-weight: normal;">經常性</b>的每股盈餘可以乘以本益比,否則可能會嚴重高估該股票的價值。</span>所以投資人在做決策時必須看年報,分析每股盈餘的品質。華倫.巴菲特(<span lang="EN-US">Warren Buffett</span>)即是以勤看年報並區分經常性盈餘而聞名,<span lang="EN-US">Hagstrom</span>(<span lang="EN-US">1994</span>)指出,巴菲特發明的<b style="mso-bidi-font-weight: normal;">股東盈餘</b>及<b style="mso-bidi-font-weight: normal;">營業盈餘</b>是評估企業價值最有效的工具。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">所謂股東盈餘是稅後純益加上折舊及攤提,減去資本支出及其他額外所需的營運成本,可代替現金流量作為價值評估的工具。巴菲特的股東權益報酬率=營業盈餘
÷ 股東權益,其中營業盈餘為稅後純益減去所有的資本利得及損失,以及排除所有增加或減少營業盈餘的不尋常項目。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">②評估資產每股實價,不看「盈餘」看「增益」<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">每股盈餘=(預期稅後純益-特別股股利)÷ 當期流通在外總股數。除權前的投資決策採除權前流通在外總股數;除權後的投資決策採增資後流通在外總股數。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果是緩慢成長股、穩定成長股,可以用稅後盈餘的平均數或以迴歸的方式估計。如果是資產股則必須計算該公司所擁有的不動產市值減去土地增值稅後,再減去不動產的帳列金額,求出出售全部不動產可能的盈餘,然後除以當期流通在外總股數,計算出售不動產後所產生的每股增益,再加上每股淨值,即可得到該公司的每股實質價值。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">彼得.林區(<span lang="EN-US">1989</span>)說,循環股最需要把握良機,當其復甦時,股票上揚幅度高過穩定成長股;等到一過景氣高峰,循環股首當其衝下跌,在錯誤時機買進循環股,短期間內賠掉一半資金是很可能的。以去年的每股盈餘計算本益比,在復甦時本益比會高的離譜,讓您錯失買進時機;但在開始衰退時本益比會相當「合理」,讓您誤以為撿到便宜貨。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">③股東權益報酬率若合理,每股盈餘稀釋無須懼<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">只要判斷出<b style="mso-bidi-font-weight: normal;">未來盈餘成長率</b>及<b style="mso-bidi-font-weight: normal;">股東權益報酬率</b>仍在合理的範圍,就不要被將來每股盈餘會因大量盈餘轉增資產生稀釋的效果,而影響您的投資決策。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∵發放股票股利時,只是把股東權益內的累積盈餘轉為股本,並未改變股東權益的總額。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">因此,只要未來盈餘持續成長且股東權益報酬率仍在合理的範圍內,就值得投資。所以<b style="mso-bidi-font-weight: normal;">巴菲特重視股東權益報酬率甚於每股盈餘</b>,是有其緣故的。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、股價淨值比</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Price/Book
Ratio</span>,<span lang="EN-US">P/B</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">每股股價
÷ 每股帳面價值<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=資本市值
÷ 股東權益總額<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><<span lang="EN-US">1<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎股價<span lang="EN-US">/</span>帳面價值比是比較公司每股市價與最近其資產負債表的每股帳面價值。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎保守的投資人通常偏好這個比率,因為它提供了一個比盈餘更具體的方法來衡量公司的價值。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎留意:①資產負債表上資產的帳面價值可能未反映真實價值。例如:如果資產估價過高,未來沖銷費用可能大幅減少公司的帳面價值,並重大影響股價淨值比、②帳面價值無法一直正確的衡量公司的真實價值,尤其是擁有許多資產負債表沒有顯示的無形資產,或有些資產像是土地,取得以成本入帳,如果持有很久,土地的實際價值可能遠高於帳面價值。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎股價淨值比跟股東權益報酬率有關。在其他條件相同的情況下,股東權益報酬率較高的公司,其股價淨值比也會比較高。例如:諾基亞(<span lang="EN-US">Nokia</span>)的股價淨值比過去五年(<span lang="EN-US">2000</span>~<span lang="EN-US">2004</span>年)平均為<span lang="EN-US">8.8</span>,而競爭對手摩托羅拉為<span lang="EN-US">2.5</span>。造成這個差異的最主要原因就是諾基亞在這五年的平均股東權益報酬率為<span lang="EN-US">26%</span>,而摩托羅拉卻平均<span lang="EN-US">-3.5%</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2000<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2001<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2002<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2003<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.0pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2004<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2001<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.0pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2002<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2003<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.0pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2004<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 68.05pt;" valign="top" width="272"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -5.4pt; margin-right: -5.4pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.45gd; mso-para-margin-right: -.45gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">諾 基 亞<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">20.0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">10.8<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.0pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">4.9<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">4.3<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.0pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.8<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">41.8<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">18.7<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.0pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">24.7<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">23.7<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.0pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">20.7<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 68.05pt;" valign="top" width="272"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -5.4pt; margin-right: -5.4pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.45gd; mso-para-margin-right: -.45gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">摩托羅拉<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.4<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.0pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.8<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.6<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.0pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.2<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">7.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-24.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.0pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-20.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 39.95pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">7.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.0pt;" valign="top" width="160"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">11.8<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 42.8pt; mso-char-indent-count: -1.0; mso-layout-grid-align: none; mso-para-margin-left: 2.4gd; text-align: justify; text-indent: -14.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎以本益比法與股價淨值比法評價<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 43.2pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 3.6gd; text-align: justify; text-indent: 28.0pt; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">相對本益比法就是用過去幾年的最高本益比與最低本益比的區間,以估計的每股盈餘求出可能的高點與低點。<span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="layout-grid-mode: char; margin-left: 43.2pt; mso-char-indent-count: 2.0; mso-layout-grid-align: none; mso-para-margin-left: 3.6gd; text-align: justify; text-indent: 28.05pt; text-justify: inter-ideograph;">
<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">葛拉漢的安全邊際法就是以最高本益比評價的價格,扣掉安全邊際率(通常為</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">33.33%</span></b><b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">)後,求出相對便宜的價格。</span></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 33.75pt; mso-border-alt: solid black .5pt; mso-border-insideh: .5pt solid black; mso-border-insidev: .5pt solid black; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.25pt;" width="245"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">年 度<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.2pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">103<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.25pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">102<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.2pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">101<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.25pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">100<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.2pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">99<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.25pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">98<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.15pt;" width="189"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">中位數<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.15pt;" width="189"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">EPS<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.15pt;" width="189"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">P<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.2pt;" width="189"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">margin<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.25pt;" width="245"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">最高<span lang="EN-US">P/E<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.2pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">14<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.25pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">21<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.2pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">21<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.25pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">30<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.2pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">27<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.25pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">37<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.15pt;" width="189"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">24<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.15pt;" width="189"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">3.65<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.15pt;" width="189"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">87.60<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.2pt;" width="189"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">59.27%<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.25pt;" width="245"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">最低<span lang="EN-US">P/E<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.2pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">14<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.25pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">11<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.2pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">15<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.25pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">19<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.2pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">12<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.25pt;" width="153"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">18<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.15pt;" width="189"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">15<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.15pt;" width="189"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">3.65<o:p></o:p></span></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.15pt;" width="189"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">54.75<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">-0.46%<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 <span lang="EN-US">1702</span>南僑近六年最高/低本益比的中位數<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以上表<span lang="EN-US">1702</span>南僑為例,估計的<span lang="EN-US">EPS</span>=<span lang="EN-US">3.65</span>元、當時股價<span lang="EN-US">55</span>元
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">往上漲的空間有<span lang="EN-US">59.27%</span>(=(<span lang="EN-US">87.60</span>-<span lang="EN-US">55</span>)÷<span lang="EN-US"> 55</span>),往下掉的空間有<span lang="EN-US">-0.46%</span>(=(<span lang="EN-US">54.75</span>-<span lang="EN-US">55</span>)÷<span lang="EN-US"> 55</span>)</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> 55</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元價位的投資勝率很高。再以葛拉漢的安全邊際法來看,南僑安全邊際的買點=<span lang="EN-US">87.60 </span>×(<span lang="EN-US">1</span>-<span lang="EN-US">33.33%</span>)=<span lang="EN-US">58.40</span>元 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股價<span lang="EN-US">55</span>元其實不貴。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股價淨值比(<span lang="EN-US">PBR</span>)如果<<span lang="EN-US">1 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以目前公司的淨資產帳面價值順利變現,所變現的價值>市價
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">可以買進,但要考慮:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">①如果公司目前沒有虧損,隨著時間經過,每股淨值會增加;如果公司目前是虧損,隨著時間經過,每股淨值會減少
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股價淨值比可能會><span lang="EN-US">1</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">②股價淨值比就是股價與淨值的關係,淨值是反映股價的基礎。如果公司有賺取超額獲利能力的無形資產或管理能力,則淨值加上這些超額獲利能力的折現值就是合理的價格
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股價>淨值
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股價淨值比><span lang="EN-US">1</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">③如果公司低估資產,例如有專利、不動產或轉投資帳面價值沒有反映真正的價值 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股價淨值比><span lang="EN-US">1</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般而言,採用價值投資法的投資人,最好尋找股價淨值比<<span lang="EN-US">1</span>的公司。<b style="mso-bidi-font-weight: normal;">相對股價淨值比</b>是參考投資標的過去股價淨值比的高低點,再看股價目前的位置,通常以<b style="mso-bidi-font-weight: normal;">河流圖</b>來表彰過去股價相對的位置。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">對於景氣循環股的評價,可採①股價淨值比</span>:股價淨值比在低點時再考慮買進、<span style="color: blue;">②本益比</span>:景氣愈好 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> EPS</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">愈高 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">本益比變低 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">賣股票;景氣愈差
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> EPS</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">愈低
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">本益比變高
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">買股票、<span style="color: blue;">③循環調整本益比</span>(<span lang="EN-US">Cyclically Adjusted PE
ratio, CAPE</span>):以一個景氣循環的平均<span lang="EN-US">EPS</span>來計算本益比。通常景氣循環股的<span lang="EN-US">CAPE</span>在<span lang="EN-US">10</span>倍~<span lang="EN-US">12</span>倍之間,台灣的景氣循環大多不會超過<span lang="EN-US">8</span>年。如果循環週期在<span lang="EN-US">10</span>年內,不用調整通貨膨脹,較長週期則須調整通貨膨脹。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">三、市值營收比</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Price/Sales
Ratio</span>,<span lang="EN-US">P/S</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">每股股價
÷ 每股營收<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=(每股股價
× 總股數)÷(每股營收 × 總股數)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=總市值
÷ 總營收<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><<span lang="EN-US">3<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">市值營收比(<span lang="EN-US">P/S</span>)太高代表該檔股票過熱。費雪建議避開<span lang="EN-US">P/S</span>><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">1.5</span></b>的股票,若<span lang="EN-US">P/S</span>><span lang="EN-US">3</span>絕對不要碰。最好積極尋找<span lang="EN-US">P/S</span>≦<span lang="EN-US">0.75</span>的股票,且長期持有才能賺錢。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎市值營收比的好處在於:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">①營收是現成的數字,不像盈餘一樣受到許多會計假設或人為操作的限制。雖然公司會用會計技倆拉高營收,不過這個難度較高且很容易被識破。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">②一般來說,銷售額(營業收入)的變動比盈餘和緩,因為一次性費用或利得可能會暫時讓盈餘減少或增加。而且,景氣循環類股的盈餘可能每年變化很大,但是營收則是較為穩定的指標。因此,市值營收比特別適合評估盈餘高度變動的景氣循環類股<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">③市值營收比可用來衡量虧損的公司。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">④起伏相對和緩的營收使得市值營收比藉由今昔水準的比較,可以用來快速評價盈餘高度變化的公司。例如:摩托羅拉(<span lang="EN-US">Motorola</span>)過去數年因為大額的一次性費用使得盈餘非常不穩定,像這樣不穩定的盈餘,本益比可能沒有多大的幫助。然而,營收的變動不是那麼大,所以市值營收比就可以派得上用場。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2000<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2001<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2002<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2003<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2004<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">本益比<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">34.9<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">NA<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">NA<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">37.0<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">19.1<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">市值營收比<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.2<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.1<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">0.7<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.2<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.4<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">摩托羅拉公司的本益比及股價<span lang="EN-US">/</span>營收比(<span lang="EN-US">2000</span>~<span lang="EN-US">2004</span>年)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">※<span lang="EN-US">NA</span>=盈餘為負數,因為本益比無法計算。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;">※摩托羅拉的市值營收比相對穩定,而其他的比率則出現大幅度的波動。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">一般來說,只有在做同業比較,或是比較獲利能力相近的產業,或是做單一公司的跨期比較時,市值營收比才能派上用場。</span></b></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZo7Q4k6ZPJ7Gf4wVrpTE2EuCqvkf8Voqkh0otdcu7I2s49bMCqpsuicju5EDhkulGc8m70L8SFK9HLfBY8ItZWgaIC9QTKABoQx-85QPUMJmg1fLc_n6RWKtubRmefzvTH3VhZ96Ud9s/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259A%25E8%25B2%25A1%25E5%258B%2599%25E6%25AF%2594%25E7%258E%2587%25E9%2581%25B8%25E8%2582%25A1%25E6%25B3%2595%25E5%2589%2587-6+%25E8%2582%25A1%25E7%25A5%25A8%25E8%25A9%2595%25E5%2583%25B9%25E4%25B9%258B%25E8%25B2%25A1%25E5%258B%2599%25E6%25AF%2594%25E7%258E%2587-%25E8%2582%25A1%25E7%25A5%25A8%25E5%25B8%2582%25E5%25A0%25B4%25E8%25B7%25A8%25E9%25A1%259E%25E8%2582%25A1%25E7%259A%2584%25E5%25B8%2582%25E5%2580%25BC%25E7%2587%259F%25E6%2594%25B6%25E6%25AF%2594.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="股票市場跨類股的市值營收比" border="0" data-original-height="392" data-original-width="1600" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZo7Q4k6ZPJ7Gf4wVrpTE2EuCqvkf8Voqkh0otdcu7I2s49bMCqpsuicju5EDhkulGc8m70L8SFK9HLfBY8ItZWgaIC9QTKABoQx-85QPUMJmg1fLc_n6RWKtubRmefzvTH3VhZ96Ud9s/s640/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259A%25E8%25B2%25A1%25E5%258B%2599%25E6%25AF%2594%25E7%258E%2587%25E9%2581%25B8%25E8%2582%25A1%25E6%25B3%2595%25E5%2589%2587-6+%25E8%2582%25A1%25E7%25A5%25A8%25E8%25A9%2595%25E5%2583%25B9%25E4%25B9%258B%25E8%25B2%25A1%25E5%258B%2599%25E6%25AF%2594%25E7%258E%2587-%25E8%2582%25A1%25E7%25A5%25A8%25E5%25B8%2582%25E5%25A0%25B4%25E8%25B7%25A8%25E9%25A1%259E%25E8%2582%25A1%25E7%259A%2584%25E5%25B8%2582%25E5%2580%25BC%25E7%2587%259F%25E6%2594%25B6%25E6%25AF%2594.png" title="股票市場跨類股的市值營收比" width="640" /></a></div>
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股票市場跨類股的市值營收比<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">就上表的市值營收比來看,沃爾瑪是最便宜的股票,而電子海灣則是最昂貴的股票?答案是否定的。沃爾瑪一元營收只賺幾分錢,因此創造盈餘需要大量的營收。另一方面,微軟及電子海灣都是高利潤行業,兩家公司的每一元營收,大部分都變成淨利。所以投資人對微軟公司營收的評價比沃爾瑪高也是非常合理。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎市值營收比有一個主要的缺點:營收數字的運用價值高低,端視公司<span style="color: blue;">獲利能力</span>而定<span style="color: blue;">。</span>如果一家公司營收數十億元,但是每筆交易都虧錢,我們將很難找到一個合適的市值營收比來推算股價,因為我們不知道公司能產生多少利潤。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎運用市值營收比的時候,切記一個重點:<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">不管用多少營收才創造出這一元盈餘,一元盈餘就是這個價值。</span></b>因此高利潤公司的一元營收,會比邊際利潤率較低的公司有價值。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">四、現金殖利率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(<span lang="EN-US">Dividend
Yield</span>;簡稱殖利率,又稱股利收益率)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">現金股利
÷ 每股股價<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">≧<span lang="EN-US">10</span>年期公債殖利率 × <span lang="EN-US">2<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎現金殖利率等於公司每股年度股利(指現金股利)除以每股股價。<b style="mso-bidi-font-weight: normal;">高現金殖利率的股票通常是一些成長機會不多的成熟型公司</b>,它隱含的經濟因素是:這些公司找不到有前景的投資來推動未來的成長,因此把大部分的利潤分配給股東。傳統上,支付高現金股利的股票大多是公用事業。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎如果想從股票投資中尋找股利收入,切記高股利的股票會有強大的現金流量、健康的資產負債表以及相對穩定的事業。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎許多投資人或許會被股票的高股利率所吸引,但是有一個重點要記住:<span style="color: blue;">股利的穩定性與公司的穩健體質有關。</span>雖然股利不一定每年都有,不過體質健全的公司不會輕易縮減股利,通常縮減股利是衰退公司常用的手法。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎現金殖利率非常高的股票看起來也許很划算,但是這些公司往往正面臨財務問題以致股價劇跌。對於這種深陷財務困境的公司,日後削減股利以撙節現金流出是常見的事,因此實際的現金殖利率在未來將會低於現在的水準。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎現金殖利率有一個主要的缺點:無法評估不發放現金股利的公司。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">五、<span lang="EN-US">Z-score</span>破產預測模式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Z</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US">1.2 </span>×(營運資金 ÷ 總資產)<span lang="EN-US"><span style="mso-spacerun: yes;"> </span></span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇢</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓐ</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><span style="mso-spacerun: yes;"> </span></span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">+<span lang="EN-US">1.4 </span>×(保留盈餘
÷ 總資產)<span lang="EN-US"><span style="mso-spacerun: yes;"> </span></span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇢</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓑ</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><span style="mso-spacerun: yes;"> </span></span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">+<span lang="EN-US">3.3 </span>×(稅前及息前盈餘
÷ 總資產)<span lang="EN-US"><span style="mso-spacerun: yes;"> </span></span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇢</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓒ</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><span style="mso-spacerun: yes;"> </span></span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">+<span lang="EN-US">0.6 </span>×(權益市價
÷ 負債帳面價值)<span lang="EN-US"><span style="mso-spacerun: yes;"> </span></span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇢</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓓ</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><span style="mso-spacerun: yes;"> </span></span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">+<span lang="EN-US">1.0 </span>×(銷貨
÷總資產)<span lang="EN-US"><span style="mso-spacerun: yes;"> </span></span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇢</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓔ</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓐ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">與<b style="mso-bidi-font-weight: normal;">短期償債能力</b>有關,營運資金除以總資產可讓不同規模的公司互相比較(</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">短期償債能力分析</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓑ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">累計的<b style="mso-bidi-font-weight: normal;">資產報酬率</b>概念,∵保留盈餘是歷年來累計在公司內部的報酬(</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">獲利能力分析</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓒ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">這是稅前總資產報酬率的計算公式,屬於<b style="mso-bidi-font-weight: normal;">獲利能力</b>的指標(</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">獲利能力分析</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓓ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">這是以市值計算的<b style="mso-bidi-font-weight: normal;">財務結構</b>比率,∵公司的所有有形與無形的資產及未來的賺錢能力,會反映在市價之中,∴這個比率比較能夠衡量公司真正的財務結構(</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">長期償債能力分析</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓔ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">這是<b style="mso-bidi-font-weight: normal;">總資產週轉力</b>的指標,也就是公司運用資產來創造收益的能力(</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">經營能力分析</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">1.81<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">Z-score</span>對管理當局的意義<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">管理當局可藉由</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓐ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">提高營運資金(=流動資產-流動負債)來改善第一個指標、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓑ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">降低股息支出來改善第二個指標、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓒ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">提高獲利能力及適當地為總資產瘦身來改善第三個指標、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓓ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">採取庫藏股政策或降低負債來改善第四個指標、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">Ⓔ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">提高資產效能或適當地為總資產瘦身來改善第五個指標。進而提高公司整體的財務體質。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">Z-score</span>的適用行業:<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">上市櫃公司</span></b>(製造業)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">Z-score</span>的使用方法<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Z</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><<span lang="EN-US">1.81 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">破產。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Z</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">2.99 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">繼續經營。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.81</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><<span lang="EN-US">Z</span><<span lang="EN-US">2.99 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">無法判斷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">Z-score</span>的限制與缺點<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">①僅考慮<span lang="EN-US">2</span>個極端情況(違約與沒有違約),對於債務重整、或是雖然發生違約但是回收率很高的情況就沒有做另外較詳細的分類。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">②指標係數未必一直是固定的,必須經常調整。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">③未考慮景氣循環的影響。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">④公司違約與否與風險特性的關係,實際上可能是非線性的。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑤缺乏經濟的理論基礎,也就是為什麼就這幾個財務變數值得考慮,難道其它因素(例如:公司治理)就沒有預測能力嗎?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑥對市場的變化不夠靈敏(<span lang="EN-US">∵</span>運用的財務資料更新太慢)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑦無法計算投資組合的信用風險,因為<span lang="EN-US">Z-score</span>模型主要是針對個別資產的信用風險進行評估,對整個投資組合的信用風險無法衡量。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">六、<span lang="EN-US">Z</span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "malgun gothic" , "sans-serif"; font-size: 14.0pt;">”</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-score</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">破產預測模式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Z</span><span lang="EN-US" style="font-family: "malgun gothic" , "sans-serif"; font-size: 14.0pt;">”</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=<span lang="EN-US">6.56 </span>×(營運資金 ÷ 總資產)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><span style="mso-spacerun: yes;"> </span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="mso-spacerun: yes;"> </span></span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">+<span lang="EN-US">3.26 </span>×(保留盈餘 ÷ 總資產)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><span style="mso-spacerun: yes;"> </span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="mso-spacerun: yes;"> </span></span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">+<span lang="EN-US">6.72 </span>×(稅前及息前盈餘 ÷ 總資產)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><span style="mso-spacerun: yes;"> </span></span><span lang="EN-US" style="font-family: "新細明體" , "serif"; mso-bidi-font-size: 12.0pt;"><span style="mso-spacerun: yes;"> </span></span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">+<span lang="EN-US">1.05 </span>×(權益市價÷ 負債帳面價值)<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">1.1<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">Z</span></span><span lang="EN-US" style="font-family: "malgun gothic" , "sans-serif"; font-size: 14.0pt;">”</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-score</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">的適用行業:<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">服務業</span></b>或<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">所有行業</span></b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">Z</span></span><span lang="EN-US" style="font-family: "malgun gothic" , "sans-serif"; font-size: 14.0pt;">”</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-score</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">的使用方法<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Z</span><span lang="EN-US" style="font-family: "malgun gothic" , "sans-serif"; font-size: 14.0pt;">”</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><<span lang="EN-US">1.1 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">破產。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">Z</span><span lang="EN-US" style="font-family: "malgun gothic" , "sans-serif"; font-size: 14.0pt;">”</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">2.6 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">繼續經營。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.1</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><<span lang="EN-US">Z</span></span><span lang="EN-US" style="font-family: "malgun gothic" , "sans-serif"; font-size: 14.0pt;">”</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><<span lang="EN-US">2.6 </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">無法判斷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「財務報表分析:實務的運用」,著者:薛兆亨,出版者:雙葉書廊有限公司,<span lang="EN-US">2015</span>年<span lang="EN-US">6</span>月 二版<span lang="EN-US">1</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「不懂財報,也能輕鬆選出賺錢績優股:五大關鍵數字力」,著者:林明樟(<span lang="EN-US">MJ</span>老師),出版者:商周出版,<span lang="EN-US">2016</span>年<span lang="EN-US">12</span>月<span lang="EN-US">27</span>日初版<span lang="EN-US">1</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「用生活常識就能看懂財務報表」,著者:林明樟(<span lang="EN-US">MJ</span>老師),出版者:商周出版,<span lang="EN-US">2016</span>年<span lang="EN-US">4</span>月<span lang="EN-US">8</span>日初版<span lang="EN-US">6</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 12.0pt;">※</span><span style="font-family: "新細明體" , "serif"; font-size: 12.0pt;">圖片來源:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif";">https://ism.bwnet.com.tw/image/pool/sm/2015/12/d07e6c12eb5048f74cf7fafeeea4f300.jpg<o:p></o:p></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-21759068835572016182020-05-03T12:36:00.000+08:002020-05-03T12:36:08.299+08:00財務比率選股法則 第5章 償債能力之財務比率<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjK3ntFXkWRJ3HyBnVTmMxgLflnvE9aoZbuOrJVpwPxDw3x3_1bZkjp5UlqAcYPpwQe0XYsGxU96WyNg4zssq1S3aomZWQtAnTOsx5XRf2eWvWsGZpBsiB5mWz43Ki-aR-bIL_Mo0_4Y0w/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259A%25E8%25B2%25A1%25E5%258B%2599%25E6%25AF%2594%25E7%258E%2587%25E9%2581%25B8%25E8%2582%25A1%25E6%25B3%2595%25E5%2589%2587-5+%25E5%2584%259F%25E5%2582%25B5%25E8%2583%25BD%25E5%258A%259B%25E4%25B9%258B%25E8%25B2%25A1%25E5%258B%2599%25E6%25AF%2594%25E7%258E%2587.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="379" data-original-width="565" height="267" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjK3ntFXkWRJ3HyBnVTmMxgLflnvE9aoZbuOrJVpwPxDw3x3_1bZkjp5UlqAcYPpwQe0XYsGxU96WyNg4zssq1S3aomZWQtAnTOsx5XRf2eWvWsGZpBsiB5mWz43Ki-aR-bIL_Mo0_4Y0w/s400/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259A%25E8%25B2%25A1%25E5%258B%2599%25E6%25AF%2594%25E7%258E%2587%25E9%2581%25B8%25E8%2582%25A1%25E6%25B3%2595%25E5%2589%2587-5+%25E5%2584%259F%25E5%2582%25B5%25E8%2583%25BD%25E5%258A%259B%25E4%25B9%258B%25E8%25B2%25A1%25E5%258B%2599%25E6%25AF%2594%25E7%258E%2587.jpeg" width="400" /></a></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">一、流動比率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">~<span style="color: blue;">你欠我的,能還嗎?</span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">流動資產 <span lang="EN-US">÷ </span>流動負債<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">=能還嗎 <span lang="EN-US">÷ </span>你欠我的<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">=你欠我的能還嗎?還越多越好!<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">數值越大越好<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">≧<span lang="EN-US">200%<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎∵營運資金(=流動資產-流動負債)係一絕對數值,不能明確顯示真實的償債能力。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎分母是流動負債=「你欠我的」;分子是流動資產=「能還嗎」,指的是我們拿什麼來還?當然是公司的流動資產。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎流動比率愈高 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">流動資產可以清償流動負債的程度愈大。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎<span style="color: blue;">流動比率><span lang="EN-US">200% </span></span></span><span lang="EN-US" style="background: white; color: blue; font-family: "cambria math" , "serif"; font-size: 14pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14pt;">短期償債能力極佳。若以保本穩健的投資原則來選股,其流動比率最好是近三年皆≧<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">300</span></b><span lang="EN-US">%</span>。</span><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">但流動比率要以多少為佳,則要視各行業而定。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎流動資產是清償流動負債的重要依據,而流動資產能否清償流動負債則要觀察流動資產的變現品質。流動比率的構成分子有①流動資產:主要組成分子為現金與約當現金、應收帳款及存貨,比較複雜、②流動負債:定義比較清楚&單純。∴流動資產多,不代表短期償債能力就一定好。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎流動資產除了量的分析以外,還須進行質的分析。<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">質的分析</span></b><span style="color: blue;">就是衡量<b style="mso-bidi-font-weight: normal;">流動資產</b>的<b style="mso-bidi-font-weight: normal;">變現品質</b>優劣。</span>變現品質能力好,代表①變現速度快、②在變現過程中損失較小。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">一般而言,變現品質優劣的順序為現金>應收帳款>存貨。另外,<b style="mso-bidi-font-weight: normal;">要判斷應收帳款與存貨的變現品質,何者對公司的影響較大,須視其金額占流動資產的比重(共同比分析)來決定。</b><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎萬一公司的流動資產多半是收不回來的應收帳款、或是一直賣不出去的庫存,那要怎麼辦?為了防止少部分惡質公司過度美化應收帳款和庫存在財報中的數字,可再交叉驗證下列三個指標,以防止流動資產造假:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">①現金與約當現金:手上的現金充足嗎?現金越多代表越有償債能力。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">②平均收現日數:是否需要很久才能收回款項?並特別留意是否勝過同業的平均值?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">③平均銷貨日數:產品好不好賣?跟同業相比是暢銷或滯銷?<span lang="EN-US"><o:p></o:p></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8-ckbFJ09iqPZ3BaR3HwLudD5k3r9bJ3K2Ml88IIwMFqcFls69n9nUg9XhYEgtE2715tucbmacLEc-jQFwUfpr-pBuiiAJa0OD18YnGX2MCU90jGIJzfQFfQ5C2OWoKDTMyP5GY8AshU/s1600/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259A%25E8%25B2%25A1%25E5%258B%2599%25E6%25AF%2594%25E7%258E%2587%25E9%2581%25B8%25E8%2582%25A1%25E6%25B3%2595%25E5%2589%2587-5+%25E5%2584%259F%25E5%2582%25B5%25E8%2583%25BD%25E5%258A%259B%25E4%25B9%258B%25E8%25B2%25A1%25E5%258B%2599%25E6%25AF%2594%25E7%258E%2587-%25E6%25B5%2581%25E5%258B%2595%25E6%25AF%2594%25E7%258E%2587%25E7%259A%2584%25E4%25BA%25A4%25E5%258F%2589%25E9%25A9%2597%25E8%25AD%2589.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="流動比率的交叉驗證" border="0" data-original-height="904" data-original-width="1600" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8-ckbFJ09iqPZ3BaR3HwLudD5k3r9bJ3K2Ml88IIwMFqcFls69n9nUg9XhYEgtE2715tucbmacLEc-jQFwUfpr-pBuiiAJa0OD18YnGX2MCU90jGIJzfQFfQ5C2OWoKDTMyP5GY8AshU/s640/%25E6%2593%258D%25E4%25BD%259C%25E6%25BA%2596%25E5%2589%2587%25EF%25BC%259A%25E8%25B2%25A1%25E5%258B%2599%25E6%25AF%2594%25E7%258E%2587%25E9%2581%25B8%25E8%2582%25A1%25E6%25B3%2595%25E5%2589%2587-5+%25E5%2584%259F%25E5%2582%25B5%25E8%2583%25BD%25E5%258A%259B%25E4%25B9%258B%25E8%25B2%25A1%25E5%258B%2599%25E6%25AF%2594%25E7%258E%2587-%25E6%25B5%2581%25E5%258B%2595%25E6%25AF%2594%25E7%258E%2587%25E7%259A%2584%25E4%25BA%25A4%25E5%258F%2589%25E9%25A9%2597%25E8%25AD%2589.png" title="流動比率的交叉驗證" width="640" /></a></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">圖 流動比率的交叉驗證<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">二、</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">速動比率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">(又稱為酸性比率)~<span style="color: blue;">你欠我的,能速速還嗎?</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">速動資產 <span lang="EN-US">÷ </span>流動負債<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">=(流動資產-存貨-預付費用)<span lang="EN-US">÷ </span>流動負債<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">=(能還嗎-不會動的)<span lang="EN-US">÷ </span>你欠我的<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">=能速速還嗎 <span lang="EN-US">÷ </span>你欠我的<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">越大越好=具有速速還款的能力<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">><span lang="EN-US">100%<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎速動比率公式的分子裡「不會動的」,指的是不容易馬上變成現金的流動資產。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎這個指標主要是輔助「流動比率」的不足之處,因為流動資產裡的每項資產並不是都真正具備足夠的價值。扣除不會動的流動資產項目,可避免公司靠著不會動的流動資產美化報表。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎不會動的流動資產有①存貨:因市場需求與消費者的喜好時常變動,存放過久的存貨,雖然帳面上有價值,但卻可能完全賣不出去、②預付費用:因為已經預付出去的費用根本無法拿回來使用。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎∵速動資產是由現金、短期投資及應收款項等變現能力較佳的流動資產項目所組成,∴可以用來衡量流動資產的品質。速動比率即是衡量這些變現能力較佳的速動資產能夠清償流動負債的程度。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎速動比率若><span lang="EN-US">100% </span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">速動資產>流動負債 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">不需要處理存貨項目即可清償流動負債。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎速動比率愈高,表示速動資產可以清償流動負債的程度愈大。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎<span style="color: blue;">速動比率><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">100%</span></b><span lang="EN-US"> </span></span></span><span lang="EN-US" style="background: white; color: blue; font-family: "cambria math" , "serif"; font-size: 14pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: blue; font-family: "新細明體" , "serif"; font-size: 14pt;"> </span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14pt;">短期償債能力極佳。若以保本穩健的投資原則來選股,其速動比率最好是近三年皆≧<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">150%</span></b>。</span><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">但速動比率要以多少為佳,則要視各行業而定。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎當速動比率未達標卻又非常想投資時,可再交叉驗證下列三個指標:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">①現金佔總資產比率是否><span lang="EN-US">10%</span>?現金越多代表越有能力速速償還短期負債。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">②平均收現日數是否<<span lang="EN-US">15</span>天?萬一債權人不願意借錢給公司,並突然要求速速償還短期債務,此時公司若屬於「天天收現金」的生意模式,則仍可認定具有速速還款的能力。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">③總資產週轉率是否><span lang="EN-US">1</span>?假設這家公司前面幾個指標全都不符合,那麼其總資產周轉率絕對不能<<span lang="EN-US">1</span>。因為<<span lang="EN-US">1</span>代表是資本密集的行業,當現金佔總資產比率<<span lang="EN-US">10% </span>& 不是收現金的行業 & 速動比率偏低,此時市場一旦有風吹草動或黑天鵝事件時,該公司可能會立刻陷入危機。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">圖 速動比率的交叉驗證<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎速動比率與流動比率有異時,如何處理?<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">範例:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">甲公司的流動比率=<span lang="EN-US">200%</span>(達到優良標準),速動比率=<span lang="EN-US">70%</span>(未達優良標準),在此情況下,甲公司的短期償債能力是否良好呢?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14pt;">Ans</span><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">流動比率與速動比率的主要差異在於存貨。∴①如果存貨的變現品質好(例如:存貨週轉率很高),可以快速變現,那麼較低的速動比率不會造成很大的困擾、②<b style="mso-bidi-font-weight: normal;">一家公司是否具有良好的短期償債能力,是以流動資產可以清償流動負債為最終考量。</b>較低的速動比率只是說明速動資產無法清償流動負債,並不表示流動資產無法清償流動負債</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14pt; letter-spacing: 0.2pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">結論:決定因素=存貨的變現品質。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">三、利息保障倍數<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">(稅前盈餘+利息支出)÷ 利息支出<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">=<span lang="EN-US">EBIT </span>÷ 利息支出<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">><span lang="EN-US">3<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎利息保障倍數的基本假設:除非以債養債或增加資本去還債,否則還本付息的資金都是來自盈餘。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎由於計算盈餘時已將利息扣除,且支付利息是在報繳所得稅之前,所以用來支應債務支出的應該是稅前盈餘並加回利息,即一般所謂的稅前息前盈餘(<span lang="EN-US">earning before interest and tax, EBIT</span>)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎利息保障倍數是衡量公司盈餘可以支應利息的程度。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎利息保障倍數愈高,對債權人愈有利。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎有時候雖然公司的財務結構不好,但由於①利息保障倍數不錯,銀行仍不會抽銀根、或②獲利能力還不錯,不但不會立刻發生財務問題,而且由於將獲利轉入股東權益,也會改善財務結構。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎<span style="color: red;">利息保障倍數<<span lang="EN-US">1 </span></span></span><span lang="EN-US" style="background: white; color: red; font-family: "cambria math" , "serif"; font-size: 14pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 14pt;"> </span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14pt;">公司無法清償利息的機率很高 </span><span lang="EN-US" style="background: white; color: red; font-family: "cambria math" , "serif"; font-size: 14pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 14pt;"> </span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14pt;">銀行可能抽銀根且處分擔保品 </span><span lang="EN-US" style="background: white; color: red; font-family: "cambria math" , "serif"; font-size: 14pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="color: red; font-family: "新細明體" , "serif"; font-size: 14pt;"> </span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14pt;">破產的前兆。因此,利息保障倍數是破產指標。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎<b style="mso-bidi-font-weight: normal;">葛拉漢</b>認為<span style="color: blue;">利息保障倍數要><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">3</span></b>倍。<span lang="EN-US"><o:p></o:p></span></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">四、現金週轉期間<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">圖 企業營業週期流程圖<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">現金週轉期間=平均收現日數+平均銷貨日數-平均付款日數<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">※平均付款日數=<span lang="EN-US">365 </span>÷ 應付款項週轉率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">應付款項週轉率=銷貨成本 ÷ 平均應付款項<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎流動比率是靜態的觀念,而週轉能力是動態的過程。由於在流動比率中,流動資產(分子)及流動負債(分母)都是結帳日的餘額,無法顯示真實的週轉過程,因此計算現金週轉期間可以補充流動比率的不足。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎負的現金週轉期間是否會造成公司倒閉或週轉不靈呢?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">以<span lang="EN-US">2912</span><b style="mso-bidi-font-weight: normal;">統一超</b>在<span lang="EN-US">101</span>年為例,現金週轉期間=<span lang="EN-US">-18</span>天(=平均收現日數<span lang="EN-US">6.8</span>天+平均銷貨日數<span lang="EN-US">26.5</span>天-平均付款日數<span lang="EN-US">51.3</span>天)</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">統一超有<span lang="EN-US">18</span>天的時間可自由運用現金 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14pt;">因為供應商提供信用交易,給予統一超足夠的融資金額,所以做生意不需要準備任何本金或週轉金。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">∴<b style="mso-bidi-font-weight: normal;">當現金週轉期間出現負數時,表示沒有營業週轉金的需求,反而可藉由營運過程產生資金來源,提供公司營運使用,公司可利用這些剩餘的資金進行轉投資或創立新分店。</b><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">∵統一超的現金週轉期間表現非常良好,這也就是為什麼統一超的流動比率及速動比率皆<<span lang="EN-US">100%</span>,卻不會發生短期償債能力問題之重要因素。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">◎平均銷貨日數愈短愈好,平均收現日數也是愈短愈好,但平均付款日數一定是愈長愈好嗎?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">延長付款期間雖然能讓公司資金調度更加寬裕,但供應商可能會懷疑該公司是否有週轉問題,而擔憂這樣的公司還能不能繼續打交道?因此,平均付款日數愈長,可能會產生信用問題。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14pt;">所以答案應是<b style="mso-bidi-font-weight: normal;">在不影響公司信用的情況下,平均付款日數愈長愈好。</b>什麼是「在不影響公司信用的情況下」?例如:原本以販售牛奶為主要營業項目,平均付款日數=<span lang="EN-US">30</span>天,現新增另一營業項目為販售罐頭,平均付款日數=<span lang="EN-US">60</span>天,綜合兩項之後,平均付款日數=<span lang="EN-US">45</span>天,比原本增加了<span lang="EN-US">15</span>天。在此情況下,藉由新增營業活動或更換供應商以延長應付帳款的天數,而公司的信用狀況絲毫不受影響。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「財務報表分析:實務的運用」,著者:薛兆亨,出版者:雙葉書廊有限公司,<span lang="EN-US">2015</span>年<span lang="EN-US">6</span>月 二版<span lang="EN-US">1</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「不懂財報,也能輕鬆選出賺錢績優股:五大關鍵數字力」,著者:林明樟(<span lang="EN-US">MJ</span>老師),出版者:商周出版,<span lang="EN-US">2016</span>年<span lang="EN-US">12</span>月<span lang="EN-US">27</span>日初版<span lang="EN-US">1</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「用生活常識就能看懂財務報表」,著者:林明樟(<span lang="EN-US">MJ</span>老師),出版者:商周出版,<span lang="EN-US">2016</span>年<span lang="EN-US">4</span>月<span lang="EN-US">8</span>日初版<span lang="EN-US">6</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 12pt;">※</span><span style="font-family: "新細明體" , "serif"; font-size: 12pt;">圖片來源:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif";">https://img1.how01.com/imgs/06/a2/5/1064000845e76ca65af6.jpg<o:p></o:p></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-8170476287255063262020-04-26T12:16:00.000+08:002020-04-26T12:16:03.458+08:00財務比率選股法則 第4章 財務結構之財務比率<div class="separator" style="clear: both; text-align: center;">
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、負債佔資產比率<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">負債總額
<span lang="EN-US">÷ </span>資產總額 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">棒子的位置<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">≦<span lang="EN-US">60%<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎該比率在衡量外部資金佔資產總額的比重,比率愈高表示財務結構愈差。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">一般以<span lang="EN-US">1/3</span>為佳,<<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">50%</span></b>為可接受的水準。<span lang="EN-US"><o:p></o:p></span></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">1997</span>年時,韓國很多大財團因負債比重太高而倒閉,然而<span lang="EN-US">HPQ.US</span>惠普在<span lang="EN-US">2012</span>年底時,負債佔資產比率高達<span lang="EN-US">79%</span>。∴自有資金佔資產比率應視不同的時間、不同的產業、不同的國家而定。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎「這根棒子」在什麼位置比較理想呢?根據「最適資本理論」的結論是:一人一半!因為如果棒子不斷往下移,代表公司負債偏多,此時債權人會暗自嘀咕:股東自己為什麼不願出資?這家公司是不是有什麼我不知道的事情?
</span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">債權人不借了。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一家公司的負債佔資產比率的高低,會暗示出一家公司股東的整體偏好。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果公司經營得很好,每年固定獲利,毛利率又高,當公司需要更多資金擴大經營的時候,所有股東都會參加公司的現金增資,因為肥水不落外人田
</span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">棒子上移。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">而狀況不好的公司,股東都不想投資,公司為了活下去,只能不斷尋求外部資金,例如銀行貸款、公司債…等</span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">棒子下移。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;">一家經營超過五年有正常獲利的公司,公司的財務結構(那根棒子)通常會往上移。</b><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">在美國道瓊<span lang="EN-US">30</span>成分股裡面,經營穩健公司的負債佔資產比率通常都會≦<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">60%</span></b>。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎觀察全球各國數千家已經<span style="background: yellow; color: red;">破產下市公司的負債佔資產比率,在破產前的最後一年,通常都會≧<span lang="EN-US">80%</span>,或是接近這個數字。</span>亦即,這家公司將面臨嚴峻的生死存亡之戰。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎當一家公司的負債佔資產比率非常亮眼時,可同步觀察這公司的:①毛利率、②營業利益率。交叉驗證是不是一家真正值得投資的好公司。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎如果一家公司的財務結構一直往下移,或者負債佔資產比率≧<span lang="EN-US">70%</span>,這時需要特別小心,立刻交叉驗證這家公司的:①毛利率:是否持續惡化?已經不是一門好生意?②營業利益率:是否已經失去賺錢的真本事?③現金與約當現金:財務結構這麼差,通常已經借不到錢了,手上現金能撐多久?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">金融保險業</span>具有特殊的財務結構,<span style="color: blue;">不適用「負債佔資產比率」的觀念。</span>因為金融保險業是遵循<span lang="EN-US">BIS</span>(<span lang="EN-US">Bank for International Settlements</span>)針對金融機構的資產中自有資產的比率必須維持在一定標準以上的規定:①股東出資≧<span lang="EN-US">8%</span>可以做國際金融業務、②股東出資≧<span lang="EN-US">4%</span>只可做國內金融業務、③股東出資<<span lang="EN-US">4%</span>不准經營金融業。換言之,金融機構是一個高度槓桿的行業。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: 細明體; font-size: 14.0pt; mso-bidi-font-family: 細明體;">二、長期資金佔不動產、廠房及設備比率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(長期資金佔固定資產比率)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(權益總額+非流動負債)÷
不動產、廠房及設備淨額<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=長期資金
÷ 不動產、廠房及設備淨額<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=(長期負債+股東權益)÷
不動產、廠房及設備淨額<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=以長(長期資金來源)÷
支長(長期資金去路)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以長支長,越長越好<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">100%<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎該比率在衡量長期資金來源(=股東權益+長期負債)支應長期資產(主要為不動產、廠房及設備淨額)的關係
</span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">「以長支長,越長越好」的觀念。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎該比率愈高 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">資金配置較為穩健;比率愈低 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">資金配置較不穩健。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">長期資金佔不動產、廠房及設備比率以><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">100%</span></b>為佳</span> </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">長期資金來源可以支應主要的長期資產(不動產、廠房及設備淨額),而不須挪用部分短期資金來源(流動負債)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;">任何一家穩健經營的公司,都不會發生「以短支長」的致命危機。</b>只要長期資金佔不動產、廠房及設備比率<<span lang="EN-US">100%</span>就要特別小心。因為金融業的特性:晴天借傘、雨天收傘。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="background: yellow; color: red;">企業經營的致命危機:以短支長。</span>例如:跟地下錢莊借錢,去支應公司長期發展所需的機械廠房設備,通常最後都會以破產收場。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎個人短債長投的致命錯誤:使用短期的資金工具(信用卡、現金卡、甚至地下錢莊)來週轉家庭的長期生活所需。實例:<span lang="EN-US">2004</span>~<span lang="EN-US">2005</span>年的雙卡風暴(信用卡+現金卡)造成有些卡奴自殺或<span lang="EN-US">10</span>年後仍難脫債務。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「財務報表分析:實務的運用」,著者:薛兆亨,出版者:雙葉書廊有限公司,<span lang="EN-US">2015</span>年<span lang="EN-US">6</span>月 二版<span lang="EN-US">1</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「不懂財報,也能輕鬆選出賺錢績優股:五大關鍵數字力」,著者:林明樟(<span lang="EN-US">MJ</span>老師),出版者:商周出版,<span lang="EN-US">2016</span>年<span lang="EN-US">12</span>月<span lang="EN-US">27</span>日初版<span lang="EN-US">1</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「用生活常識就能看懂財務報表」,著者:林明樟(<span lang="EN-US">MJ</span>老師),出版者:商周出版,<span lang="EN-US">2016</span>年<span lang="EN-US">4</span>月<span lang="EN-US">8</span>日初版<span lang="EN-US">6</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 12.0pt;">※</span><span style="font-family: "新細明體" , "serif"; font-size: 12.0pt;">圖片來源:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif";">https://images.stockfeel.com.tw/stockfeelimage/2015/12/</span><span style="font-family: "新細明體" , "serif";">財務結構<span lang="EN-US">-</span>會不會倒<span lang="EN-US">-e1449553617761.jpg<o:p></o:p></span></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-73040548502700409112020-04-19T11:28:00.000+08:002020-04-19T11:28:08.292+08:00財務比率選股法則 第3章 獲利能力之財務比率<div class="separator" style="clear: both; text-align: center;">
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、總資產報酬率(<span lang="EN-US">RO</span>A)<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">〔稅後純益+利息費用
×(<span lang="EN-US">1</span>-稅率)〕÷ 平均總資產<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※杜邦分析的總資產報酬率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=稅後純益 ÷ 總資產<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=(稅後純益 ÷ 銷貨淨額)×(銷貨淨額 ÷ 總資產)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=稅後純益率 × 總資產週轉率<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">>市場利率<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎基本上,資產可分為負債與股東權益,其中股東權益的報酬為稅後純益,而負債的報酬即為損益表上的利息費用
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公式中的分子反映了公司真正的經營狀況,也就是真正的盈餘;而分母則反映了全公司的總資產。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎總資產報酬率的公式說明:由於稅後純益與稅前利息支出不能相加,∴分子報酬的衡量應為稅後純益+稅後利息支出。然而分子是流量,分母總資產是存量,∴分母必須用平均數與分子配合。而這就是財務比率的配合原則,也就是稅前與稅後之間的考量,以及流量與存量之間的考量。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎總資產報酬率最能顯示企業的經營績效。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎純益率意指每一塊錢的銷貨所賺得的百分比利潤;總資產週轉率意指每投資一塊錢的資產所能創造的銷貨。<span lang="EN-US" style="color: blue;"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎薄利多銷的企業,其稅後純益率當較同業為低。但稅後純益率較低亦可能由於</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">⒈</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">生產技術拙劣、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">⒉</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">產品品質低落、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">⒊</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">設備及人員過多導致固定費用過高等因素。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎總資產週轉率若較同業為低,多半則是因為設備未充分利用。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">杜邦分析的總資產報酬率顯示總資產報酬率是由</span></span><span style="color: blue; font-family: "ms mincho"; font-size: 14.0pt;">⒈</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">營業獲利率(=<b style="mso-bidi-font-weight: normal;">稅後純益率</b>)、</span><span style="color: blue; font-family: "ms mincho"; font-size: 14.0pt;">⒉</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">資產利用率(=<b style="mso-bidi-font-weight: normal;">總資產週轉率</b>)等兩個變數配合產生。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">亦即,杜邦分析將總資產報酬率分為</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">⒈</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">經營結果分析(又稱損益表分析):獲利能力(</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稅後純益率)、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">⒉</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">經營績效分析(又稱週轉力分析):經營效能(</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">總資產週轉率)。有利於指出問題所在,協助利潤中心作決策。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">由杜邦分析的總資產報酬率可知:想提高總資產報酬率可從</span></span><span style="color: blue; font-family: "ms mincho"; font-size: 14.0pt;">⒈</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">純益率↑+總資產週轉率↑(=最完美組合)、</span><span style="color: blue; font-family: "ms mincho"; font-size: 14.0pt;">⒉</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">純益率↓+總資產週轉率↑(=薄利多銷)、</span><span style="color: blue; font-family: "ms mincho"; font-size: 14.0pt;">⒊</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">純益率↑+總資產週轉率↓(=提高附加價值)。</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎提高純益率的策略:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">純益率=淨利
÷ 銷貨額<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =〔銷貨額-(成本+費用)〕÷ 銷貨額<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒈</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">增加銷貨額<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公司如果能設法使銷售額增加的比例>成本及費用增加的比例,即可提高純益率。方式有</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">ⓐ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">增加銷貨量:但除非產品特優或在促銷上有重大突破,否則要增加銷貨量而不降價是很困難的、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">ⓑ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">增加銷貨價格:例如增加產品功能來提高產品的附加價值、或品牌行銷、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">ⓒ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">變更產品組合:提升高附加價值產品的銷售比重。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒉</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">降低成本及費用<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">降低成本及費用是企業內部較可控制的方法。降低成本必須要有一套成本資訊系統(=成本會計),由成本會計提供各種成本資料,借助<span lang="EN-US">ABC</span>分析的方法,先集中對最重要的成本大幅降低及控制,是最有效的方法;降低費用則以預算控制較為有效。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎提高總資產週轉率的方法:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒈</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">增加銷貨額<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">只要銷售額增加的比例>資產增加的比例,自然可以提高總資產週轉率。例如:採用較寬的信用政策,雖然銷貨額增加也會導致應收款項及存貨等資產的增加,但在不動產、廠房及設備的有效利用下,可提高總資產週轉率。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒉</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">降低資產(減量經營)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">處分過多的存貨或無效率的固定資產。但在生產管理或採購制度較不健全的企業,可能會無法及時供應客戶產品,以致影響未來的銷售額及競爭力。著名的重整成功案例均是擅長利用減量經營而成功。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎當總資產週轉率很好時,由於單位固定成本降低 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">獲利能力也會有不錯的表現。亦即,銷貨增加
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">總資產週轉率↑;但在其他條件不變下,銷貨增加也會使營業費用率↓
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稅後純益率↑。∴稅後純益率和總資產週轉率是相輔相成,而非獨立運作。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎構成總資產的要素有現金、存貨、應收帳款及不動產、廠房及設備…等,∴如果現金週轉率、應收款項週轉率或…等出了問題,連帶也會影響總資產報酬率。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎稅後純益率雖可反映一家公司的獲利能力及盈餘品質,但仍不及投資報酬率,因其是指將本求利,並非做一塊錢生意能賺得多少錢的關係,而是反映進行投資能獲取多少的報酬。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎總資產報酬率表示企業全部資產獲取收益的水平,全面反映了企業的獲利能力和投入產出狀況。該指標越高,表明企業投入產出的水平越好,企業的資產運營越有效。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一般情況下,企業可將此指標與市場利率進行比較,如果該指標>市場利率,則表明企業可以充分利用財務槓桿,進行負債經營,獲取儘可能多的收益。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎評價總資產報酬率時,需要與前期的比率、與同行業其他企業進行比較評價,也可以對總資產報酬率進行因素分析。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;">當兩家公司的總資產報酬率差不多的時候,要以經營能力(總資產週轉率)為主。</b>因為高毛利容易有競爭者出現,這就是所謂的「蛋塔效應」。但經營能力屬於公司內部的一種能力,強調的是這家公司如何有效運用應收帳款、存貨、固定資產與總資產進行最有效的配置,這些經營能力背後所代表的運用邏輯(<span lang="EN-US">Know How</span>),一般競爭者是不得其門而入、也偷不走的。所以當經營能力與獲利能力不可兼得的時候,要選經營能力。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎不同的組合,相同的總資產報酬率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">A</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公司<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">B</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公司<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 109.95pt;" width="440"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">C</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公司<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.15pt;" valign="top" width="433"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">銷貨淨額<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稅後純益<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">資產總額<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稅後純益率<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">總資產週轉率<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">總資產報酬率<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.75pt;" valign="top" width="503"><div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">$500,000<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">$50,000<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">$500,000<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">10%<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">次<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">10%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 138.1pt;" valign="top" width="552"><div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">$1,000,000<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">$50,000<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">$500,000<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">5%<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">次<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">10%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 109.95pt;" valign="top" width="440"><div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">$1,000,000<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">$10,000<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">$100,000<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1%<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">10</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">次<span lang="EN-US"><o:p></o:p></span></span></div>
<div align="right" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: right;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">10%<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.15pt;" valign="top" width="433"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">經營策略<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.75pt;" valign="top" width="503"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">以價制量<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 138.1pt;" valign="top" width="552"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 109.95pt;" valign="top" width="440"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">薄利多銷<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.15pt;" valign="top" width="433"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">獲利管理之方向<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.75pt;" valign="top" width="503"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">提升總資產週轉率<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 138.1pt;" valign="top" width="552"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">可兩者同時加以改善<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 109.95pt;" valign="top" width="440"><div align="center" class="MsoNormal" style="layout-grid-mode: char; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: -3.0pt; margin-right: -3.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-para-margin-bottom: .0001pt; mso-para-margin-bottom: 0cm; mso-para-margin-left: -.25gd; mso-para-margin-right: -.25gd; mso-para-margin-top: 0cm; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">提升稅後純益率<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、股東權益報酬率(<span lang="EN-US">ROE</span>)</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<span style="color: blue;">投資獲得多少回報</span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稅後淨利
÷ 平均股東權益<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=股東可以分到的利益
÷ 股東出的錢<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=益
÷ 本<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※杜邦分析的股東權益報酬率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=稅後純益 ÷ 股東權益<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=(稅後純益 ÷ 銷貨淨額)×(銷貨淨額 ÷ 總資產)×(總資產 ÷ 股東權益)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=(稅後純益率 × 總資產週轉率)× 權益乘數<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=總資產報酬率 × 權益乘數<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">15%</span>(至少><span lang="EN-US">7%</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">以投資人的角度來看,最關心的是<b style="mso-bidi-font-weight: normal;">股東權益報酬率</b></span>,而非稅後純益率、或總資產報酬率。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎股東權益報酬率是衡量公司股東的投資報酬率。股東權益報酬率通常越高越好。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">股東權益報酬率適用於長期投資的選股衡量</span></b>。當股東權益報酬率出現長期往上的趨勢時,基本上就是值得注意的標的。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎由杜邦分析的股東權益報酬率可知:要極大化股東權益報酬率可透過①稅後純益率、②總資產週轉率、③權益乘數等來達成。但<span style="color: red;">唯有<b style="mso-bidi-font-weight: normal;">稅後純益率</b>是<b style="mso-bidi-font-weight: normal;">正數</b>時,才有辦法</span></span><span style="color: red; font-family: "ms mincho"; font-size: 14.0pt;">⒈</span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">利用提高總資產週轉率來提昇總資產報酬率、</span><span style="color: red; font-family: "ms mincho"; font-size: 14.0pt;">⒉</span><span style="color: red; font-family: "新細明體" , "serif"; font-size: 14.0pt;">利用舉債提高權益乘數以提高股東權益報酬率。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">若稅後純益率為負數時,透過總資產週轉率的結果,做愈多會賠愈多;再透過權益乘數的效果,借愈多亦賠愈多。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎當總資產週轉率↑ </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">單位固定成本↓ </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營業費用率↓
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稅後純益率↑;<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當權益乘數↑
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">負債↑
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">利息↑
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稅後純益率↓。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∴稅後純益率、總資產週轉率和權益乘數是互為因果,而非獨立運作。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎股東權益報酬率之所以與總資產報酬率有差異,在於公司舉債經營的程度。當公司無舉債經營時,股東權益報酬率=總資產報酬率。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎衡量股東權益報酬率與總資產報酬率之差異,即為舉債經營之得失。舉債經營的關鍵在於總資產報酬率是否高於負債利率。∵總資產報酬率>負債利率的部分是歸於股東
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股東權益報酬率↑。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">巴菲特認為股東權益報酬率要><span lang="EN-US">15%</span>、張忠謀則是><span lang="EN-US">20%</span></span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎會計上的股東權益報酬率(<span lang="EN-US">ROE</span>)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=稅後純益
÷ 股東權益<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=
(稅後純益÷營業收入)</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">銷售邊際利潤 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">獲利能力<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">×(營業收入÷資產總額)</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">總資產週轉率 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">經營效率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">×(資產總額÷股東權益)</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">權益乘數<span lang="EN-US"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">財務結構<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎投資人的實質股東權益報酬率=會計上的股東權益報酬率 ÷ 股價淨值比。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="background: yellow; mso-highlight: yellow;">如果公司的<b style="mso-bidi-font-weight: normal;"><span style="color: red;">資產報酬率><span lang="EN-US">10%</span>且股東權益報酬率持續一段期間><span lang="EN-US">15%</span></span></b>,那麼<b style="mso-bidi-font-weight: normal;"><span style="color: red;">這家公司可能真的擁有護城河。</span></b></span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">股東權益報酬率</span>指的是相對於股東出的錢,可以獲得多少的報酬率,<span style="color: blue;">越高越好。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;">巴菲特非常重視三個指標為①長期穩定的獲利能力</b>:「護城河」、「推斷特定公司的競爭優勢」的觀念、<b style="mso-bidi-font-weight: normal;">②自由現金流量</b>:衡量一家公司的氣長不長,以及該公司是否能每年為公司帶來正的現金流量、<b style="mso-bidi-font-weight: normal;">③權益報酬率</b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US" style="color: blue;">ROE</span><span style="color: blue;">><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">20%</span></b></span>,算是<span style="color: blue;">非常好的公司</span>。巴菲特說:「假如您持有一家優秀企業,時間就是好朋友;但如果您持有的是表現平庸的公司,那麼時間就變成敵人。」如果每年平均報酬率都維持<span lang="EN-US">20%</span>,就能創造世界第八大奇蹟:時間的複利效果。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US" style="color: blue;">ROE</span><span style="color: blue;"><<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">7%</span></b></span>,<span style="color: blue;">可能就不值得投資</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒜</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般投資者的</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">資金成本介於<span lang="EN-US">2%</span>~<span lang="EN-US">7%</span>,∴<span lang="EN-US">ROE</span>至少要足以填補相關</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">成本。</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒝</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">機會成本問題</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">。如果把錢投入一家<span lang="EN-US">ROE</span>偏低的公司,您可能會因此錯失其他更好的投資機會。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎當兩家公司每股盈餘(<span lang="EN-US">EPS</span>)差不多,規模經濟在各自領域也名列前茅的時候,此時權益報酬率的高低便是一個關鍵參考指標。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">三、稅前純益佔實收資本比率<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稅前利益
÷ 實收資本額<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">越大越好<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎若稅前純益佔實收資本比率愈大 </span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稅前純益愈大
</span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">本期純益愈大 </span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">獲利能力愈好,∴稅前純益佔實收資本比率與<span lang="EN-US">EPS</span>呈正向變動。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">四、毛利率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<span style="color: blue;">一門生意的好壞</span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(銷貨毛利÷銷貨淨額)<span lang="EN-US">× 100% </span></span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">這是不是一門好生意?<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">經營品牌的公司><span lang="EN-US">30%</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎公司主要業務有沒有搞頭?生意好不好賺?就看這個數據了。毛利率越高代表是一門好生意;毛利率越低代表是一門艱困的生意;如果毛利率是負的,那代表這真是一門爛生意。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎毛利率隨行業而不同。例如:貨品週轉甚高的超級市場,其毛利率通常甚低,汽車製造業則較高。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎同一行業的毛利率應該差異不大。若毛利率較同業平均數為低,可能是因為貨品售價、品質不良、成本過高、或推銷方法拙劣而偏低。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎不同產業類型的營收意義和毛利率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">產業位置<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">毛利率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營收週轉率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">上游原料<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">20</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">%以上<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<span lang="EN-US">2</span>倍<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">中游零組件<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">10</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<span lang="EN-US">20</span>%<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.95pt;" width="624"><div align="center" class="MsoNormal" style="layout-grid-mode: char; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<span lang="EN-US">5</span>倍<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">下游系統<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.9pt;" width="624"><div align="center" class="MsoNormal" style="layout-grid-mode: char; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">5</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<span lang="EN-US">10</span>%<span lang="EN-US"><o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.95pt;" width="624"><div align="center" class="MsoNormal" style="layout-grid-mode: char; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">5</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<span lang="EN-US">10</span>倍<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一般純粹<span style="color: blue;">經營品牌的公司</span>,<span style="color: blue;">毛利率</span>通常要<span style="color: blue;">><span lang="EN-US">30%</span></span>才算表現優良。因為這種公司需要一定的毛利率,才有足夠利潤空間進行品牌推廣時所需的相關費用。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一家公司的毛利率越高,可能代表該公司進入一個藍海市場(競爭者較少)、或擁有特殊的一技之長(例如:<span lang="EN-US">2330</span>台積電、<span lang="EN-US">3008</span>大立光)、或該行業進入障礙非常高(例如:特許經營的電信業)…等因素。但也必須思考:這家公司守得住高毛利嗎?會不會僅是曇花一現?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一家公司的毛利率偏低,代表市場競爭激烈,為了生存不得不削價競爭。透過規模經濟、或專業分工、或流程效率化等作法,仍有機會維持競爭力與基本的獲利能力。但整體來說,這種行業前景不被看好。所以<b style="mso-bidi-font-weight: normal;"><span style="color: blue;">如果有更好的投資機會,應該跳過毛利率過低的公司</span></b>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎若所銷售貨品不只一種,由於產品組合不同,將使毛利率發生差異,此時可與過去相比較以顯示進步或退步情形。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎倘若毛利率降低而毛利卻大幅增加,則未必會對公司不好,∴毛利率無法作為決策之唯一依據。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;">負毛利率公司的唯一活路:轉行。</b>巴菲特曾說:「除了少數例外,當擁有才華過人聲譽的管理者,去經營一家經濟基本面爛得出名的企業時,最後名聲不變的必是那家企業。」所以不論是想盡辦法增加營收、或全面控管成本、或刪減相關費用支出,最終仍難逃破產一途。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">換句話說,如果一家公司<b style="mso-bidi-font-weight: normal;"><span style="background: yellow; color: red;">連續三年毛利率都是負值,絕對不要投資</span></b>,除非這家公司仍有大筆現金,才有機會東山再起。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">五、營業利益率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<span style="color: blue;">一家公司賺錢的真本事</span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(營業利益<span lang="EN-US">÷</span>銷貨淨額)<span lang="EN-US">× 100% </span></span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">有沒有賺錢的真本事?<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">依行業而定,與同業比較。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一家公司的銷貨收入減去成本與費用之後,這個「營業利益」金額的高低,代表一家公司賺錢真本事的高低。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎影響營業純益率的因素除了毛利之外,還有推銷費用、管理費用與研究發展費用等三項。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎推銷費用與管理費用多屬固定性質,不隨營業收入增減,如果與過去比較,其增加幅度接近或大於營業收入之增加幅度,則有浪費之虞。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎營業費用的增減會影響企業的獲利能力。例如:廣告費或研究發展費用的大幅刪減,在未來可能會減低自有品牌、產品創新等無形資產的競爭能力。∴除了觀察營業費用的變動之外,亦要了解細部科目的變動情況,方能有較正確的判斷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎不同行業、不同規模的公司,在營業利益率方面會有明顯差異,大原則是要跟同業比較。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">營業費用率</span>=(營業費用
÷ 銷貨收入)<span lang="EN-US">× 100%</span><span style="color: blue;">=毛利率-營業利益率</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎經濟規模越大,營收(分母)越大</span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營業費用率越低。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">營業費用率<<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">7%</span></b></span>:通常代表這家公司不但已經具有<span style="color: blue;">很大的規模經濟</span>,而且在經營的費用上也相當節省(例如:<span lang="EN-US">1301</span>台塑、<span lang="EN-US">2317</span>鴻海)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">營業費用率<<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">10%</span></b></span>:通常代表這家公司在自己的領域已經具有<span style="color: blue;">相當的規模經濟</span>(例如:<span lang="EN-US">2330</span>台積電、<span lang="EN-US">3008</span>大立光)、或是在該行業市占率前三名的公司。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">營業費用率><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">20%</span></b></span>,可能出現在下列幾種行業中:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒜</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">自有品牌</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公司。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">∵</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">產品推廣的行銷費用相當昂貴,例如:<span lang="EN-US">8443</span>阿瘦。</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒝</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">尚<span style="color: blue;">未</span>具有規模經濟的公司。∵分母(銷貨收入)過小,例如:生技醫療等行業。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒞</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">該<span style="color: blue;">市場蓬勃發展</span>,但仍需持續教育市場的行業。例如:<span lang="EN-US">GOOG.US</span>谷歌、<span lang="EN-US">AMZN.US</span>亞馬遜、<span lang="EN-US">Uber</span>優步(未上市)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒟</span><span style="font-family: 細明體; font-size: 14.0pt; mso-bidi-font-family: 細明體;">需要不斷促銷(例如:買一送一、第二件七折),客戶才會回流的<span style="color: blue;">流通業</span>。</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">例如:<span lang="EN-US">2912</span>統一超、<span lang="EN-US">5903</span>全家、屈臣氏、全聯社。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">⒠</span><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">餐飲業</span><span style="font-family: 細明體; font-size: 14.0pt; mso-bidi-font-family: 細明體;">。行話:「開餐廳,房租、水電、人事等費用至少佔了<span lang="EN-US">1/3</span>。」代表這類行業的營業費用率至少<span lang="EN-US">33%</span>,所以餐飲業的毛利率通常在<span lang="EN-US">50%</span>左右才能有足夠利潤支付高額的營業費用。</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">六、經營安全邊際率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<span style="color: blue;">對抗景氣的能力</span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(營業利益
<span lang="EN-US">÷ </span>銷貨毛利)<span lang="EN-US">× 100%<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=(營業利益率
<span lang="EN-US">÷ </span>毛利率)<span lang="EN-US">× 100%<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">=一家公司賺錢的真本事
÷ 公司所能創造的毛利 </span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">越大越好<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">≧<span lang="EN-US">60%<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎經營安全邊際率可以藉此看出一家公司的長期穩定獲利能力,判斷它在對抗景氣波動時的空間大不大。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎經營安全邊際率越高,代表公司獲利的寬裕度越高,抵抗景氣波動的能力越大,也代表面對殺價競爭時可以撐得比較久。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎經驗法則:<span style="background: yellow; color: red;">經營安全邊際率><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">60%</span></b>,代表這家公司有較寬裕的獲利空間,在面臨景氣波動或競爭者不理性殺價時,將比其他競爭對手具有較高的抵抗能力。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎假設經營安全邊際率=<span lang="EN-US">60%</span>,代表公司毛利率若不要下降超過<span lang="EN-US">60%</span>,公司仍能小賺或控制在損益兩平。一旦毛利率下殺超過<span lang="EN-US">60%</span>,這個產業就不再是一門好生意,這家公司會開始虧損。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※<b style="mso-bidi-font-weight: normal;"><span style="color: red;">選股建議:尋找「經營安全邊際率」高+「現金佔總資產比率」高的公司。這些公司具有抵抗景氣波動的能力,當其他競爭對手都陣亡之後,這些公司就會順理成章地接收陣亡公司原有的市佔。</span></b><span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">七、純益率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(淨利率)~<span style="color: blue;">一家公司稅後是否賺錢</span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">稅後淨利
<span lang="EN-US">÷ </span>銷貨淨額 </span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">越大越好<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">至少><span lang="EN-US">2%<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎稅後純益與稅前純益的差別在已扣除營利事業所得稅。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一般來說,投資人對公司最基本的要求是純益率>資金成本 </span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">報酬>成本。∴<span style="color: blue;">一家公司的純益率至少要>在銀行體系取得的資金成本(※目前通常都><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">2%</span></b>),才算是真正擁有基本的賺錢能力,也才值得投資。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎關於遞延所得稅資產與遞延所得稅負債我國採兩稅合一,使得稅前純益與稅後純益有較大的變動。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎提高純益率的策略:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">純益率=稅後淨利
÷ 銷貨淨額<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> =〔銷貨淨額-(成本+費用)〕÷ 銷貨淨額<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">增加銷貨額<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公司如果能設法使銷售額增加的比例>成本及費用增加的比例,即可提高純益率。方式有</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">ⓐ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">增加銷貨量:但除非產品特優或在促銷上有重大突破,否則要增加銷貨量而不降價是很困難的、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">ⓑ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">增加銷貨價格:例如增加產品功能來提高產品的附加價值、或品牌行銷、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">ⓒ</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">變更產品組合:提升高附加價值產品的銷售比重。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">降低成本及費用<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">降低成本及費用是企業內部較可控制的方法。降低成本必須要有一套成本資訊系統(=成本會計),由成本會計提供各種成本資料,借助<span lang="EN-US">ABC</span>分析的方法,先集中對最重要的成本大幅降低及控制,是最有效的方法;降低費用則以預算控制較為有效。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎稅後純益率雖可反映一家公司的獲利能力及盈餘品質,但仍不及投資報酬率,因其是指將本求利,並非做一塊錢生意能賺得多少錢的關係,而是反映進行投資能獲取多少的報酬<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">八、每股盈餘(<span lang="EN-US">EPS</span>)</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">~<span style="color: blue;">股東可以賺多少</span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(稅後純益-特別股股利)<span lang="EN-US">÷ </span>普通股加權平均流通在外股數<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">越高越好<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">EPS</span>主要是讓投資人了解,一家公司努力經營所賺得的稅後淨利,如果換成股份,每一股能幫股東賺多少錢?<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎每股盈餘是評估股票市價是否合理的評估工具,∵<span lang="EN-US">EPS </span>×
合理本益比=合理股價。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎必須注意每年<span lang="EN-US">EPS</span>的變化,來判斷這家公司是否穩定獲利或已經呈現下滑的跡象。最簡單的方式是觀察發生重大事件的那幾年(例如:<span lang="EN-US">2003</span>年<span lang="EN-US">SARS</span>疫情、<span lang="EN-US">2008</span>年美國次貸危機),該公司能否保持穩定的<span lang="EN-US">EPS</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎每股盈餘不僅能看出盈餘的方向,也可以檢驗出資金的使用效率。<span style="background: yellow; color: red;">如果一家公司的每股盈餘可以呈現「<b style="mso-bidi-font-weight: normal;">逐季</b>」成長的趨勢,必然是一個可以支持股價長期成長的公司。如果每股盈餘不僅逐季成長,且成長幅度還加快,那更會一支飆股。</span><span lang="EN-US" style="color: red;"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎由於公司可藉由股利政策影響<span lang="EN-US">EPS</span>,所以在分析獲利能力時,要同時參考股東權益報酬率與<span lang="EN-US">EPS</span>的資料,以避免因公司的股利政策而影響自己的投資決策。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「財務報表分析:實務的運用」,著者:薛兆亨,出版者:雙葉書廊有限公司,<span lang="EN-US">2015</span>年<span lang="EN-US">6</span>月 二版<span lang="EN-US">1</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「不懂財報,也能輕鬆選出賺錢績優股:五大關鍵數字力」,著者:林明樟(<span lang="EN-US">MJ</span>老師),出版者:商周出版,<span lang="EN-US">2016</span>年<span lang="EN-US">12</span>月<span lang="EN-US">27</span>日初版<span lang="EN-US">1</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「用生活常識就能看懂財務報表」,著者:林明樟(<span lang="EN-US">MJ</span>老師),出版者:商周出版,<span lang="EN-US">2016</span>年<span lang="EN-US">4</span>月<span lang="EN-US">8</span>日初版<span lang="EN-US">6</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 12.0pt;">※</span><span style="font-family: "新細明體" , "serif"; font-size: 12.0pt;">圖片來源:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif";">https://redhouse.statementdog.com/wp-content/uploads/2017/02/</span><span style="font-family: "新細明體" , "serif";">螢幕快照<span lang="EN-US">-2017-04-01-</span>下午<span lang="EN-US">2.07.34.png<o:p></o:p></span></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-66006379542752113462020-04-12T21:51:00.000+08:002020-04-12T21:51:07.694+08:00財務比率選股法則 第2章 經營能力之財務比率<div class="separator" style="clear: both; text-align: center;">
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、總資產週轉率<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">銷貨淨額
÷ 平均總資產 </span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">越多趟越好<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎資產是企業的經濟資源,企業經營的基本目的在運用所有資源以獲得利潤,總資產週轉率代表一家公司的總資產在實際經營的運用中是否有效率。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎總資產報酬率是由①稅後純益率(=營業獲利率)、②總資產週轉率(=資產利用率)所構成,且總資產週轉率大多可由企業經營者以管理營運能力與策略規劃所控制,例如:</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">⒈</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">透過存貨控制來提高存貨週轉率、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">⒉</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">透過良好的信用管理及收款政策來提高應收款項週轉率、</span><span style="font-family: "ms mincho"; font-size: 14.0pt;">⒊</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">透過財務可行性分析來提升不動產、廠房及設備週轉率等。因此,公司的<span style="color: blue;">經營能力主要是由<b style="mso-bidi-font-weight: normal;">總資產週轉率</b>為分析基礎</span>。<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※稅後純益率(營業獲利率)所涉因素所屬不可控制,例如:提高售價或降低採購成本。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎資產利用程度是以銷貨收入(或營業收入)為衡量基準。∵銷貨收入是企業利潤的來源,任何資產必須對銷貨收入有貢獻才能顯示其價值,∴總資產週轉率(資產利用率)是銷貨收入對資產的比率。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎就資本密集且固定成本相當高的公司而言,總資產週轉率通常是決勝關鍵,∵總資產週轉率↑ </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">產出↑
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">單位固定成本↓
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">毛利率↑。但對變動成本較高、固定投資較少的公司而言,藉由產量增加而降低單位固定成本的影響不大,因此對稅後純益率的提升則相當有限。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎實務中常聽到一句話:低價要能活,除非「轉」得快。所謂「轉得快」就是指總資產週轉率。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎傳統製造業因本身行業的毛利率不高,所以必須有效運用投入的總資產來創造營收,所以總資產週轉率通常會><span lang="EN-US">1 </span></span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表示該公司整體經營能力相當不錯。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎總資產週轉率><span lang="EN-US">2</span>,通常代表:①流通業或快時尚的行業,因其利潤主要來自於商品快速流動、或②該公司經營效率特別強。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一般來說,<span style="color: blue;">營運正常的公司都是<span lang="EN-US">1</span><總資產週轉率<<span lang="EN-US">2</span></span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎如果總資產週轉率<<span lang="EN-US">1</span>代表這家公司是資本密集(燒錢行業)或是奢侈品的行業,例如:飛機、船舶、高鐵、火車、汽車、金銀銅鐵與石油等原物料產業、科技業的面板、<span lang="EN-US">DRAM</span>與半導體行業等。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">遇到任何資本密集行業,一定要必須①確認該公司損益表上是否有「長期穩定的獲利能力」特性,例如:電信公司、瓦斯公司、②立刻檢視現金佔總資產比率是否><span lang="EN-US">25%</span>(※最保守也應該要><span lang="EN-US">10%</span>)。若沒有達到這個標準,那麼這家公司的平均收現日數建議至少<<span lang="EN-US">15</span>天,這樣才有能力抵擋景氣波動造成的現金風險。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎資本密集代表該行業每年必須投入大量資金更新設備,以保持競爭力。所以必須確認該公司要有足夠的現金(現金佔總資產比率><span lang="EN-US">25%</span>)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎網路公司的總資產週轉率通常都<<span lang="EN-US">1</span>,所以必須確認現金佔總資產比率是否落在<span lang="EN-US">10%</span>~<span lang="EN-US">25%</span>的安全區間!大部分經營不錯的網路公司(例如:<span lang="EN-US">GOOG.US</span>、<span lang="EN-US">FB.US</span>、百度、騰訊<span lang="EN-US">0700.HK</span>、<span lang="EN-US">BABA.US</span>)都遠遠><span lang="EN-US">25%</span>。因為<span lang="EN-US">2000</span>年的網路泡沫化期間,只有手握現金的公司才能在經濟風暴中存活下來。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、應收款項週轉率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(應收款項利用率)<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">銷貨淨額
÷ 平均應收款項<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">≒<span lang="EN-US">6<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎以短期償債能力考量的應收款項週轉率,是指應收款項一年能回收幾次;以經營績效考量的應收款項週轉率(利用率),是指每投資一塊錢的應收款項能創造多少的銷貨收入。雖是同一比率,但著眼點則不相同。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎速動比率雖然用以衡量變現能力較佳的速動資產可以清償流動負債的程度,但其中最主要的應收款項的變現品質,則須以應收款項週轉率來有效評估應收款項的回收能力及變現品質。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一般來說,<span style="color: blue;">應收帳款週轉率≒<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">6</span></b>就算是經營能力相當不錯的公司</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎只要是現金交易的行業,應收帳款經營能力的表現通常會非常棒。因為都是用現金交易,所以「應收帳款」的金額會很少。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎需求強勁的行業在應收帳款經營能力也會相當出色。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎如果該公司主要是經營政府單位,因為政府單位大多採用年度預算制,應收帳款週轉率就會比較差。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎在實務上,應收帳款週轉率在不同行業會明顯不同。<b style="mso-bidi-font-weight: normal;">應收款項週轉率必須與該企業過去的週轉率及同業的週轉率來比較,才有意義。</b><span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">三、平均收現日數<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">365</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">天 ÷ 應收款項週轉率<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一般<span lang="EN-US">60</span>~<span lang="EN-US">90</span>天,但採用現金或接受信用卡刷卡交易的行業<<span lang="EN-US">15</span>天。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一般來說,只要<span style="color: blue;">平均收現日數<<span lang="EN-US">15</span>天</span>,便可以將它解讀為這是一個<span style="color: blue;">採用現金或接受信用卡刷卡交易的行業</span>(∵一般信用卡機構是<span lang="EN-US">7</span>~<span lang="EN-US">14</span>天之內撥款)。例如:<span lang="EN-US">B2C</span>行業的便利商店、百貨公司、鐵路運輸及航空等交通事業;或是<span lang="EN-US">B2B</span>產品價格波動很大(一日三市)的行業,需要採用現金交易,例如:原物料(金、銀、銅、鐵)、石油、農產品或<span lang="EN-US">DRAM</span>等行業。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">一般<span lang="EN-US">B2B</span>公司</span>之間的業務往來,通常採用賒銷的信用交易,不同行業間交易的狀況略有差異,不過平均收現日數<span style="color: blue;">大都應該在<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">60</span></b>~<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">90</span></b>天之間</span>才屬正常。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎如果平均收現日數><span lang="EN-US">90</span>天,最好再深入了解原因:該公司收款能力特別弱?或業內普遍性作法?因為一家只會銷售卻無法即時收回貨款的公司,日後將會出現很多意想不到的呆帳。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎除了與各公司進行比較之外,財務報表的數字也可以自我比較,尤其平均收現日數是需要看五年的表現情況。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一般公司如果經營穩健,平均收現日數會相當穩定,如果逐年改善就更完美。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;">在評估一家公司值不值得投資時,這個是必看的指標。</b>因為假交易收不到現金,只能在應收帳款這個科目做手腳,所以當應收帳款佔總資產比率和過去五年相比不斷增加、或平均收現日數越來越長時,這就是一種警訊。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">四、存貨週轉率/存貨利用率<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">存貨週轉率=銷貨成本
÷ 平均存貨<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">存貨利用率=銷貨淨額
÷ 平均存貨<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">越多趟越好。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎存貨週轉率為在一定期間內存貨平均出清次數,可以有效評估存貨是否容易銷售及變現品質。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">存貨週轉率</span>代表存貨這個資產一年幫公司做了幾趟生意,<span style="color: blue;">越多趟越好</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎存貨週轉率高 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">存貨利用率高,但存貨最後的用途是出售,而出售所得為銷貨收入,存貨週轉率卻因須與存貨計價配合而按銷貨成本計算,以致未能正確顯示利用價值,∴存貨利用率改以銷貨收入計算為宜。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎提高存貨利用率的積極方法是增加銷貨收入,但推廣銷貨卻牽涉很多外在因素,∴降低存貨成為企業提高存貨利用率的有效方法。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎提高存貨利用率的積極方法是增加銷貨收入,但推廣銷貨卻牽涉很多外在因素,∴降低存貨成為企業提高存貨利用率的有效方法。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">五、平均銷貨日數</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(平均在庫天數)<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">365</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">天 ÷ 存貨週轉率<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">越少天越好。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">平均銷貨日數</span>是指這些存貨平均在公司的倉庫待了多少天才賣出去,<span style="color: blue;">越少天越好。</span>在庫天數越短,代表該公司的產品越暢銷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎平均銷貨日數可以與公司預計的存貨持有期間相互比較,以了解存貨是否持有太多。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎這家公司產品好不好賣?熱不熱銷?可和同業相比,來判斷該公司的銷貨日數合不合理。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">平均銷貨日數<<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">30</span></b>天,代表這家公司表現非常非常優異</span>,屬於投資人追求的夢幻型公司(例如:<span lang="EN-US">AAPL.US</span>蘋果)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">30</span></b><span style="color: blue;">≦平均銷貨日數<<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">50</span></b>天,通常屬於流通業的模範生</span>(例如<span lang="EN-US">7-11</span>、<span lang="EN-US">COSTCO</span>、<span lang="EN-US">Walmart</span>等),<span style="color: blue;">或是擁有熱銷產品的品牌公司</span>,不然就是<span style="color: blue;">存貨管理能力相當優異的公司</span>(例如:<span lang="EN-US">2317</span>鴻海、<span lang="EN-US">1723</span>中碳)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">50</span></b><span style="color: blue;">≦平均銷貨日數<<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">80</span></b>天,</span>算是<span style="color: blue;">經營能力不錯的公司</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">80</span></b><span style="color: blue;">≦平均銷貨日數<<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">100</span></b>天,</span>多屬於<span lang="EN-US" style="color: blue;">B2B</span><span style="color: blue;">的行業</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">100</span></b><span style="color: blue;">≦平均銷貨日數<<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">150</span></b>天,</span>多屬於<span style="color: blue;">工業性</span>(例如工業電腦)<span style="color: blue;">或原物料</span>(例如鋼鐵、石油…)產品的行業,或客戶久久才會下單一次<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">※在晶圓代工的行業中,一個完整的晶圓代工製造週期通常超過<span lang="EN-US">100</span>天。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">平均銷貨日數><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">150</span></b>天,通常代表公司經營能力不佳,或是該公司屬於比較特殊行業</span>,例如造船公司通常><span lang="EN-US">250</span>天;飛機製造公司通常><span lang="EN-US">300</span>天;精品業的<span lang="EN-US">Tiffany</span>大約<span lang="EN-US">400</span>天以上;房地產公司的庫存天數,<span lang="EN-US">1,000</span>~<span lang="EN-US">5,000</span>天都很正常。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">六、不動產、廠房及設備週轉率</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(固定資產週轉率)<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p></o:p></span></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">銷貨淨額
÷ 平均不動產、廠房及設備淨額<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">越大越好。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎不動產、廠房及設備週轉率代表固定資產一年幫公司做了多少趟生意。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎因為與總資產週轉率有點雷同,除非是特殊情況才會檢視這個比率。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎不動產、廠房及設備週轉率與現金、應收款項和存貨等週轉率的不同之處如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">①</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">不易正確計算,∵不動產、廠房及設備通常使用年限頗長,而物價上漲會使原本的購置成本常和現實脫節,如果曾經重新估價入帳,其升值幅度也不便與過去或同業比較。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">②</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">資產淨值會因採用不同的折舊方法而有所差異。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">③</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">易受短期因素影響,例如:新購置時因業務尚未開展,常有空餘產能,以後卻須增加使用率,而臨時性缺料或產品需求改變亦會使利用率不穩定。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "ms mincho"; font-size: 14.0pt;">④</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">不動產、廠房及設備週轉率不如流動資產般容易補救或改進,因其投資金額龐大,變賣困難,除希望在生產與銷售方面開闢出路外,別無良策。因此,不動產、廠房及設備著重在投資前的經濟效益評估,而事後的改善則相對影響較小。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">七、現金週轉率(現金利用率)<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">銷貨淨額
÷ 平均現金<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎就現金管理而言,若現金週轉率太高 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">現金的運用效率很好,但可能因預防性的金額不夠而發生週轉不靈;若現金週轉率太低
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在存款利率不高的情況下,對公司的績效會有較不好的影響。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎現金週轉率與企業性質及組織規模有關,如果現金週轉率<過去或規模相近的同業,除係由銷貨收入減少之外,便應檢討有關現金收支的措施加以改進。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎若企業擁有較多的現金是基於投機因素,則此投機因素不在現金週轉率的考量之內。∴現金週轉率主要是在衡量現金的交易需求與預防需求,並在兩者之間取得平衡。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「財務報表分析:實務的運用」,著者:薛兆亨,出版者:雙葉書廊有限公司,<span lang="EN-US">2015</span>年<span lang="EN-US">6</span>月 二版<span lang="EN-US">1</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「不懂財報,也能輕鬆選出賺錢績優股:五大關鍵數字力」,著者:林明樟(<span lang="EN-US">MJ</span>老師),出版者:商周出版,<span lang="EN-US">2016</span>年<span lang="EN-US">12</span>月<span lang="EN-US">27</span>日初版<span lang="EN-US">1</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「用生活常識就能看懂財務報表」,著者:林明樟(<span lang="EN-US">MJ</span>老師),出版者:商周出版,<span lang="EN-US">2016</span>年<span lang="EN-US">4</span>月<span lang="EN-US">8</span>日初版<span lang="EN-US">6</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 12.0pt;">※</span><span style="font-family: "新細明體" , "serif"; font-size: 12.0pt;">圖片來源:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif";">https://images.stockfeel.com.tw/stockfeelimage/2015/12/</span><span style="font-family: "新細明體" , "serif";">營運效率<span lang="EN-US">-</span>經營能力<span lang="EN-US">-01.jpg<o:p></o:p></span></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-55370157957410927502020-04-05T21:25:00.000+08:002020-04-05T21:25:02.210+08:00財務比率選股法則 第1章 現金流量之財務比率<div class="separator" style="clear: both; text-align: center;">
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一、現金流量比率<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營業活動淨現金流量
÷ 流動負債<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">40%<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎現金流量比率衡量企業營業活動現金流量是否足以支付一年內必須償還的流動負債。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎現金流量比率><span lang="EN-US">100%</span>,代表公司真正賺進來的現金足夠償還對外的短期負債。因此,暗示著這家公司向銀行週轉借錢的能力也不錯。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎一般而言,<span style="color: blue;">現金流量比率愈大愈好</span>。<span lang="EN-US">Casey</span>與<span lang="EN-US">Bartzcak</span>(<span lang="EN-US">1984</span>)指出,<span style="color: blue;">如果該比率><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">40%</span></b>,則表示企業是屬於財務健康的體質。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">二、現金流量允當比率<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">最近<span lang="EN-US">5</span>年度營業活動淨現金流量 ÷ 最近<span lang="EN-US">5</span>年度的「資本支出+存貨增加額+現金股利」<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">100%<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎現金流量允當比率衡量營業活動所帶來的現金流入是否足以①支應公司擴張所需的資本支出需求+②營業成長導致存貨增加的需求+③支應股東投資公司所期盼公司回饋支付股東現金股利的需求。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎現金流量允當比率><span lang="EN-US">100%</span>,表示公司最近<span lang="EN-US">5</span>個年度靠正常的營業活動所賺進的現金流量>最近<span lang="EN-US">5</span>個年度為了成長所需的資本支出、存貨和固定要發給股東的現金股利。∴<span style="color: blue;">現金流量允當比率最好><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">100%</span></b>,且愈大愈好。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎當淨現金流量允當比率<<span lang="EN-US">100%</span>時,表示營業活動現金流量不足以支應上述三大需求
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">自己賺的錢(營業活動現金流量)無法自給自足,來支應基本的成長所需
</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">企業必須向外融資、向外借款或請股東現金增資,才能滿足上述需求。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎由於資本支出金額相當大,而且可能跨年度支出,所以用累計最近五年度的金額來計算,以避免單季或單一年度的大幅增加,導致計算的比率偏高/低。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">三、現金再投資比率<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(營業活動淨現金流量-現金股利)÷(不動產、廠房及設備毛額+長期投資+其他資產+營運資金)<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">8%<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎現金再投資比率衡量一家公司靠自己日常營運實力所賺進來的錢(營業活動現金流量),扣除現金股利後,保留在公司內部的營業活動現金流量佔目前營業資產的百分比(公司所留下來的現金可以再投資於公司所需資產的能力)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎如果以營業資產當作公司的規模,那麼保留在公司內營業活動現金流量得以再投資比率愈高,就表示保留在公司內部營業活動現金流量得以再投資在各項資產的現金愈多。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎其中分母已經幾乎包含整個大項的資產科目 </span><span lang="EN-US" style="font-family: "cambria math" , "serif"; font-size: 14.0pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">可以理解成:公司手上真正留下來的現金佔總資產的比率。∴<span style="color: blue;">現金再投資比率愈高愈好</span>,一般而言,<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">8%</span></b><span style="color: blue;">~<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">10%</span></b>已是令人滿意的水準</span>(<span lang="EN-US">Berstein, 1993</span>)。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">四、現金佔總資產比率<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">現金與約當現金
÷ 總資產<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎資本密集(燒錢)行業><span lang="EN-US">25%</span>(例如:光電業的<span lang="EN-US">3008</span>大立光、半導體業的<span lang="EN-US">2330</span>台積電)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎資本支出較大的公司≒<span lang="EN-US">25%<o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎資本支出較小的公司≧<span lang="EN-US">10%</span>(例如:<span lang="EN-US">1723</span>中碳)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">10%</span>≦一般行業≦<span lang="EN-US">25%<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span lang="EN-US">2008</span>~<span lang="EN-US">2009</span>年這兩年間,全球倒閉數萬家公司,這些倒閉公司的帳上還有很多資產,卻來不及換成現金存活下來,主要原因有二:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">①多數銀行當時是泥菩薩過江,自身難保,根本沒有心力貸款給企業度過難關。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">②因為大家過度恐慌,原本想買這些公司資產的買家,在看不到景氣是否有回溫跡象之前,都不敢貿然出手,導致這些滿手資產的企業,最後一一倒閉。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎現金佔總資產比率可以想像成一個人的「心臟」。手上沒有現金的企業,就像一個人宣稱自己體檢的所有數據都很健康,但心臟卻不會動了一樣。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">資本密集(燒錢)行業><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">25%</span></b></span>(例如:光電業的<span lang="EN-US">3008</span>大立光、半導體業的<span lang="EN-US">2330</span>台積電)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">資本支出較大的公司≒<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">25%</span></b></span><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">資本支出較小的公司≧<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">10%</span></b></span>(例如:<span lang="EN-US">1723</span>中碳)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: blue;">10%</span></b><span style="color: blue;">≦一般行業≦<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">25%<o:p></o:p></span></b></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">五、每股現金流量<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">(營業活動淨現金流量-特別股股利)÷
流通在外加權平均普通股數<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">><span lang="EN-US">10%<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎每股現金流量表示普通股每股所產生的營業活動現金流量,也就幾乎等於是<span style="color: blue;">現金基礎的每股盈餘與應計基礎的每股盈餘比較,可以看出盈餘品質的好壞。<span lang="EN-US"><o:p></o:p></span></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎每股現金流量愈高愈好,通常與股價比較,彼得.林區(<span lang="EN-US">Peter
Lynch, 2000</span>)認為<span style="color: blue;">每股現金流量除以股價應該><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">10%</span></b></span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">六、營業活動淨現金流量佔稅後淨利比率<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營業活動淨現金流量
÷ 稅後淨利<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">≧<span lang="EN-US">40%<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎如果公司宣稱稅後淨利很高,但營業活動現金流量不高 </span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;"> </span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">可能賺到的是存貨、應收帳款或長期投資,並不是賺到現金。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎營業活動淨現金流量佔稅後淨利比率可以評估公司的盈餘品質。∵<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">比率≒<span lang="EN-US">1</span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">管理當局並未以會計方法的選擇來提高盈餘。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">比率><span lang="EN-US">1</span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公司可能以會計方法的選擇刻意降低盈餘,導致報表帳列的盈餘遠低於公司實際現金流入,我們稱此為秘密公積。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">比率<<span lang="EN-US">1</span></span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">公司可能以會計方法的選擇來虛增盈餘,導致報表帳列的盈餘高低於公司實際現金流入,我們稱此為滲水股。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎<span style="color: blue;">如果比率><span lang="EN-US">100%</span>則盈餘品質應該不錯;如果比率<<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">40%</span></b>,甚至為負數,則所宣稱的獲利金額堪憂。</span><span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">七、自由現金流量佔稅後淨利比率<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴公式<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">自由現金流量
÷ 稅後淨利<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選股標準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶應用說明<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎自由現金流量是營業活動現金淨流量扣除投資活動現金流出後,得以保留在公司內部自由運用的資金。因此,自由現金流量與稅後淨利兩者的比率,可以找出何者是真正值得投資的公司。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎企業的目的是產生現金流量可以發放股息回饋股東,並不是將賺到的錢一直投資,甚至借錢來投資。如果企業一直持續不斷投資,基本上就成為一個需錢孔急的無底洞,這會成為投資者避之唯恐不及的投資標的。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">◎由於資本支出的金額太大,可能影響到某一年的自由現金流量產生負數,所以這個比率可以用近<span lang="EN-US">5</span>年(或近<span lang="EN-US">8</span>年)的自由現金流量累計數除以近<span lang="EN-US">5</span>年(或近<span lang="EN-US">8</span>年)稅後淨利累計數來計算,以排除單一年度可能產生的偏誤。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「財務報表分析:實務的運用」,著者:薛兆亨,出版者:雙葉書廊有限公司,<span lang="EN-US">2015</span>年<span lang="EN-US">6</span>月 二版<span lang="EN-US">1</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「不懂財報,也能輕鬆選出賺錢績優股:五大關鍵數字力」,著者:林明樟(<span lang="EN-US">MJ</span>老師),出版者:商周出版,<span lang="EN-US">2016</span>年<span lang="EN-US">12</span>月<span lang="EN-US">27</span>日初版<span lang="EN-US">1</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「用生活常識就能看懂財務報表」,著者:林明樟(<span lang="EN-US">MJ</span>老師),出版者:商周出版,<span lang="EN-US">2016</span>年<span lang="EN-US">4</span>月<span lang="EN-US">8</span>日初版<span lang="EN-US">6</span>刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif";">https://i.ytimg.com/vi/B-Tv332t-9Y/maxresdefault.jpg<o:p></o:p></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-77415686464866238102020-03-29T16:26:00.000+08:002020-03-29T16:26:03.151+08:00基本面選股 第18章 當行情急轉直下…投資人如何做好危機處理<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股票投資是一條漫長的路,生存之道的重點在於如何做好<b style="mso-bidi-font-weight: normal;"><span style="color: red;">風險管理</span></b>。如果不幸蒙受巨額虧損,危機處理便是最後一道防線,守住了就不會提早從市場畢業。否則出局之後,就永遠失出扳回一城的機會,這<b style="mso-bidi-font-weight: normal;"><span style="color: red;">是股票投資最後一堂課,也是最重要的一堂課。</span></b><span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-size: 14pt;">表 危機處理流程三步驟</span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當面臨投資部位重大虧損,心態上就必須接受自己的「投資步調錯誤」、「投資決策錯誤」、「投資標的錯誤」的事實,勇於面對錯誤,平心靜氣地處理,認真檢視持股比率、融資與否及持股內容這三件事。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">步驟一 檢視融資與否<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">融資是一種財務槓桿,藉由擴張信用希望多一點錢,但是在投資失利、市場趨勢改變的時候,恐怕會賠得更慘,這時候應該盡快減碼降低到可以完全換成現股的金額。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">步驟二 檢視持股比率<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">①持有股票的市值增減,對生活有沒有影響。<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">②在資產配置上,願意持有的股票上限為多少?</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">超出目標上限的部分,就要出脫降低持股。投資不順遂最忌諱「再賭一把」。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">科斯托蘭尼認為投機人士必須具備的三個條件:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">替自己和家庭做好一切準備的人。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">能夠自由支配資金。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">具有投機家性格:冒險的精神、耐心、堅強的神經、能獨立思考且經驗豐富。</span><span lang="EN-US" style="font-family: 標楷體; mso-bidi-font-size: 12.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 科斯托蘭尼的投機三條件<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">步驟三 檢視持股內容<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">①當買進的理由是什麼?<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當投機套牢,出清持股是唯一選擇。如果買進的標的本質不錯,當初買進的原因若已不在,那麼出清或降低持股是必要的動作。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">②持股成本可否隨著持有時間的拉長,成本也跟著下降<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當一支股票由短期投資變成長期投資的時候,只能用時間換取空間,把眼光放到每年的配股、配息,隨著時間的拉長,能不能有效降低持股成本是最起碼的條件。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">完成投資診斷後,其實危機處理的程序也完成一大半。如果可以依照投資診斷的步驟思考過,相信可以突破「賣不下手」的心結。進行危機處理的最大重點就是「賣股票」,即斷尾求生,賣多少?賣什麼?如何賣?<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴賣多少:要降低持股到怎樣的水準<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">可以分成兩種角度切入:①假設自己若是零持股,評估合理的持股比率後,將持股部位將至比率、②降低持股到「資產配置上願意持有的股票上限,再打七折」,多留<span lang="EN-US">3</span>成現金的目的在於流動性的考量。若出現好的投資標的,就有資金可以投入。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵賣什麼:持股內容的調整<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">在這個階段,標的本身必須具備持有時間拉長,成本也會跟著下降的要求。建議可以在同質(產業特性)股票之間做換股。尤其是景氣循環股,最好換到龍頭公司。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶如何賣:三階段出脫<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">①汰弱留強</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">②逢高減碼</span><span lang="EN-US" style="background: white; color: #444444; font-family: "cambria math" , "serif"; font-size: 14.0pt; letter-spacing: 0.2pt;">⇒</span><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">③調整持股。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「基本面選股(增訂版)-成長股、價值股、轉機股與投資分析」,作者:黃嘉斌,出版者:財信,<span lang="EN-US">2012</span>年<span lang="EN-US">9</span>月二版一刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※圖片來源:<span lang="EN-US">https://cw1.tw/CW/images/article/201704/article-58f978b42dc57.jpg<o:p></o:p></span></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-60046355460025317652020-03-22T12:39:00.000+08:002020-03-22T12:39:00.246+08:00基本面選股 第17章 作帳行情<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicOcohgiidlI9ZUsYRLlxAho2KHQ5NDLadJBE1jq3HdiC1ry_VvIBoXXSSD3Tqd-Nhqlmz-fva-xWz-v13tSL8TPK5WNnEgNw0EkGWItvsgFttPWtX1vE3r9et291vYHSHZ717QC0u0vA/s1600/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%259F%25BA%25E6%259C%25AC%25E9%259D%25A2%25E9%2581%25B8%25E8%2582%25A1%25E3%2580%258D%25E9%2587%258D%25E9%25BB%259E%25E6%2595%25B4%25E7%2590%2586-17+%25E4%25BD%259C%25E5%25B8%25B3%25E8%25A1%258C%25E6%2583%2585.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="692" data-original-width="1280" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicOcohgiidlI9ZUsYRLlxAho2KHQ5NDLadJBE1jq3HdiC1ry_VvIBoXXSSD3Tqd-Nhqlmz-fva-xWz-v13tSL8TPK5WNnEgNw0EkGWItvsgFttPWtX1vE3r9et291vYHSHZ717QC0u0vA/s400/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%259F%25BA%25E6%259C%25AC%25E9%259D%25A2%25E9%2581%25B8%25E8%2582%25A1%25E3%2580%258D%25E9%2587%258D%25E9%25BB%259E%25E6%2595%25B4%25E7%2590%2586-17+%25E4%25BD%259C%25E5%25B8%25B3%25E8%25A1%258C%25E6%2583%2585.png" width="400" /></a></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">作帳或是結帳都屬於短期題材的一種,對投資價值的實質面沒有影響,造成影響的時間與程度都很小。不過由政府做莊家的作帳行情就不能小看,最標準的就是「選舉行情」。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴投信法人的作帳行情<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">季底作帳以投信法人為代表,係因基金績效的評量為相對績效制,每逢季底許多財經媒體會大肆檢討,加上國內基金經理人的績效考核比較重視<b style="mso-bidi-font-weight: normal;">短期</b>績效,因此基金在這個時期出現人為拉抬或打壓便時有所聞。不過,既然作帳目的在於相對排名,所以可能往上,但也可能摜壓對手持股比率較高的股票而往下。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">從投資人的角度來看,若想從這種人為操控賺點小錢,可以①從網站搜尋國內排名前<span lang="EN-US">20</span>名的基金、②查閱持股明細(一般而言,可以查到前<span lang="EN-US">10</span>大持股明細)、③統計這前<span lang="EN-US">20</span>檔基金的前<span lang="EN-US">10</span>大持股明細,如果這<span lang="EN-US">20</span>檔基金都持有某個股,那麼該股往上作帳的機會就會減少,而且可能成為被摜壓的對象、④比較這些基金之間績效的差異,選擇排名越前面並且績效差距小的基金,這樣才會構成作帳的誘因、⑤將基金持股兩兩比較,鎖定持股相對高、籌碼穩定易拉抬、且對手沒有持有的標的,經過這三個條件篩選後,在短線上應該有機會出現較強勢的表現、⑥最後,留意基金公司本身管理股票資產部位多不多,否則恐怕心有餘而力不足。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵選舉行情<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">執政者透過選舉的作多、綁樁,當選舉的規模愈大(尤其是總統大選),作帳行情就愈有看頭。這不是台灣特有的現象,美國亦是如此。觀察國內從<span lang="EN-US">1992</span>年~<span lang="EN-US">2012</span>年的總統大選,大選前一年的上漲機率為<span lang="EN-US">66.67%</span>,平均漲幅<span lang="EN-US">5.14%</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股市會有選舉行情是因為無論景氣好壞,執政黨總是要營造出樂觀的氣氛,提振國民信心,不然如何勝選呢?此外,籌措選舉經費與樁腳綁樁也是內在原因。不過,選舉行情通常有一個特色:不要貪心非得做到選後的「慶祝行情」。因為來自股市的酬庸早在選前都給了,選後一切回歸基本面。再者,選舉經費的籌措不可能拖到投票日還在籌措。所以<span style="color: blue;">大選前<b style="mso-bidi-font-weight: normal;"><span lang="EN-US">3</span></b>個月找高點賣出,通常會是最好的選擇</span>。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶奧運行情<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">從<span lang="EN-US">1988</span>年起的四屆奧運活動,主辦國的股市表現來看,皆呈現連續兩年的大漲。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">年 度<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">國 別<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">當年表現<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">合計漲幅<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1988<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">92.6<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">72.7<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">165.3<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1996<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">美國(亞特蘭大)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">34<o:p></o:p></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">20.3<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">54.3<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="227"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.85pt;" valign="top" width="595"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">澳洲(雪梨)<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">14.7<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div class="MsoNormal" style="layout-grid-mode: char; margin-left: 37.1pt; mso-layout-grid-align: none;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.84<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div class="MsoNormal" style="layout-grid-mode: char; margin-left: 31.2pt; mso-layout-grid-align: none;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">17.54<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="227"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2004<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.85pt;" valign="top" width="595"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">希臘(雅典)<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">26.4<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">19.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">45.9<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="227"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2008<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.85pt;" valign="top" width="595"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">中國(北京)<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">96.7<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div class="MsoNormal" style="layout-grid-mode: char; margin-left: 25.2pt; mso-layout-grid-align: none;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-65.4<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">31.3<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="227"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2012<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.85pt;" valign="top" width="595"><div class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">英國(倫敦)<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">-5.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">--<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.95pt;" valign="top" width="384"><div align="center" class="MsoNormal" style="layout-grid-mode: char; mso-layout-grid-align: none; text-align: center;">
<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">--<span lang="EN-US"><o:p></o:p></span></span></div>
</td>
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</tbody></table>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 奧運主辦國的股市表現<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑷元月行情<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">元月行情在台灣算是比較獨有的現象,若從法人年底拼績效的角度,也算是一種作帳行情的特質。統計<span lang="EN-US">1990</span>年~<span lang="EN-US">2005</span>年的資料,台股通常從第四季起漲至次年第一季結束,漲幅多在<span lang="EN-US">3</span>成以上。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「基本面選股(增訂版)-成長股、價值股、轉機股與投資分析」,作者:黃嘉斌,出版者:財信,<span lang="EN-US">2012</span>年<span lang="EN-US">9</span>月二版一刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※圖片來源:<span lang="EN-US">https://histock.tw/uploadimages/6620/image1(19).png<o:p></o:p></span></span></div>
股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0tag:blogger.com,1999:blog-6336220364381668643.post-22740331428515791342020-03-15T11:29:00.000+08:002020-03-15T11:29:00.831+08:00基本面選股 第16章 選出投資「飆的」與後續追蹤<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPkvI20pBtjPPsCNPOKoZqIKk9s2rtAH9zLUOz4b88xDYO6-oLsl60-r4FL6vetxuhUQZhhnXJ-putdGLKrzwchEA2uBV49n3lOz_S5sHU-uaSe7quXp-rJUtUC4bN-ePWZXNJsVnGi7k/s1600/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%259F%25BA%25E6%259C%25AC%25E9%259D%25A2%25E9%2581%25B8%25E8%2582%25A1%25E3%2580%258D%25E9%2587%258D%25E9%25BB%259E%25E6%2595%25B4%25E7%2590%2586-16+%25E9%2581%25B8%25E5%2587%25BA%25E6%258A%2595%25E8%25B3%2587%25E3%2580%258C%25E9%25A3%2586%25E7%259A%2584%25E3%2580%258D%25E8%2588%2587%25E5%25BE%258C%25E7%25BA%258C%25E8%25BF%25BD%25E8%25B9%25A4.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="273" data-original-width="505" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPkvI20pBtjPPsCNPOKoZqIKk9s2rtAH9zLUOz4b88xDYO6-oLsl60-r4FL6vetxuhUQZhhnXJ-putdGLKrzwchEA2uBV49n3lOz_S5sHU-uaSe7quXp-rJUtUC4bN-ePWZXNJsVnGi7k/s400/%25E5%259F%25BA%25E6%259C%25AC%25E5%2588%2586%25E6%259E%2590%25EF%25BC%259A%25E3%2580%258C%25E5%259F%25BA%25E6%259C%25AC%25E9%259D%25A2%25E9%2581%25B8%25E8%2582%25A1%25E3%2580%258D%25E9%2587%258D%25E9%25BB%259E%25E6%2595%25B4%25E7%2590%2586-16+%25E9%2581%25B8%25E5%2587%25BA%25E6%258A%2595%25E8%25B3%2587%25E3%2580%258C%25E9%25A3%2586%25E7%259A%2584%25E3%2580%258D%25E8%2588%2587%25E5%25BE%258C%25E7%25BA%258C%25E8%25BF%25BD%25E8%25B9%25A4.png" width="400" /></a></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">選出好標的,然後順利賣在相對不錯位置順利出場,就是一次成功的投資,賣在最高點只是用來誇耀,並且是很不實際的期待。針對景氣循環位置,選出投資標的的方式如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴景氣由谷底翻升<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">景氣由谷底轉上,「<b style="mso-bidi-font-weight: normal;"><span style="color: red;">毛利率</span></b>」、「<b style="mso-bidi-font-weight: normal;"><span style="color: red;">營收規模</span></b>」是兩個最好的參考指標。前者可以找出最快轉虧為盈的公司,後者表示經濟規模最大的公司。在產業剛剛開始轉虧為盈,景氣剛脫離谷底開始翻升的階段,就要根據上述兩個指標去選擇股票。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵整體毛利率轉正<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">整體產業進入毛利率轉正的階段,應該以<span style="color: blue;">資產配置效率</span>(機器設備占資產的比重)及<span style="color: blue;">資本周轉率</span>(營收除以股本)為評量重點。因為廠商獲利的多寡在於誰能有效將資源投入生產。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑶中長期競爭力<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">衡量公司的中長期發展,要以<span style="color: blue;">產能擴充能力</span>、<span style="color: blue;">資金取得</span>及<span style="color: blue;">技術能力</span>為重點。在不同的階段選擇的投資標的確實會有差異,用上述邏輯切割不同階段,去比較股價的表現,準確率高達<span lang="EN-US">8</span>成。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">景 氣 階 段<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">評 估 重 點<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">重 要 項 目<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">由谷底翻升<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">經濟規模<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營收規模<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">毛利率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">整體毛利轉正<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">資產配置效率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">機器設備占資產比重<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">資本周轉率<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">營收/股本<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">中長期競爭力<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">產能擴充能力<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">負債比重(尤其長期負債)<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">財務能力<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">技術能力<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 不同景氣階段的重要評估項目<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">從「專家管理法」、「利率循環法」找出產業階段與特性規畫出選股標的,再來就是進行後續的追蹤。追蹤的兩個重要目的如下:<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑴確認風險:<span lang="EN-US">3</span>點注意事項<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">產業的變化快速,每經歷一段時間就會有所不同,若是有改變,一定要跟著調整。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">隨時更新資料<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">資料來源的一致性很重要<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">隨時注意資料來源的研究機構或券商是否改變看法,一旦看法改變就要很小心了,最好先出脫部分持股。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">大家看好的產業,會有新的競爭對手<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">分辨競爭對手過去的紀錄如何?是否真有實力?若是有實力堅強的競爭者加入戰場,表示中長期有隱憂,應該視競爭者實力決定出脫持股時點。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">⑵賺取較高的報酬</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">:<span lang="EN-US">5</span>種可能賣出訊號<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">目標價調高<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: blue; font-family: "新細明體" , "serif"; font-size: 14.0pt;">第一次訂出來的目標價,最具參考價值</span></b><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">,後來再調高大多是因為股價上漲後貼近目標價,或者股價上漲造成預估變得樂觀,在這種情形下調高目標價通常不嚴謹,也是暗示著股價開始進入不理性的區間,這時候以逢高出脫為原則。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">利多公布<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">若是屬於一次性利多公布,應該站在賣方,但是利多的本身過去並未在股價上表現出來,而且對公司有長期正面的幫助,那麼公布後股價就算攀升,也無須急著出脫,必須重新評估影響性,再決定新的目標價位。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">進入循環週期的高峰<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">記住<span style="color: blue;">歷史股價淨值比高點就是滿足點</span>,千萬不要陷入「低本益比」的陷阱,就算景氣能夠維持較長的一段時間,股價高點亦無多。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">4.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">技術性噴出<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">「不見跳空不見頂,不見跳空不見底」,跳空指的是出現連續三次,買盤或是賣盤的力量就會宣洩完畢。<span lang="EN-US"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">5.</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">出現實質利空<span lang="EN-US"><o:p></o:p></span></span></b></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">如果股價在低點出現利空,只要評估最壞情形為何?是否充分反映?不必急於出脫,但是高點出現利空要特別注意,建議要先衡量股價所處位置,若是股價的結構已經反映不少對未來的預期,本益比也高於同業水準,應該還是要降低持股。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">項目<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">內 容<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">解 釋<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">1<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">目標價調高<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股價接近目標價,然後被調高<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">2<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">利多公布<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">一次性利多<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">3<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">循環期高峰<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">進入股價淨值比(<span lang="EN-US">PBR</span>)的歷史高點<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">4<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">技術性噴出<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">股價出現連續性跳空<span lang="EN-US"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">5<o:p></o:p></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">實質利空<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">除非股價位於低點區<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif"; font-size: 14.0pt;">表 五種可能賣出訊號<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※參考資料:<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">「基本面選股(增訂版)-成長股、價值股、轉機股與投資分析」,作者:黃嘉斌,出版者:財信,<span lang="EN-US">2012</span>年<span lang="EN-US">9</span>月二版一刷。<span lang="EN-US"><o:p></o:p></span></span></div>
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<span style="font-family: "新細明體" , "serif";">※圖片來源:<span lang="EN-US">http://cdn.peoplenews.tw/collection/1531469359.png<o:p></o:p></span></span></div>
<br />股雲http://www.blogger.com/profile/07368615133947180820noreply@blogger.com0