[[alternative]]The Empirical Analysis For The Revenue Momentum: Evidence in Taiwan Listed Companies

[[abstract]] 從股票市場獲利有各種投資策略，其中營收是公司淨利領先指標與公司盈餘息息相關，故本研究以台灣上市櫃公司(全體上市櫃、電子股、非電子股)為樣本，依公司規模大小針對每月公告營收資料建構營收動能投資策略，採用每月換股並考慮擴張收縮期，探討是否具有營收動能效應。 本研究之結果如下：一、全體上市櫃公司：在贏家與輸家的投資組合比較上，贏家組合報酬高於輸家組合報酬。二、非電子股：在贏家與輸家的投資組合比較上，贏家組合報酬優於輸家組合報酬。三、電子股：在贏家與輸家的投資組合比較上贏家組合報酬優於輸家組合報酬。四、考慮多空時期發現營收動能策略存在顯著差異。[[abstract]] There are various investment strategies to profit from the stock market. For example, the revenue is the company's net profit leading indicator, therefore, the revenue is a key vatiable in this study. In this study, the listed company (all listed companies, electronic industry stocks, non-electronic industry stocks) in Taiwan stock market as a sample. According to the size and revenue variables to form monthly momentum investment strategy, and taking into consideration the period of up and down to investigate the revenue momentum strategy. The results of this study are as followed: 1. The winner return is higher than the loser return in all listed companies. 2. The winner return is higher than the loser return in non-electronic stocks. 3.The winner return is higher than the loser return in electronic stocks. 4. The revenue momentum strategy exists significant difference in up and down market