隨著近幾年快速的科技發展，企業所必須面對之競爭環境變遷速度已較過往劇烈許多；因此，許多投資人開始對傳統基本分析之效果產生懷疑。故，本論文欲探討一同時考量企業外部威脅及內部競爭優勢之投資策略是否有助於提升投資人之投資報酬績效。此投資策略稱為S-Score策略，其為結合SCP模型、五力分析模型及VRIO模型之概念所架構而來之策略性選股策略。
　　根據實證結果，此策略性選股策略與整體台股製造業類股之投資報酬績效相比，其投資報酬率可大幅提升至少6%。而此項策略性選股策略與傳統基本分析策略相比，藉由t-test之研究結果顯示，考量企業環境及優勢之S-Score策略可獲取較傳統基本分析策略為高之報酬績效。另外，透過夏普指標之統計測試結果，策略性選股策略亦可提供投資人較高之超額報酬。
　　雖然，策略性選股策略具有提高投資人投資報酬率之功效，但其依舊存有些許之限制，如其只能適用於製造業、其必須長期投資及其可能導致忽略一些其他優秀個股等。

Along with the ever-growing high-tech environment, the entire competitive business environment has also been changing rapidly; therefore, investors have started to cast doubt on the effectiveness of traditional fundamental analyses. Consequently, this thesis examines whether a stock selection strategy that considers both external threats to firms and internal competitive advantages can help investors improve their investment returns. This strategy is called the S-Score strategy, and is constructed using the concepts of the SCP model, the five forces model, and the VRIO model.
The empirical results show that the S-Score strategy can improve mean return more than 6% as compared with manufacturing return. In addition, through a comparison of mean return and the Sharpe ratio between the S-Score and F-Score, the results for the t-test verify that the S-Score can produce a better mean return than the F-Score; second, through the z-test on the Sharpe ratio, under the consideration of risk, the S-Score can provide higher abnormal return.
According to the results, an S-Score strategy can effectively improve investor earning. However, this investment strategy contains some limitations－restriction on execution, restriction on holding length, and the risk of omitting other good stocks.

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