本研究主要在探討台灣加權股價指數於低檔位階且打底完成時，利用基本分析輔以技術分析做為投資策略，驗證台灣資本市場是否具有「價值效應」，且是否能獲取較高的超額報酬。
　　本研究使用民國89年初至101年底，台灣加權股價指數的兩個低檔位階的上市公司(排除金融類股)為研究標的，並於該指數打底完成後次日形成投資組合。利用基本分析的價值型投資法，使用益本比（E/P）及淨值市價比（B/P）作為研究指標；技術分析則是以Ｋ線結構中的底部形態完成(俗稱「打底」)作為研究指標，並採用Carhart四因子模型評估投資組合績效及風險水準。
　　經研究結果發現，台灣加權股價指數處於低檔位階且打底完成時：(1)使用價值型投資法 (B/P與E/P)作為選股策略，可使投資組合獲取超額報酬。(2)價值效應效果強弱：淨值市價比及益本比（B/P及E/P）＞益本比（E/P）＞淨值市價比（B/P）。(3)同時使用價值型投資法(B/P及E/P)與技術分析作為選股策略，不僅具有「價值效應」，且可使投資組合獲取更高的超額報酬。(4)領先打底投資組合之風險低於落後打底投資組合之風險。

This paper is mainly focused on the study of Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) during low-price level and bottom-shape completed stage, by applying the Fundamental Analysis, combined with Technical Analysis to establish an efficient investment strategy, to prove Taiwan current capital market whether exist value effect and can earn excessive returns.
This study purposely aims to collect the sample data of two low-price level and bottom-shape completed stage listed companies from TAIEX Stock Market (excluding the Banking securities) during 2000 to 2012 to formulate the investment portfolio. The paper also applies the Valued-Investment Method of Fundamental Analysis, E/P and B/P as research indicators, uses the Technical Analysis to look for the bottom shaping of K-line, and explores Carhart 4-factor Model to assess the investment portfolio efficiency and risk level.
Empirical results indicate that (1) A strategy on Valued-Investment Method (B/P & E/P) to select suitable stocks will acquire the portfolio excessive returns, after the low-price level of TAIEX bottom-shape completed. (2)The value effect: B/P & E/P value > E/P value > B/P value. (3) Simultaneously applying the Valued-Investment Method (B/P & E/P) and Technical Analysis as a stock-selected strategy will not only acquire the value effect but also to gain excessive returns. (4) The earlier bottoming stocks are less risky than the latter bottoming stocks.

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