每月公告公司營收為本國特有的制度，可讓投資人獲得更具即時性的公司營收資料，進而影響其投資決策，而股票的成交量周轉率也可間接呈現投資人對個股的熱絡程度。本論文研究目的即是探討「股票成交量周轉率」及「月營收年成長率」與股票報酬率的關聯性，以了解該等指標當做投資決策參考指標之可行性為何。本研究採集2010年1月至2019年6月之「股票成交量週轉率」及「月營收年成長率」資料共488個期間、1654家公司列入統計，並分別加入Fama & French 三因子及Carhart四因子後，使用Panel迴歸分析法的固定效果模型(Fix Effect Model)進行分析。
本研究發現下列三個結論: 1.「成交量周轉率」與股票報酬率為顯著正相關。2.「月營收年成長率」與股票報酬率為顯著正相關。3.股票報酬率對「成交量周轉率」之敏感性較「月營收年成長率」之敏感性較高，也就是成交量周轉率的小變化，即可造成股價的波動進而影響報酬率。綜上，將月營收年增率等基本面為選股依據之一，並佐以成交量周轉率的變化判斷買入時間點，預期應可提升整體決策獲得正報酬的機率。

Monthly revenue disclosure is a unique rule for Taiwanese Listed and Counter companies, which allows investors to obtain more timely information, which in turn affects their investment decisions. Besides, the turnover rate of stocks can change the investors stock-purchasing decisions. The purpose of this thesis is to study the correlation between Turnover rate and Annual growth rate of monthly revenue and ROI (Return On Investment) to evaluate the feasibility of these indicator for investment decisions.
The empirical results indicates three conclusions: (1) Turnover Rate is significantly positively correlated with ROI. (2) The Annual Growth Rate of Monthly Revenue is significantly positively related to the ROI. (3) The sensitivity of the Stock Return to the Turnover Rate is higher than that of the Annual Growth Rate of Monthly Revenue. That means small changes in the turnover rate can cause fluctuations in the stock price and affect Stock Return.

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