本研究主要探討台灣上市公司股票報酬率與其所在不同生命週期之間關聯。本研究希望能夠藉由不同方式篩選出的成長期與成熟期公司組成的投資組合，瞭解是否能夠打敗市場台灣50指數，產生超額報酬，幫助投資者盈利。本研究欲運用Anthony 和Ramesh（1992）三分位研究方法、以及Dickinson（2011）現金流組合法篩選出成長期及成熟期之投資組合，並加入Piotroski(2000)的F-score選股方式。
由實證結果得出以下數點結論：1.從平均報酬率方面，四指標成長組投資組合6年中每一年都打敗台灣50指數；四指標成熟組投資組合6年中有5年打敗台灣50指數；現金流成長組投資組合6年中有3年打敗台灣50指數；現金流成熟組投資組合6年中每一年都打敗台灣50指數。F高分組投資組合6年中全部年打敗台灣50指數。
2.從夏普績效指標方面，四指標成長組投資組合6年中有3年打敗台灣50指數；四指標成熟組投資組合6年中有5年打敗台灣50指數；現金流成長組投資組合6年中有2年打敗台灣50指數；現金流成熟組投資組合6年中有4年打敗台灣50指數；F高分組投資組合6年中4年打敗台灣50指數。

The paper mainly discusses the relations between the return rates of stocks issued by listed companies in Taiwan and the different life cycles the stocks are in. Meanwhile, the paper plans to select the investment portfolio combined by companies at growth and maturity stages through multiple ways, hoping to find that whether they could break the Taiwan Index 50 for excess returns and investors’ profits. The three-dimension analysis proposed by Anthony and Ramesh (1992), plus the combination of cash flow put forward by Dickinson (2011) and the F-score way of selecting stocks by Piotroski(2000), were employed to select the investment portfolio of companies at growth and maturity stage.

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