效率市場假說主張，市場價格已經充份反應所有可用的訊息。
這個分別由 Paul A. Samuelson 和 Eugene F. Fama 各自獨立發展的理論，
已經大量廣泛應用在有關證券價格的理論模型和實證研究上，
並且引起廣泛的討論。
同時在價格發現過程中，也提供十分重要的論點。

由於台灣股市的快速發展，
台灣股市的市場效率已成為熱門的研究主題。的市場效率性，
並希望找出價格相關的財務比，能夠藉此預測股價報酬。

實證結果顯示，
台灣股市效率性在關於每股盈餘的驗證，
確為一效率市場，
投資人無法藉由每股盈餘的資訊揭露來獲取超額報酬。
再者，藉由分析公司的財務比，來預測未來每股盈餘的變化，
本論文嘗試驗證台灣股市在反應每股盈餘及其他財務比資訊
也無法替投資人帶來異常報酬。

The efficient markets hypothesis (EMH) maintains that market prices fully reflect all available information.
Developed independently by Paul A. Samuelson and Eugene F. Fama in the 1960s, this idea has been applied
extensively to theoretical models and empirical studies of financial securities prices,
generating considerable controversy as well as fundamental insights into the price-discovery process.
Due to the rapid development of stock market in Taiwan, the efficiency of the Taiwan stock market also has
been one of the hot topics. The thesis tries to test the efficient market hypothesis (EMH)
for the Taiwan stock market with respect to earnings per share and other publicly available financial
statement information, and studies whether financial ratios can predict aggregate stock returns.
The results show that there is no significant evidence to reject the hypothesis that Taiwan market is
efficient, and it is hardly possible to form a portfolio that earns excess returns persistently.

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