本篇論文檢視一種考慮外部環境、內部能力，以及公司基本面分析的選股策略是否能夠幫助改善投資績效。實證結果顯示，這個稱為高S-Score的策略在原始報酬率方面平均每年可以打敗大盤7.08％。此外，高S-Score投資組合的績效也比電子指數表現更好。此策略的績效也優於高F_SCORE投資組合，表示其較傳統的基本分析更加實用。最後我們發現此單純的策略較結合了高S-Score和高F_SCORE的複雜策略表現更佳。因此，高S-Score策略可以幫助提高投資人的獲利能力。

This thesis examines whether a stock selection strategy which considers the external environment, the internal capabilities, and the fundamental analysis of a firm can help improve the return performance. The empirical results show that our strategy, which is called high S-Score strategy, can beat the market by an average of 7.08% higher raw returns per year. Moreover, the performance of high S-Score portfolio is better than the electronic sub-index. It also outperforms the high F_SCORE portfolios, indicating that the strategy is more useful than traditional fundamental analysis. Finally, we find the simple strategy outperforms a more complex strategy combined with the high S-Score and high F_SCORE strategy. As a result, the high S-Score strategy can help improve investor’s profitability.

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