對於一般投資人來說，公開資訊觀測站是最容易取得財務金融資訊的平台。本研究旨在透過公開資訊為一般投資者提供簡單的選股標準投資於台灣股票市場，而選股標準是以三個當代的價值投資者：巴菲特、葛林布雷及皮爾托斯基為例。研究結果顯示在「買進持有」的策略下，大部分的持有期間在皮爾托斯基的選股標準下皆可以獲得超越市場報酬的結果。其中，在一年、兩年、三年、五年、十年的持有期間可獲得1.44%, 14.71%, 10.03%, 10.86% 及 7.38%的年化報酬率。

For average investors, the Market Observation Post System is the most reliable source to access to financial statement information. This study aims to provide simple criteria for average investors to invest in Taiwan stock market through accessible public information. While the screening rules proposed by three contemporary value investors, Warren Buffett, Joel Greenblatt and Joseph Piotroski, are in use, the results suggest that the “buy and hold” strategy can outperform the market for most of the holding periods. The screening rules from Joseph Piotroski are the most effective, obtaining annualized return of 1.44%, 14.71%, 10.03%, 10.86% and 7.38% for one-year, two-year, three-year, five-year and ten-year holding period, respectively.

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