在股票投資市場中始終是二八法則，意即只有少數人獲利，而大部份的投資人均以賠錢收場，因此尋找投資的聖杯也成為多數投資人所追求的目標，而發展出眾多學派，包括基本面分析，技術面分析，以及心理面分析學派等等，各有各的論點以及擁護者。而本研究是採用基本面中的價值型，成長型以及總體指標來做分析，並探討何項變數對於台灣加權指數多頭時期有最有顯著性的影響，以便接下來投資者參考。　
本研究的因變數為台灣加權指數，而自變數包括本益比，淨值比，殖利率，總營收，平均營收，成交量, 美元兌台幣匯率，M1B貨幣供給，定存一年期利率，景氣分數。取樣自台股2001/10~2007/12以及2008/8~2012/3這兩段多頭時間加以驗證及比較。　本研究採用最小平方法依時間分類建構兩組模型，並透過共線性檢定，顯著性檢定，以及自我相關檢定已修正模型，最後得到兩條符合迴歸分析以及統計假設的最終模型。而本研究兩段時期最後分別得到調整過後的R-Square為0.949361和0.981344代表兩個模型均有良好的解釋能力，而最後實證研究結果摘要如下　：

1.兩段時間加以比較,變數對大盤顯著性的關係都不盡相同,只有大盤殖利率對台灣加權指數均有顯著性負相關的影響。
2. 成長型指標之平均營收對於台灣加權指數有正相關。
3. 最明顯的相關性為總體經濟型指標,如景氣分數,M1B,和大盤指數呈現正相關, 而匯率和大盤指數呈現負相關.

Pareto rules had always staged the stock markets which meant only few people made profit, while most investors ended in losing their money. Therefore, how to find a must-win strategy of investment had also become the pursuit goal of most investors. There had been lots of schools developed inclusive of fundamental analysis, technical analysis and psychological analysis, etc. Each faced its own arguments and advocates. This study was based on the indicators for the types of value, growth and macroeconomic in fundamental analysis. Also, the variables with the most profound influence on the Taiwan Weighting Index in the period of a bull market were also explored with the reference available for upcoming investors.

　　　　The dependent variables in this study were Taiwan Weighted Index, while independent variables included PE ratios, book ratios, net yields, total revenues, average revenues, volumes, the exchange rates for U.S. dollars against NT dollars, M1B money supply, one-year deposit interest rates and economy scores. Samples were retrieved from the Taiwan stock markets in 2001/10 ~2007/12 and 2008/8~2012/3, namely two long periods of bull markets verified and compared. In this study, the least squares method was meant to construct two sets of models according to time classification. Also through the corrected models from collinearity tests, significant tests and auto-correlation tests, the final models with two lines conformed to the regression analysis and statistical assumptions are reachable. In this study, for these two periods respectively, there were two representative models of excellently explanatory capacity with both R-square values reachable, 0.949361 and 0.981344. The final empirical results were summarized as follows:
1. By comparing two periods, the significant of variables were not always have same results, wherein only yield rates caused significantly negative correlation to the Taiwan Weighting Index.
2. The average of growth indicators was positively correlated to Taiwan Weighting Index.
3. The most significant correlation was the overall economy indicator. For example, economy scores, M1B, and the market index were positively correlated, while the exchange rate and market index were negatively correlated.

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