在金融市場上的投資工具種類多,投資人選擇自己喜歡的投資方法替自己賺進收入,好的投資策略更能帶來更高的報酬,其中股票投資受到許多投資人喜愛,以長期資料統計,整體股市年平均報酬率高於基金、債券等其他投資工具,對於投資人來說,選擇可靠的投資策略以降低風險、提高報酬是相當重要的。 本研究以會計資訊為基礎,利用Easton and Harris報酬模型來進行選股策略或擇時策略制定,配合以Ohlson評價模型進行擇時策略或選股策略分析,並交叉比對驗證模型的適用性,幫助投資者有效投資股票以獲得高額報酬。本研究最後再使用T-M與H-M兩種選股與擇時能力檢定模型,檢定本論文架構是否具備選股與擇時能力。 There are lots of types of investment instruments in the financial markets. Investors choose their favorite investment method to earn income for themselves. Good investment strategies can bring higher returns. Many investors preferred to invest on. The return of the stock market for long-term investment is higher than invest on funds, bonds, and other investment instruments. For investors, choosing reliable stock trading strategies to reduce the risk and to improve return is very important. This study, combine Easton and Harris earning model with Ohlson pricing model to make stock selection decision and market timing decision based on accounting information. Then to cross-compare the applicability of these two accounting models and to verify investors make trading decisions effectively. Finally, this paper used T-M and H-M models to test whether these two accounting models have timing and selection ability or not.