近年來不論國內外皆發生公司管理階層操控財務報表之舞弊事件,使得公司會計資 訊的可靠信受到質疑,並引起投資人更重視財務報表之盈餘品質。本文利用盈餘品質進 行篩選投資標的,並區分為「價值型股票」與「成長型股票」探討其績效表現。實證結 果發現:(1)盈餘品質與盈餘品質成長型選股策略,在持有三個月與持有六個月且景氣較 差的年度中之績效表現較差;(2)在盈餘品質成長型股票績效分析中,投資組合的持有報 酬率與台灣股票多(空)頭呈現正(負)相關,此隱含著投資人在台灣股票市場為空頭市場 時,應避開盈餘品質成長型股票,以規 In recent years, due to financial frauds and defective financial statements, the authenticity and reliability of accounting information have been challenged, and the importance of earnings quality is seriously watched by investors. The object was selected