本研究以成長淨值的概念導出包含期初與期末的淨值股價比(BPR)與未來各期的淨值報酬率(ROE)變數的股票報酬率預測模型─「成長價值雙因子模型」(Growth Value Model, GVM)，並以均數復歸現象來預測未來的BPR與ROE，得到一個可做為選股依據的成長價值指標(Growth Value Index, GVI)。GVI含一個需由市場數據來決定的模型參數，當此參數大時，代表均數復歸現象強烈，市場處於價值因子控制情境；反之，均數復歸現象微弱，處於成長因子控制情境。這為價值股與成長股何者較佳這個長期 This study developed and tested a stock return prediction model called the Growth Value Two-Factor Model (GVM). The proposed GVM considers beginning and ending book value-to-price ratios (BPRs) and future return on equity (ROE) during a given period. We a
