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研究生： 木欣尼
Mubarok, Zidni
論文名稱： 論價值投資是否於印尼股市中勝於成長投資
Do Value Investing Outperform Growth Investing in Indonesian Stock Market?
指導教授： 林哲群
Lin, Che-Chun
口試委員: 張焯然
Chang, Jow-Ran
楊屯山
Yang, Twan-Shan
學位類別： 碩士
Master
系所名稱： 科技管理學院 - 國際專業管理碩士班
International Master of Business Administration(IMBA)
論文出版年： 2020
畢業學年度： 108
語文別： 英文
論文頁數： 24
中文關鍵詞： 價值投資 、增長投資 、印度尼西亞
外文關鍵詞： Value Investing, Growth Investing, Indonesia
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    Value investing refers to the investing method that picks undervalues securities as reflected from several indicators in comparison with the prices. This concept introduced by Graham and Dodd in 1934 and then became more popular since it mentioned by a renowned investor such as Warren Buffett. On the contrary, the growth investing style emphasizes more on the asset that is expected to grow relatively faster in the future. Many studies on value investing have been performed in both developed countries and developing countries to find the pattern and evaluate the investment return. In this article, the author is trying to test whether the value investing method able to outperform growth investing in the Indonesian stock market from 2003 - 2019. The results of the comparison between the two strategies inferred that the value investing slightly performs better than the growth strategy although statistically, they are equal.

    ABSTRACT I ACKNOWLEDGEMENT II TABLE OF CONTENTS III List of Figures V List of Table V 1. INTRODUCTION 1 1.1 Research Background 1 1.2 Research Objective 5 2. LITERATURE REVIEW 6 2.1 Value Investing and Growth Investing 6 2.2 Research about Value Investing and Growth Investing 8 3. RESEARCH METHODOLOGY 11 3.1 Data 11 3.2 Methodology 12 Return and Sharpe Ratio 13 10-year Indonesia government bond rates 14 4. RESULTS 15 4.1 Return Comparison 15 4.2 Sharpe Ratio comparison 17 4.3 T-Test 19 5. CONCLUSION 20 References 21 Appendix 23

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