本研究係設定股票年均價為相依變數，每股的股利、帳面值、盈餘與營運資金為自變數，以1975~1980臺灣股票資料為對象作橫斷面複迴歸模式的分析，結果發現無論是同年分析(股價與相關資料皆同一年)或異年分析(去年資料，今年股價)，皆能得到足以解類該年股票年均價平均85%(異年)甚至91%(同年)變動的線性函數。惟此等數學關係式的參數，正如一般所料，逐年變異甚大。而每股營運資金亦如一般所料，對股價影響甚微或無影響。而令人驚異的是與一般理論相反，每股盈餘股價卻也沒有影響或影響甚微。而每股股利，以及每股帳面值，對股價反倒具有確定的重要影響。

This research is using yearly average stock prices ad depended variable, dividend per share, book value per share, earning per share & working capital per share as independent variables to do a series of Cross Section Multiple Regression Model Analysis on 1975-1980 Taiwan stocks’ data. The result is that: No matter whether it is same year price of next year price as Dependent variable in the analysis, the conclusion is identical : Each year’s obtained linear regression function is highly consisted with the related year’s data since the coefficient of determination is averagely 85% for the Next Year Price Model and 91% for the Same Year Price Model; working capital per share has no effect or little effect on stock price; surprisingly, it is contrary to the general believes, on the other hand dividend per share and book value per share both are important on determining stock price.