有許多文獻的研究結果發現，股票報酬有反向修正的現象，在測試期當中，輸家組合會有正的超額報酬，贏家組合有負的超額報酬，且輪家組合超額報酬大於贏家組合超額報酬。本文以不同的報酬衡量方式探討臺灣股市是否有反向修正現象存在，並且考量在風險調整後是否仍有反向修正現象存在。研究期間自民國70年1月至86年12月，選取60家上市公司進行研究。本文研究結果顯示，輸家組合有顯著的正超額報酬，並且在調整風險之後，輸家組合仍有反向修正現象存在。

　　　　　Many researches found that reversal phenomenon should be predictable from past price performance. Excess returns for prior losers in the test period are positive. For prior winners, excess returns are negative. Prior losers significantly outperform prior winners. This paper examines the reversal phenomenon on the Taiwan stock market. This paper uses a different way to account returns, and obtains estimates of risk-adjusted returns. The research period lasted from January 1981 to December 1997. Sixty issues are chosen as the sample in this study. Our findings indicate that excess returns for losers are significantly positive. We also find that the reversal phenomenon for losers still exists after the use of risk-adjusted returns.