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第二節 研究限制
(一) 本研究以股價盈餘成長模型（PEG）計算權益資金成本，然而 PEG 模 型需要分析師估計未來一年的每股盈餘及未來兩年的每股盈餘，而國內無此資訊，
因此僅能利用已實現之每股盈餘來衡量，研究結果可能會受到限制。
(二) 本研究之風險因子僅包括系統性風險、非系統性風險、負債淨值比、負 債市值比、帄均交易額、企業規模、長期盈餘成長率、淨值市值比、動能效果及 流動性效果，而風險因子依據國外研究尚包括分析師數量和分析師預測值之離散 程度等，但是國內並無這類資訊，因此無法包含較完整的風險因子。
第三節 研究建議
(一) 由於盈餘品質之衡量方法有許多種，本研究只針對應計品質、盈餘變異 性、異常應計項目及三個衡量方式之綜合分數，探討四種盈餘品質與風險因子對 權益資金成本之影響，然而盈餘品質之衡量方式不只有這四種，且風險因子亦包 括許多，建議後續研究者可以探討更多種盈餘品質之代理變數與其他種類風險因 子對權益資金成本之影響。
(二) 本研究僅對國內上市櫃公司作研究，建議有意深入探討者可以針對國外 資料或國內金融業等其他行業進行研究。
(三) 本研究係以股價盈餘成長模型（PEG）計算權益資金成本，然而權益資 金成本尚有其他種估計方式，故未來之研究可利用其他模式計算權益資金成本。
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