本研究探討了收益率（earnings yield）和亞洲市場的長期政府債券收益率( long term government bond yield)的關係。並且運用結構性變異來以提高聯準會模型和股價的相關性。聯準會模型是用來判斷市場是否高估或低估股價或在其公允價值。本研究在亞洲十個主要市場進行實證研究，探討聯準會模型中不同的時間跨度的關係。結果顯示在亞洲國家，大盤的收益率和幾個月後的長期政府債券收益率之間有強關聯性。本研究通過迴歸分析研究來研究此模型的預測能力，並考慮不同的結構性變異檢定法ROC 和Bai_Perron檢定，結論顯示了ROC 檢定法更有效的偵測結構變異，提高聯準會模型的預測能力。

This paper examines the possible relationship the earnings yield and long term government bond yield for the Asia markets. We apply structure break test to improve the Fed-model, which is used to judge whether stock prices are too high, too low or at their fair value. The paper examines the relationship proposed by the Fed- model with different time horizons. The findings reveal a strong association between long term government yield and the earnings yield in months later. The difference between the earnings yield and real bond yield is a shorthand measure for expected returns and we examine the predictive power of this measure by regression analysis. Considering ROC test and Bai_Perron test, it shows ROC test improves the forecasting power of Fed model with a better result.

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