在傳統均數-變數效用法下，由於IC設計具備高的投資風險，導致IC設計與加權股價常常落於無法判定的情況，故無法精確評估其績效高低表現，因此我們認為這不是良好的績效評估準則。基於這個因素，我們嘗試利用修正後均數-變異效用評估法，來評估績效之優劣。其結論可以清楚得知：不論就單一期或是全期，探討三項金融商品或加入ETF51及ETF52之五項金融商品，IC設計的績效表現始終是最佳的，這也在在突顯了IC設計ETF化之金融商品有其發行之必 要性。 Now exchange-traded fund (ETF) has become indispensable financial assets in the international market﹒In our country﹐the authority had first ratified the issuance of ETF50﹐and lately issued ETF51 and ETF52﹐hoping that we can keep up with other country﹒In addition﹐domestic IC design stocks has provided high earnings per share、high growth and high per share revenue﹒In 2006 the production value of IC design industry created the second spots in worldwide﹒So in Taiwan IC design industry play a critical role﹒All of these intrigue us interest to fundalize the IC design stocks﹒
In our paper﹐we will analyze the investment performance of imputed IC design ETF、imputed Taiwan weighted stock index ETF﹐ETF50﹒In order to outstand the investment value of imputed IC design ETF﹒In the period of analysis﹐we will separately utilize the different characteristics of stock、the mean-variance approach and modified mean-variance utility approach to analyze the value of investment in all these five kinds ETF assets﹒
In the practical side﹐we can demonstrate modified mean-variance utility approach outrightly prefer to the mean-variance approach﹒
Eventually﹐under evaluation of modified mean-variance utility approach﹐we emperically demonstrate：the investment performance of imputed IC design ETF is always the top one of all﹒And this result is adopted in different yearly analysis period and the whole analysis period﹒According to this empirical result﹐we recommend the authority to ratify the IC design ETF asset﹒
