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    題名: 高獲利、轉機與成長型電子股投資組合V.S基金化績效評估
    其他題名: Evaluation of the performance in the electronic stock : high EPS, turnaround and growth type v.s. funded porfolio
    作者: 王炳智;Wang, Ping-chih
    貢獻者: 淡江大學國際貿易學系國際企業學碩士班
    李又剛;Lee, You-kong
    關鍵詞: 每股盈餘;投資組合;買進持有;Earnings Per Share(EPS);porfolio;buy and hold
    日期: 2009
    上傳時間: 2010-01-11 01:30:31 (UTC+8)
    摘要: 從相關文獻的研究結論得知:在國內股市裡,無論是上市抑或上櫃市場裡的電子
    類股,每股盈餘都是主導個股投資報酬率的解釋變數。因此本文希望在台股於各季公
    布季報的時點裡,透過季報資料的取得,以每股盈餘為主軸,分別依屬性的不同建構
    出高獲利、轉機與成長型投資組合,藉由買進持有的策略,進而去與大盤、電子指數
    暨國內開放式股票型基金來做比較,嘗試地找出適合一般投資大眾簡單又有用的投資
    策略。而本文所得到之實證結論如下:

    一、一般化投資組合

    (一)相對績效
    在與大盤、電子指數比較結果下,得到上市部份的三式投資組合報酬率表現不分軒輊;而上櫃部份則以高獲利表現得最為傑出。
    (二)絕對績效
    在與大盤、電子指數比較結果下,上市、櫃兩個市場的投資組合績效皆是以轉機型投資組合報酬率表現的最為優異。

    二、基金化後投資組合

    (一)相對績效
    待彙總了基金化後投資組合於各期佔基金績效排序前20%之次數後,結果發現以高獲利與轉機型基金化後投資組合表現較佳。
    (二)絕對績效
    待計算了三式基金化後投資組合於研究期間的期間報酬率後,我們得到是以轉機型表現的最傑出。
    In the relevant literatures, all of them pointed out in the domestic stock market, whether the electronic stock in TSE or OTC, the earnings per share(EPS) is the explanatory variables which dominates the return of nvestment. So we collect the quarterly financial reporting data through each quarter , to utilize EPS as a main variable to establish investment portfolios of higher profit、turnaround and growth stock respectively. Furthermore , we analyze the performance of buy and hold strategy whether can beat the market、electronic index or domestic open-end mutual fund. According to empirical study, we want to provide valuable investment strategy to investor. The main empirical finding as below:

    1. Generalized investment portfolio
    (1)Relative Performance
    After comparing with the market and electronic index, we find our three portfolio’s performance are the same in TSE market;but the performance of higher profit portfolio is the best of the three in OTC.
    (2)Absolute performance
    By comparing with the market and electronic index, we find turnaround portfolio’s performance is the best of the three in both TSE and OTC.

    2. Fundization portfolio
    (1)Relative Performance
    After summarize the number of fundization portfolio’s performance which ranking in the top 20%.We find both higher profit and turnaround portfolio perform better than growth portfolio.
    (2)Absolute performance
    By calculate rate-of-return of the three fundization portfolio .We find turnaround portfolio’s performance is the best of the three.
    顯示於類別:[國際企業學系暨研究所] 學位論文

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