(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.