國內開放式股票型基金之績效評核暨介入時機之建構

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Title:	國內開放式股票型基金之績效評核暨介入時機之建構
Other Titles:	Evaluation of performance on domestic open-end stock mutual funds and analysis of timing of investment
Authors:	賴穩玉;Lai, Wen-yu
Contributors:	淡江大學國際商學碩士在職專班李又剛;Lee, You-kong
Keywords:	國內開放式股票型基金;相對績效;基金報酬率;績效持續性;domestic open-end stock mutual funds;relative performance;fund performance;performance persistence
Date:	2009
Issue Date:	2010-01-11 01:36:56 (UTC+8)
Abstract:	本研究主要是利用投信投顧公會委託台灣大學財務金融系邱顯比與李存修兩位教授，所編製之基金報酬率初步資料的再加工，並進而與集中市場之報酬率進行比較後，建構出相對績效衡量指標，藉此試圖探討以下三項課題，即：第一、檢視於研究期間裡，國內開放式股票型基金的相對績效之表現的優劣。第二、以年度的觀點，衡量國內開放式股票型基金在操作績效上，其績效是否具備持續性。第三、在投資國內開放式股票型基金時，是否存在著明確的投資時機，以供投資大眾遵循。　根據上述三項課題，我們發現：第一、不論是從月、季，甚或年的觀點來作探討，於分析期間裡，國內開放式股票型基金的相對績效表現不俗，其中又以民國94年表現得最佳，民國96年次之。第二、國內開放式股票型基金所展現的績效持續性，表現欠佳，且於分析期間內，沒有任何一支超優基金，其績效可以維持到三年以上。第三、唯有預期國內股市電子股能擔當主流時，才會是投資國內開放式股票型基金的理想介入時機。 This research focuses on domestic open-end stock mutual funds. Using the data compiled by two scholars, Lee Cun Shiu and Chiu Shian Bi, who are professors of NTU Department of Finance. We will compare the rate-of-return of stock market and domestic open-end stock mutual fund, to analyze following three topics: 1. We inspect the relative performance of domestic open-end stock mutual funds. 2. Examine the performance of domestic open-end stock mutual funds with regard to persistence. 3. Look for a ideal timing of investment in domestic open-end stock mutual funds. In this paper we find the following conclusions: 1. No matter of monthly, seasonally or yearly, the relative performance of domestic open-end stock mutual funds are good, especially in 2005 and in 2007. 2. Performance persistence does not exist in domestic open-end stock mutual funds. There is no funds can have good performance over three years. 3. Only when electronic stocks will become the mainstream in the stock market, then it is a good timing to invest in domestic open-end stock mutual funds.
Appears in Collections:	[Graduate Institute & Department of International Business] Thesis

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