| 摘要: | 國人因所得水準提高與財富累積，使得對於投資理財的需求增加，共同基金成為除了股票之外最受投資人歡迎的金融商品。每個人可依據自己的個性、期望的報酬和風險承受程度，將資金投資在不同種類和區域的基金並做適當的配置，至於報酬的高低與所投資的基金有絕對的關係，本研究的目的是要探討相同基金使用不同的投資策略對於基金報酬率的影響到底如何。
本研究採用定期定額投資策略及分級投資策略，檢驗其運用在國內股票型共同基金的長期投資獲利情形。本研究的對象是針對國內133檔開放式股票型共同基金，研究資料是從2001年1月1日到2005年12月31日止，共5年的基金每日淨值，分別計算定期定額投資1日到28日每個申購日的投資報酬率和分級投資-3%到-15%每個級距的投資報酬率，最後比較二者的報酬率差異並使用曼惠特尼U檢定來檢驗那一種投資策略較佳。
綜合所有的研究數據得到以下結論，定期定額投資以每個月1日為申購日的平均報酬率最佳，分級投資的報酬率與投資級距呈反向走勢，即投資級距越往下其平均報酬率越高，另外研究數據也顯示，分級投資不管任何一個級距的投資報酬率都優於定期定額所有申購日的投資報酬率，加上曼惠特尼U檢定的結果，也有相同的結論，所以就投資報酬率而言，分級投資是較佳的投資策略。
The increase of personal income and of deposit at bank drives more investment needs for domestic investors, It makes mutual funds have become the most popular financial products besides stock. Everyone can purchase appropriate mutual funds, even funds in different categories and regions, based on his/her personality, expectation on return, and degree of taking risk. Of course, different funds have different investment returns. The purpose in this study is to research the influence of return of different investment strategies on the same mutual fund.
This study applies DCA investment strategy and Scale Plan investment strategy to investigate long-term returns of domestic mutual funds. 133 open-ended stock mutual funds are targeted and their daily NAV are collected with the period of five years, from January 1st, 2001 to December 31st, 2005. Moreover, their returns of each debit date, from 1st to 28th, are calculated with DCA investment methodology and their returns of each scale, from -3% to -15%, are calculated with Scale Plan methodology. Finally, two calculation results are compared and investigated to dig out the better investment strategy with Mann-Whitney U Test.
All research evidences show that under DCA investment, debit date of 1st has the best average return. Moreover, under Scale Plan investment, returns and investing scales have significant negative correlation. This negative correlation means as the scale goes down, the return increases. In addition, the result shows that Scale Plan investment strategy is better than DCA investment strategy, no matter what scale investors take. The calculation of Mann-Whitney U Test also has the same result. So, obviously, Scale Plan investment strategy is better based on investment return. |
