股票型基金價值平均與定期定額投資報酬之研究

淡江大學機構典藏 > 商管學院 > 企業管理學系暨研究所 > 學位論文 > Item 987654321/33545

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题名:	股票型基金價值平均與定期定額投資報酬之研究
其它题名:	A study on return between value averaging and dollar-cost averaging of stock mutual funds
作者:	楊德利;Yang, Der-lie
贡献者:	淡江大學企業管理學系碩士在職專班李雅婷;Lee, Ya-ting
关键词:	共同基金;價值平均投資;定期定額投資;報酬率;mutual funds;Value Averaging;Dollar-cost Averaging;ROI
日期:	2008
上传时间:	2010-01-11 04:15:58 (UTC+8)
摘要:	M型化社會時代來臨，個人資產配置的理財需求相對提高，全球化與國際化趨勢下，多元化的金融商品因應而生。每個投資人依據自己的習慣偏好、期望的報酬和風險性承受程度，需將資金投資在不同理財工具做一個有效的資產配置，在兼顧風險性與報酬的高低前提下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運用不同的投資策略對於基金報酬率的影響為何。本研究採以價值平均投資策略及定期定額投資策略，檢驗其運用在國內股票型共同基金的長期投資獲利績效情形。本研究之對象乃針對國內 149檔開放式股票型共同基金，研究資料是從2003年1月1日到2007年12月31日止，共計5年的基金每日淨值，分別計算價值平均投資和定期定額投資從1日到28日每個申購日的投資報酬率，最終比較二者間報酬率差異並運用曼惠特尼U檢定方法來檢驗何種投資策略較佳。依據所有研究數據綜合結論如下: 定期定額投資以每個月1日為申購日的平均報酬率最佳，另外研究數據也顯示，價值平均投資在所有申購日投資報酬率都優於定期定額的投資報酬率，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，價值平均投資是較佳的投資策略。 Due to the coming M-type of society times, needs of asset allocation increases in personal financial management accordingly, a wide range of financial products derives out. Considering the customary preference, expect the reward and risk of a bearable tolerance, each investor pursuits their profit to invest in various financial tools for an effective allocation. To have a balance in the expected risk and the level of remuneration under investment, the Fund been chosen have an absolute effect. The purpose of this study is to explore the use of the same different investment strategies for the Fund of the impact of the rate of return. This study uses value averaging investment strategy and dollar cost averaging investment strategy, analysis its long-term investment earnings performance in the domestic stock mutual fund. The object of this study is against domestic market for over 149 stalls open stock-based mutual funds, research data from January 1, 2003 to December 31, 2007, for a five-year daily fund net average value and were calculated investment and investment from the regular fixed on the 1st to the 28th day of each purchase, investment return rate, the final rate of return compared differences in the two and use Mann Whitney U test to analysis it as a better investment strategy. Based on all the research data have come to the conclusion as follows: Dollar-cost Averaging investment to a regular monthly, the average rate of returns of the best was those purchase on the 1st of the month , and research data also showed that the average value of the investment in all application rates of return are superior to regular fixed rate of return on investment, together with the Mann Whitney U test results, but also the same conclusion, reported on the investment equal pay for equal rate, the average value of the investment is a better investment strategy.
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