本研究旨在探討投資組合保險策略於紅籌股之投資組合應用及績效評估。實證上,先以財務報表比率分析及Markowitz的平均數-變異數模型進行選股,再進一步比較不同的風險乘數1.5、2、4及95%固定保本率下,以固定比例投資組合保險策略及時間不變性投資組合保險策略投資組合的績效。實證結果發現,在上漲趨勢與下跌趨勢,無論是CPPI策略績效或TIPP策略績效中,財報選股與Markowitz選股績效並無顯著差異。但在上漲趨勢下,買進紅籌股策略績效較佳。下跌趨勢下,CPPI及TIPP能發揮保本功能。此外,在全樣本下的CPPI與TIPP保本策略而言,由Sharp ratio、Treynor index、Information ratio、Jensen Alpha四個指標發現Markowitz平均-變異數模型的投資組合績效表現最佳。 The study aims at the application of portfolio insurance strategies in red-chip and performance evaluation. In our empirical study, we first select stocks via financial statements and Markowitz mean-variance model, further evaluation the performance of CPPI and TIPP insurance portfolio strategies based on different multipliers 1.5,2,4 and 95% principal, respectively. Empirical results show that it is not significant for the two selecting stock strategies in CPPI and TIPP no matter what the market went up or down. However, the performance of buying red-chip directly can perform very well when the market went up. Yet, the CPPI and TIPP can catch the profit and lock the principal when the market went down. In addition, The Markowitz mean-variance model can outperform the financial statement in full sample through CPPI and TIPP according to the Sharpe ratio, Treynor index, Information creteria ratio and Jensen alpah criteria.