(一)相對績效 整合了基金化後投資組合於各期佔基金績效排序前20%之次數,研究中發現以虧轉盈型基金化後投資組合表現最佳。 (二)絕對績效 計算出二式轉機型基金化後投資組合於研究期間之期間報酬率,得到投資組合中以虧轉盈型表現的最為亮眼,且報酬率更優於績效最佳的永豐永豐基金達383%。 By the relevant literatures, earnings per share (EPS) act as the significant variable of return on investment in the Taiwan stock market. In this research, we utilize financial reporting data of the EPS from TSE and OTC corporations, to construct two different models of turnaround’s portfolios: deficit transform to surplus vs. huge losses transform to small losses. Moreover, we will evaluate the performance of two portfolios and compare the two portfolios with the domestic open-end mutual funds and the market. In the end, we try to provide a valuable investment strategy to investors. The main empirical finding as below:
1. Generalized investment portfolios (1)Relative Performance After comparing with the return of return of the market and open-end mutual funds, we validate the performance of deficit transform to surplus portfolio is better than huge losses transform to small losses portfolios. (2)Absolute performance By comparing with the market and open-end mutual funds, we also discover the performance of deficit transform to surplus portfolio is the best.
2. Fundization portfolio (1)Relative Performance After summarize the number of fluidization portfolio’s performance which ranking in the top 20%. The deficit transform to surplus portfolio is a nice choice. (2)Absolute performance By comparing rate-of-return of the two fundization portfolio, both two portfolios present very good performance.