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    題名: 中型IC設計類股投資價值頗析 : 法人版投資組合 V.S. 散戶版投資組合
    其他題名: Evaluation of investment performance in medium IC design stocks : institutional v.s. retail investment portfolio
    作者: 翁義傑;Weng, Yi-Chieh
    貢獻者: 淡江大學國際企業學系碩士班
    李又剛;Lee, You-Kong
    關鍵詞: 法人版投資組合;散戶版投資組合;相對績效;絕對績效;relative performance;absolute performance;Institutional and Retail investment portfolio
    日期: 2011
    上傳時間: 2011-12-28 17:57:33 (UTC+8)
    摘要: 一般散戶投資人進行股票市場投資時,多半沒有建立一套既規律又嚴謹的投資策略,因此本文希望能夠建立一套簡單易懂且容易操作的投資策略,讓一般投資人能夠依此建立出適用的投資組合,並且期待該投資組合之投資績效不但能夠擊敗整體市場大盤,甚至能夠勝過由專業經理人操盤之開放式股票型基金,因此我們以股性較為活潑且進出較無礙之中型IC設計類股來建構法人版與散戶版投資組合,再透過相對與絕對績效的評估,進而驗證此一投資策略是否具備實務面上的存在價值。據此本文所得到之研究結論如下,即:
    一、 各式IC設計投資組合V.S.整體大盤暨整體電子股之績效評估
    (一) 相對績效
    法人版的投資組合除了在2009和2010年略遜於整體大盤與整體電子股外,其它三年均能勝出,而散戶版的投資組合中,不論是市值變動投資組合還是市值排名變動投資組合,皆全面勝出。
    (二) 絕對績效
    無論是法人版的投資組合還是散戶版的投資組合均能擊敗整體大盤和整體電子股,其中散戶版的兩投資組合更是全面大幅勝出,表現十分傑出。
    二、 基金化後之法人版投資組合V.S.開放式股票型基金之績效評估
    (一) 相對績效
    基金化後的法人版投資組合績效表現,不僅在五年中有四年度皆能夠位列基金績效排名前20%,甚至在2006年的績效表現更是所有基金之冠。
    (二) 絕對績效
    基金化後的法人版投資組合與國內績效相對優異的開放式股票型基金作比較,其績效優異的表現僅在永豐永豐基金之下,在其它相對傑出基金之上,即便在所有國內開放式股票型基金的虛擬排名中,也能夠奪下榜眼的位置,依然僅遜於永豐永豐基金。
    Now most of retail investors don’t have a good and easy strategy on their stock investment. So we will try to establish a easier and effective strategy. It is not only easier to operate but also can beat the market and the performance of open-end stock mutual funds. We will utilige “IC design stocks” to establish relevant investment portfolios. Forthmore, we analyze the relative and absolute performance of practical investment value of our portfolios. The main empirical findings as below:
    1.Investment portfolios of IC design stocks v.s. the weighted average of market and electronic index
    (1)Relative Performance
    After comparing the weighted average of market and electronic index,we find our institutional investment portfolio’s rate-of-return just lost in 2009&2010 . Beside it win a victory over the weighted average of market and electronic index in the remaining years during research period. But our retail investment portfolio’s rate-of-return is very well. It beat the weighted average of market and electronic index in every years during research period.
    (2)Absolute Performance
    Finally, retail investment portfolios or Institutional investor portfolio have a better absolute performance. All both can defeat weighted average of market and
    electronic index in the period of analysis. But retail investment portfolios’
    performance is much better than institutional investor portfolio.
    2.IC design stocks fundization investment portfolio v.s. Open-end mutual funds
    (1)Relative Performance
    After making the IC design stocks fundization its performance which ranking in the top 20% of open –end mutual funds in the four of consecutive five years since 2006, we could prove it performs better than any other open-end stock mutual funds, just lost SinoPac funds. Besides, it even got the champion in 2006.

    (2)Absolute Performance
    By comparing absolute performance with open-end mutual funds, IC design stocks fundization investment portfolio is the second of the relative excellent open-end mutual funds. Beside it is the second of all virtual domestic open-end mutual funds,just lost Yongfeng-Yongfeng stock mutual funds.
    顯示於類別:[國際企業學系暨研究所] 學位論文

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