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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/87255

    Title: 產業龍頭股與產業高價股之投資績效評估
    Other Titles: Evaluation of the performance between two portfolios : the highest market value type v.s the highest stock price type
    Authors: 蘇毓超;Su, Yu-Chao
    Contributors: 淡江大學國際企業學系碩士班
    Keywords: 市價總值最大;股價最高;相對績效;絕對績效;Market value;market price;relative performance;absolute performance
    Date: 2012
    Issue Date: 2013-04-13 10:53:49 (UTC+8)
    Abstract: 論文提要內容:




    In stock market of Taiwan, stocks with the highest market value and the highest stock price of each industry often are regarded as first choice by government fund and ordinary investors. In this research, we utilize the deadline of quarterly financial reporting to construct two different models of portfolios: the highest market value vs. the highest stock price. Moreover, we will evaluate the performance of two portfolios and compare the two portfolios with the rate-of-return on domestic open-ended mutual funds and weighted stock price index. Besides, we must assess the phenomenon mentioned above is reasonable or not . In the end, for the sake of providing a valuable investment strategy to retail investors, contrast to institutional portfolios, we also establish retail portfolios, The main empirical findings as below:

    1. Generalized investment portfolios
    (1)Relative Performance
    After comparing with the rate-of-return on weighted stock price index, in terms of beating the market, we verify the performance of the highest market value portfolio is better; however, on the part of defeating domestic open-ended mutual funds, the highest market value portfolio is worse.
    (2)Absolute performance
    By comparing with the market and domestic open-ended mutual funds, we also discover the performance of the highest market value portfolio is better than its counterpart.
    (3)Institutional portfolio V.S. retail portfolio
    After we sort performance of institutional portfolio and individual portfolio, no matter we utilize relative performance or absolute performance as benchmarks. It is apparent that in the point of the highest market value type, its retail portfolio has preferable performance. Nevertheless, the outcome of the highest market price portfolio is totally opposite.
    2. Fundization portfolio
    (1)Relative Performance
    After summarize the number of fluidization portfolio’s performance which ranking in the top 20%. The highest market value portfolio is a relatively better choice.
    (2)Absolute performance
    By surveying performance of the two fundization portfolio, the highest market value portfolio shows mediocre rate-of-return. Besides, contrast to the highest market value portfolio, the highest market price portfolio presents extremely awful rate-of-return. It is obviously that if the government tries to hold the stock price index, the traditional strategy which government adopted is to buy the highest market value and highest market price stocks. Our empirical result of showing a poor rate-of-return is not surprised.
    Appears in Collections:[國際企業學系暨研究所] 學位論文

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