債券及債券型基金投資組合規劃分析

An Analysis of a Portfolio Invested in Bonds and Mutual Funds

林筱鳳(Hsiao-Feng Lin)

《人文暨社會科學期刊》 2卷1期 (2006/06) Pp. 51-59

https://doi.org/10.7118/JHSS.200606.0051

摘要

債券係屬有價證券，投資債券具有獲利穩定、安全性高、風險有限、變現性佳、節省稅賦等優點。實務上，針對投資人之特質及其預期投資報酬率將投資人分類為四型；經訪談投資顧問專家，目前市場上以穩健型及成長型投資人占多數，且投資人對於債券及債券型基金具有高度投資意願，故本研究自此二類型投資人中各隨機選取一位為研究個案，並設定債券及債券型基金為投資標的，除了針對目前實務上投資組合之設計方式進行瞭解，另以理論推導出適當之投資組合，理論上，單位報酬所能承受之風險程度最小的組別應為最佳投資組合，但經研究發現，尚需考量投資人之預期投資報酬率再作適當調整，方能設計出最佳投資方案。

關鍵字

有價證券 ； 報酬率 ； 風險值 ； 投資組合

並列摘要

Bonds are types of marketable securities having the merits of stable profitability, high safety, limited risk, high liquidity, tax savings, low transaction threshold and dispersed risk. In practice, investors are divided into four classes: (1) low-risky, (2) conservative, (3) progressive, and (4) aggressive. According to investment consultants, the conservative and progressive classes are the most popular, being highly interested in bonds and mutual bond funds. Therefore, one case from each of these classes is randomly selected for inspection, for which bonds and mutual bond funds are chosen as the investment target. In addition to scrutinizing the current type of portfolio in practice, an optimal portfolio is theoretically inferred. In theory, the class having the lowest risk of one unit of return is the best choice for investment. However, on the basis of this study, the best portfolio can be designed only by taking into consideration the investors' expected rate of return.

並列關鍵字

marketable security ； return ； risk ； portfolio

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