定存股投資績效之探討

本研究參考暢銷財經雜誌以及各投資大師的投資標準及理念，統整出定存概念股之定義，篩選出共18間公司，並依殖利率5%作為標準，區分為殖利率5%以上和5%以下兩組。搭配「每年年初以開盤價固定買入一張股票方式」與「長期持有方式」的方式，將樣本分為四個群組，分別計算群組的投資報酬率並利用算出的數據資料以統計方式加以比較分析。此外，亦加入台灣高股息ETF（0056）進行對照比較。本研究的結論有：1.在長期持有一張股票的投資方式與每年年初固定加碼存股的投資方式之結果均顯示，不論殖利率高於5%或低於5%，其報酬率未有顯著之差異。並非選擇殖利率較高的股票會有較佳的報酬率表現。2.研究結果發現，不論在殖利率5%以上或以下的樣本中，以長期持有一張股票的方式，報酬率會高於每年年初固定加碼存股，可以為投資人帶來較高的投資報酬率。3.不論殖利率的高低，每年年初定期買入的方式與長期持有的方式，其報酬率皆高於臺灣高股息ETF（0056）的報酬率。說明了以人為方式積極選股，在長期投資下的結果可擊敗被動投資方式（0056）獲得較好之投資績效。

關鍵字

股票；股利；投資報酬率

並列摘要

This study refers to the best-selling financial magazine and the investment criteria and concepts of the investment masters, and defines the definition of similar time deposit stocks. Finally, 18 companies are selected and divided into two groups by the yield whether is above 5%.or not. With the method of ＂investing a stock at the opening price at the beginning of each year＂ and ＂long-term holding method＂, the samples are divided into four groups, then compare investment performance of each group and analyze data by T test. In addition, the paper joined the Yuanta Taiwan Dividend Plus ETF (0056) for further comparison. The results of this study are as follows. Firstly, the results show that there is no significant difference in the rate of return regardless of whether the yield is higher than 5% or lower than 5%. Choosing stocks with higher yields will not bring better returns. Secondly, the study found that regardless of the sample with a yield of 5% or more, the long-term holding of a stock will result in a higher rate of return than the fixed-weight stock at the beginning of each year. Finally, regardless of the level of the yield, the method of regular buying at the beginning of each year and the method of long-term holdings can obtain higher rate of return than that of the Yuanta Taiwan Dividend Plus ETF(0056). The result also display that the investment performance of active investment strategies for long-term holding are better than the Yuanta Taiwan Dividend Plus ETF (0056).

並列關鍵字

Stock ； Dividend ； Rate of return

參考文獻

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黃致學(2014)。台灣高股息指數及其成分股投資績效評估之實證(未出版碩士論文)，私立義守大學，高雄市。 doi: 10.6343/ISU.2014.00062

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定存股投資績效之探討

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