2008年金融海嘯後,對於理財專員之貢獻能力眾說紛紜。本研究參考Marc M. Kramer (2012)試圖測度台灣獨立投資人及專業理財人士投資台灣股票的績效。首先,我們先藉由Jensen’s Alpha比較不同專業理財顧問之間的投資績效,再藉由修改過的Fama French三因子模型解釋投資組合之間的差異。結果顯示:在總體經濟狀況穩定成長時,投資顧問操作的高風險股票投資表現優於大盤,此結果將協助台灣投資人衡量擁有理財顧問之必要性及提供金融機構測度其投資績效的方法。
After financial tsunami in 2008, there is a myth on the contributions of financial advisers. This research attempts to measure the investment performance of Taiwanese individual investors and financial advisers by reference to the Kramer (2012) study. First, we compare the performances of advised investment using Jensen's Alpha. Then we compare the performances between individual and advised using a revised Fama French three factor model. The findings show that advised investment in high-risk stocks will have better performance when the economy is stable. The results will help Taiwan investors judge the necessity of financial advisers and financial institutions measure its own performance.