股票型基金定期定額投資的方式選擇研究

The reaserch of equity funds investing method in the regular small saving plan

程啟能(CHI-NENG CHENG)

指導教授 ： 蘇俊憲

長榮大學/管理學院/經營管理研究所(博)/碩士(2006年)

https://doi.org/10.6833/CJCU.2006.00094

摘要

一般投資者在面對市場上琳瑯滿目,種類繁多的基金時,大都為如何選擇好基金而煩惱,於是現在有很多的基金績效評比方法,提供投資者選擇基金的參考或依據,然而這些的評比對於具有攤平成本的定期定額方式的投資,是否有多大助益,就值得探討與研究。
本研究在美、日、韓與泰國單一市場基金中,任選三家不同的基金公司的股票型基金,依據最近90個月的基金淨值資料,以定期定額方式投資實證,探討基金淨值漲跌幅(基金績效)與報酬率的關係,以及單一市場與區域市場基金的投資報酬率比較研究。
經實證研究分析發現,在同一區域或市場,由不同公司所發行之基金漲跌情況趨近齊漲齊跌，並且呈現不同時間點，績效領先之公司基金卻不同,且投入初期績效較好之基金，往後不見得會得到較佳之績效,因初期段漲可能會造成後段跌,反之亦然;所以依照市場評比之基金績效做為定期定額投資方式選擇基金標準是沒必要的。

關鍵字

定期定額投資 ； 基金淨值 ； 股票型基金

並列摘要

The most investors confuse how to select a good fund. There are many methods to value a good fund to the investor for selecting the fund. Is it useful for investing in the regular small saving plan? It is worth discussing and research .
Fist we choose American、Japan、South Korean and Thailand markets in the research. Then we choose three equity funds from different funds companies in single-country market. We simulate to invest based on the NAV(net asset value) of the fund in recently 90 months by regular small saving plan. We want to find the NAV rising the decline range (fund achievements) and the reward rate relations. We compare the reward of the single market with the region market.
After researching we find that all equity funds are almost simultaneous with up and down in the single-country market. There are different funds which the achievements are good in different time. The investor who choice a good fund of achievements may not approve a good reward in end because the falling is after rising in the initial period section. So it is not necessary that the investor choice a good fund according to fund achievements in the regular small saving plan.

並列關鍵字

Regular Small Saving Plan ； NAV(Net Asset Value) , ； Equity Fund

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