共同基金為目前市場上散戶投資人偏愛的投資工具之一,因其取得投資分析之資訊與資金較為有限,故股票型基金不失為一較佳的投資選擇,然而,在為數眾多的股票型基金中,如何選擇較績效持續較優的投資標的,實為一重大課題。有鑒於2008年金融海嘯引起全球經濟危機,全球股票市場遭受衝擊,台灣的股市也無法倖免,小眾投資人如何在此段異常期間,觀測出基金績效持續性的表現,對於投資人來說,亦為一重要關注議題。 本研究以台灣股票型基金對於在海嘯期間之績效衡量,研究期間以2005年至2011年,運用自組織映射圖神經網路模型將本研究之股票型基金採樣樣本進行無監督式分群,並針對分群後之多群群組,分別剖析探討其群性特質,並輔以海嘯期間各檔基金之投資效益加以分析解釋,藉此提供散戶投資人作為基金選購之投資依據。
The mutual fund is one of the favorite investment tolls for retail investors. Due to the limited information and funds, the equity fund is regarded as a better investment choice. However, it is a major issue to pick a well-performing investment target among many equity funds. In view of the global economic crisis caused by the financial tsunami in 2008, the global stock market was severely attacked. The stock market in Taiwan couldn’t be spared either. An important issue of concern for investors is to observe the continuous performance of funds during the abnormal period. This study tries to measure the performance of Taiwanese equity funds during the period of financial tsunami. The research period is between 2005 and 2011. The self-organizing map neural network model is applied to perform an unsupervised clustering on the sample of equity funds. This study also analyzes the clustering characteristics and explains the investment efficiency of each fund during the period of financial tsunami. The results can provide references for retail investors when choosing funds.