有感於高齡化的時代來臨,人口結構的改變,投資人對於投資理財及退休後的退休金規劃,正逐漸重視中。繼歐元於2014年與日圓於2016年都推行負利率環境下,國內銀行也面臨微利時代的新挑戰,因此金融機構積極並全力推動財富管理理財規劃的各項服務。“效率(母子)組合投資法"(簡稱效率投資法)主要是運用基金的停利機制設定自動贖回,讓獲利的部份先落袋為安。此機制每月由母基金中,分別於6日、16日、26日設定自動從母基金贖回固定金額,並轉申購至子基金,並約定停利點設定為5%、10%、20%、30%、40%、50%及不設停利點的停利機制。在不同的扣款日及停利點的投資策略中,試圖找出效率投資法的最佳投資策略組合。 實證結果顯示:(一)在本研究十年期間內,每月16日扣款,其到達停利點自動贖回的機率較6日及26日高;(二)效率投資法期間越長,投資組合的報酬率也相對較高,確實可以分散投資組合風險;(三)效率投資法實證測試結果績效優於台灣加權股價指數及定存利率。
With the age of aging and changes in demographic structure, investors increasingly focuse on investment and retirement planning. Following a negative interest rate for the euro in 2014 and Japan yen in 2016, the domestic financial institutions actively promote the wealth management of financial planning services when facing the new challenges during low-profit eras. This thesis examines the efficient and optimal portfolio allocations for parent fund and three sub-funds by using dollar-cost averaging (DCA) strategy with different profit-taking (0%, 5%, 10%, 20%, 30%, 40%, 50%) and position-increasing (the 6th, 16th, and 26th date) mechanisms. We consider different ten securities companies issuing parent fund and three sub-funds. Our empirical results show that, during the ten-year period, the higher average return for DCA strategy for parent fund and sub-fund on 6th day per month than that on 6th and 26th day respectively is obtained when we consider transaction costs. Additionally, our DCA strategies with for parent fund and three sub-funds with different profit-taking (0%, 5%, 10%, 20%, 30%, 40%, 50%) and position-increasing (the 6th, 16th, and 26th date) mechanisms, it can diversify the total risk. Finally, by comparing performance for DCA strategies for parent fund and three sub-funds with different profit-taking (0%, 5%, 10%, 20%, 30%, 40%, 50%) and position-increasing (the 6th, 16th, and 26th date) mechanisms and the benchmark index, our performance results are superior with the benchmark index.