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  • 學位論文

動態投資與個人資產配置服務之探討-以C銀行為例

An investigation on dynamic investment and personal asset allocation service: a case study on C bank

指導教授 : 鄭雅穗
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摘要


隨著金融環境的蓬勃發展,金融工具的多元化,如何妥善管理資金已經成為當今重要的課題;自從國際資金流動自由開放及金融商品不斷開發創新以來,個人資產的理財安排與規劃亦早已跨越國界的限制。在物價上漲,唯有『薪水不漲』的環境下,配合人生規劃建立一個正確完整的理財觀念比什麼來的重要。理財規劃與生涯規劃是需要相互配合的,任何的投資都必須要在這項基礎下來思考,而非以利潤多少的觀點來思考,也絕非以短期利潤為主要考量 。 長久以來,投資專家與學者們一致認同「資產配置」是影響動態投資組合獲利程度與風險的最重要因素。有研究指出,資產配置的因素可以解釋絕大部分資產組合報酬的差異性。它是一個非常基本的觀念,但對於長期投資的成敗卻具有關鍵影響力。根據財務分析師期刊(Financial Analysts Journal)的驗證,長期投資的報酬中,總計90%來自均衡的資產配置。所以,一個完善的資產配置動態投資計畫,能夠讓投資者朝著投資目標邁進時,面對各種市場環境變化亦能穩健獲利。「資產配置」簡單來說,即是當投資人為了追求特定的投資目標,將資金分散投資於各種標的的行為。舉例來說,如果期望資產快速成長且願意承擔風險,而將20%的資金投資於債券,80%的資金投資於股票,這種選擇投資標的及其投資比重的過程就是資產配置的觀念。而資產配置主要的訴求在長期的投資,其中有兩個最主要的考量因素,即投資的報酬率與資產組合的整體風險。

並列摘要


Along with the prosperous development in financial environment and the multi-element-orientated nature of financial tool, how to manage the capital well has now become an important topic. Ever since the liberalization of the flow of international capital and the continuous development and innovation of financial product, the wealth management and planning for personal asset is already not limited by national border. This is an age and environment of “everything is rising in price” but only “the salary is not rising”, hence, how to, based on your career planning, set up a correct and complete wealth management concept is the most important thing. Wealth management planning and career planning should be adapted to each other, that is, any investment should be thought under this basis instead of being thought based on the amount of profit, most importantly, the major consideration should not be based on short term profit too. For a long term, all the investment experts and scholars recognize that ”asset allocation” is the most important factor affecting the level of profit gaining and risk of dynamic investment portfolio. Some researches pointed out that the factor of asset allocation can explain the difference of the return of most asset portfolios. It is very basic concept, yet it has key influence on the success or failure of long term investment. According to a verification from Financial Analysts Journal, among the return of long term investment, a total of 90% is from balanced asset allocation. Therefore, a perfect asset allocation dynamic investment plan can, while the investor is heading toward the investment goal, still gain the profit stably under all kinds of market environment change. “Asset allocation” is, simply speaking, when the investor is pursuing specific investment goal, the behavior to put the capital dispersedly in all kinds of investment targets. For example, if you hope that the asset has fast growth and you are willing to take the risk, then you can put 20% of the capital in the bond, and 80% of the capital in the stock, and such process of selecting the investment target and the investment weighting is then the concept of asset allocation. The main claim of asset allocation is long term investment, among them, there are two major considerations, namely, return on investment and the total risk of asset portfolio.

參考文獻


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