貨幣的功能在於交易、預防及投機三大動機,跟隨時代的演進,投機在現代已演變成人們不可或缺的理財概念。早期的投機,伴隨著高度的風險,所以股票市場的投資總被人認定為有著高度風險,卻也伴隨著高額報酬。但在近代人的觀念中,是否有需要負擔如此高度的風險,才能有著這樣子高額的報酬。經過許多學者研究發現,採用投資組合(portfolio)的概念,不僅可以降低投資風險,更可維持應有的報酬,故延伸出基金這類以股票或債券為標的物的金融商品。國內投資人近年來對於基金的需求日益遽增,衡量基金績效及風險評估更是投資時不可缺少的課題。在金融體系面臨危機的時代,如何衡量基金績效及採用何種指標加以衡量最符合基金投資現況,是投資人關注的議題之一。 本研究的目的在於了解金融海嘯發生前後對於股票型基金及債券型基金績效表現衝擊之評估。採用台灣前十大基金規模之股票型基金及債券型基金,以2006年8月至2010年5月之月資料,其中2006年8月至2008年6月定義為金融海嘯前,而2008年7月至2010年5月定義為金融海嘯後,分別計算各基金之夏普指數(Sharpe Index),並以單因子變異數分析分別針對股票型基金於金融海嘯前後基金績效之差異性、債券型基金於金融海嘯前後基金績效之差異性、金融海嘯前股票型基金及債券型基金績效之差異性,以及金融海嘯後股票型及債券型基金績效之差異性等作分析。研究結果顯示:1.股票型基金的基金績效,在金融海嘯前明顯優於金融海嘯後,債券型基金的基金績效卻剛好相反;2.以基金績效而言,不論在金融海嘯前或後,股票型基金均優於債券型基金;3.不論在金融海嘯前或後,股票型基金之風險皆大於債券型基金。
The functions of currency are exchange, precaution, and Speculation. Following the evolution of times, speculation has now evolved into an essential concept of money management for the public. In the early stage, speculative behavior accompanied a high degree of risk, investment in the stock market has been identified as high risks as well as high returns. However, many studies have found that using the concept of investment portfolio, not only can reduce investment risks, but also maintain certain returns. Therefore, the funds that invest in underlying assets such as stocks and bonds have been created. The measurement of fund performance and risks has become essential issues for investors. In the period of the financial crisis, how to measure fund performance and what indices are appropriate for measurement, is an important issue facing investors. This study attempts to estimate the performance of top ten equity funds and bond funds in Taiwan before and after financial tsunami, using monthly data spans from Aug 2006 to May 2010. By using the Sharpe index and one-way ANOVA to analyze the difference between equity funds and bond funds before and after financial tsunami. The results showed that the performance of equity funds before financial tsunami are much better than the period after financial tsunami, while the bond funds are exactly contrary. No matter whether before or after the financial tsunami, the performance of equity funds is better than bond funds, and the risk of equity funds is higher than bond funds.