共同基金操作績效之探討

The Research on Operational Performance of Mutual Fund

周威彥(chou wei yen)

指導教授 ： 歐仁和

亞洲大學/管理學院/經營管理學系碩士班/碩士(2007年)

摘要

共同基金已經慢慢取代傳統的單一股票投資以及定存，成為國人的投資首選，但是隨著基金投資的多元化以及普遍性，市面上的共同基金選擇也面臨像股票一樣種類繁多，投資人在選擇上也漸感困難，加上政府於2006年8月開始實施的「境外基金總代理制度」，會引進更多的境外基金來供國人選擇，而投資人也擔心選定的基金投資的績效不如預期，甚至發生嚴重虧損，本研究有別於傳統的基金操作方式，在自設的條件下利用「勝算指標」為其選股方式，來自設一支虛擬的基金驗證基金績效可以超越大盤之可行性。
本研究利用「勝算指標」來做為虛擬基金的選股評估方式，有別於一般傳統的選股評估方式，研究期間為半年的時間來做績效評比，同期間台灣股票市場大盤的加權指數績效是呈現小幅漲幅的狀況(94年1月大盤加權指數為5994.23，94年6月大盤加權指數為6241.94，故大盤加權指數報酬為3.83%，而同期間20支基金成分股的績效為6.37%)，而本研究的模擬基金績效在到94年6月底結算時呈現的報酬為12.42%，並以T檢定檢驗分析後可判定在限定期間內使用「勝算指標」做為共同基金選股模式在績效上可以超越大盤並且也超越成分股平均加總的績效。

關鍵字

共同基金 ； 、勝算指標

並列摘要

Mutual funds have already replaced traditional investments as single equity and fixed deposit, and become the first-selection investment instrument of our nationals over time. However, comply with diversification and popularity of fund investment, mutual fund selection on market is faced with the problem of numerous shares, investors are aware of the difficulty while making the choice. On the other hand, government brings into practice the” General agent system for offshore funds” on august in 2006, which will introduce more offshore funds into options, and investors also concern about that selected fund investment performance will below expectation, or even large loss. This research will differ from the traditional operation for fund. Under self-setup condition, we use“Windex” as selecting shares, a self-setup virtual funds is to inspect fund performance which could surpass feasibility on index.
This research uses“Windex ” to evaluate selecting shares as virtual funds. This is different from a tradition way. Half year of duration in this research will make review of performance. At the same period in Taiwan market, weighted share price index performance present short climb (on January in 2005, weighted share price index is 5994.23. On June in 2005, weighted index is 6241.94. Therefore, the weighted index of return is 3.83%. At the same period, 20 shares funds performance is 6.37%). The stimulated funds performance in this research is 12.42% of returns, balance on the end of June in 2005. Then inspect and analyze with T-test, as a result, it can determine that under limited time to use“Windex” as mutual funds selecting model can surpass the index, and go beyond shares average total performance.

並列關鍵字

Mutual funds ； Windex

參考文獻

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