| Summary: | 碩士 === 銘傳大學 === 財務金融學系碩士班 === 93 === In the past decade, the knowledge of investment and financial management has become more popular. The investors have recognized the importance of diversifying their portfolios. There is a lot of research concerning about the relation between the economic variables and asset returns abroad. But there is few research of the bond market, even if the researches about the analysis between the stock return and the bond return, they are emphasized the relation between cause and effect and the co- integrate relation between the stock return and the bond return. The main purpose of the article is to measure the duration of stocks, and use it as the measure of examining the risk of stocks. According it, we can measure the sensitivity of stocks. Proceed to the next step, we can establish a investing strategy including the stocks and the fix-income securities. We find that the electronics stock and financial stock are higher sensitive to the interest in the Taiwan market, and steel stock and the automobile stock are less sensitive. In the America market, the return of the Financial Stocks Index and the Utility Stock Index is higher sensitive to the interest, and the return of the oil Stocks Index and the Steel Stocks Index is lower sensitive. The results of strategies are simulant.
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