| Summary: | 碩士 === 銘傳大學 === 財務金融學系碩士在職專班 === 104 === In this research, 2525 data on the average shares of stock held per day from the foreign investors, trusts, dealers and the three major corporates were collected during March 1st, 2005 to April 30th, 2016, and used to calculate the 6-day Moving Average (MA) and the 12-day Moving Average (MA). Stocks were then exchanged based on the two Moving Average and the cross principles. Furthermore, the performance of the usage of data of the foreign investors, trust, dealers and the three major corporates were calculated, compared and analyzed. Through empirical analysis, the research has obtained results as follow.
1. The rates of returns of such trading strategy in the past 10 years are all greater than 0. The ranking of the overall average performance is as follow, Three Major Corporates > Investment Trusts > Dealers > Foreign investors. If the stocks were categorized by the 3 major industries, we can observe that High-Tech Stocks outperformed the traditional Industry and the financial Industry.
2. In terms of stocks, Formosa Chemicals & Fiber Corporation in the traditional l industry performed the best by exchanges of the investment trust. Foxconn and Mediatek in the High-Tech industry performed the best by exchanges of the foreign investors, and Largan by the three major corporates. Cathay Financial Holdings in the financial inance industry performed the best by the foreign investors, on the other hand, CHB and CTBC Holdings by the investment trusts.
3. The number of stock exchanges is shown not related to the investment performance. The only way to increase performance in investment is to master the buying and selling point of each stock to gain profit when selling rate is higher than the buying cost. By applying the trading strategy of this research and mechanizing the trading of stocks, the rates of return will be higher than the interest rate of the fixed deposit. The research also shows that stock exchange is a long term investment. The return on investment will be higher in blue chips companies with high dividends than in short term investments.
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