Imulation Value and Fixed Period of Dollar cost averaging Investment Performance Strategy the study

• Main Authors: Ching-Hsing Wang, 王景興
• Other Authors: Sheng-Chu Su
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/20815261016792977066

碩士 === 華夏科技大學 === 資訊科技與管理研究所碩士在職專班 === 105 === This study examines the long-term performance comparison of two different strategies: Value averaging and Dollar cost averaging, With the main research object of the Taiwan-listed securities investment fund "Yuan Da Excellence Taiwan 50" (Taiwan 50). Taiwan 50 investment to track the market value of listed companies in Taiwan before the 50 major listed companies, The 50 companies accounted for the total market value of all the 70% of the total stock market in Taiwan, Taiwan 50 and Taiwan's weighted index has a high linkage, There are many investors, The end of 2015 the size of the statistical assets of 80.8 billion, accounting for The size of the overall ETF 205.5 billion into four. Taiwan 50 securities trading tax rate of one-third of the general stock, Only levy 1% tax rate, transaction fee 0.1425%, not levy securities income tax, Securities firms charge only 0.32% of the manager fee and 0.035 % Of the storage costs, In the long run, such a low investment costs, the long-term investors is a big advantage, so investors in which a high proportion of corporate holdings. In this study, Monte Carlo method simulation of Value averaging and Dollar cost averaging investment strategy model, And analysis regular Value averaging and Dollar cost averaging investment strategy and the return on investment, The average reward Probability. Research Design Value averaging and Dollar cost averaging strategies are simulated in three groups, Each simulation 100 times, Each simulation results for the 5-yearValue averaging and Dollar cost averaging investment annualized return on investment performance. NORMINV was set at 1.8%, Standard Deviation 3%, 6%, 12% were used to normal distribution simulation three groups of cases under normal, Simulation High and medium and low volatility environments. The Value averaging and Dollar cost averaging strategies Investment Performance. Simulation results show that the investment performance Value averaging 100 times inside, 99% than Dollar cost averaging investment performance to high, The Value averaging rate is 2.84%, 7.71%, 25.41% higher than the Dollar cost averaging rate. In reducing the investment risk, The regular Value averaging strategy, the number of negative returns, negative return rate is significantly lower than the Dollar cost averaging strategy, Determine that it is safer to reduce risks than Dollar cost averaging. The results of this study suggest that investors who want to improve long-term profits The Value averaging Average the in Low volatility of 4.8% to 5.6%, Moderate fluctuations of 4.8% to 5.6% , high degree of fluctuation of 4.8% to 5.6%, The Higher interest rate than the post office, can effectively improve the investor profit.