從財富創造探討多角化投資組合重要性之研究

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题名:	從財富創造探討多角化投資組合重要性之研究
其它题名:	Apply Wealth Creation to Explore the Importance of Well-Diversified Portfolios
作者:	廖炎樹 LIAO, YEN-SHU
贡献者:	徐啟升 HSU, CHI-SHENG 高階經營管理碩士在職專班
关键词:	財富創造 Wealth Creation
日期:	2019
上传时间:	2019-12-16T04:24:02Z (UTC)
摘要:	本文旨在以投資者的角度來探討台灣股票市場上市櫃公司之投資期間財富創造金額以及累積財富創造比率，藉以驗證長期持有多角化股票投資組合的重要性。本研究以2009年1月1日至2018年12月31日為研究期間，並以台灣全體上市櫃公司股票(含已下市下櫃股票)為研究對象，合計1,803家上市櫃公司。研究結果顯示，財富創造金額最高之132家公司，即已占全體樣本公司之總財富創造金額的90%；換言之，7.32%的樣本公司創造出90%的財富。財富創造金額最高之20家公司，占全體樣本公司之總財富創造金額的60%；換言之，1.11%的樣本公司創造出60%的財富，充分顯示樣本期間內樣本公司之財富創造金額具高度右偏現象。此一右偏現象強調了形成多角化投資組合的重要性；一個未多角化的投資組合可能沒有包含了少數的明星股票，以致其報酬率低於整體股市。因此，本研究建議投資於包含整體股票市場的指數型基金或ETF。關鍵詞：財富創造金額，多角化投資組合 Using 1,803 listed and delisted companies in the Taiwan stock market during the period of January 2009 to December 2018 as a sample, this study calculates wealth creation dollars and the percentage of wealth creation from investors’ perspective of each sample company, and explores the importance of constructing a long-term well-diversified portfolio.The empirical results show that, based on the rank of wealth creation dollars, top 132 companies account for 90% of the total amount of wealth creation dollars from all sample companies. In other words, 7.32% of sample companies create 90% of the total wealth creation. Moreover, top quintile companies account for 60% of the total amount of wealth creation dollars. That is, 1.11% of sample companies represent 90% of the total wealth creation. The above findings indicate that wealth creations of sample companies are highly positively skewed. This right-skewed distribution supports the importance of constructing a long-term well-diversified portfolio. A non-diversified portfolio may not contain a small number of star companies with highest dollars of wealth creation such that it underperforms the stock market. Accordingly, it is better for individual investors to invest in the stock-market index funds or ETFs.Key words: Wealth Creation Dollar，Diversified Portfolio
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