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作者(中文):黃柏豪
作者(外文):Huang, Po-Hao
論文名稱(中文):股票週轉率成長值探討投資組合
論文名稱(外文):Portfolio Exploration by Stock Turnover Growth Rate
指導教授(中文):張焯然
指導教授(外文):Chang, Jow-Ran
口試委員(中文):邱婉茜
蔡璧徽
口試委員(外文):Chiu, Wan-Chien
Tsai, Bi-Huei
學位類別:碩士
校院名稱:國立清華大學
系所名稱:財務金融碩士在職專班
學號:109079519
出版年(民國):111
畢業學年度:110
語文別:中文
論文頁數:20
中文關鍵詞:週轉率交易所當沖降稅0050
外文關鍵詞:turnover rateTWSEDTTH0050
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投資報酬率一直都是投資人最熱烈討論且比較的事,而營業員這項職業就像市場與投資人間的橋樑,建立兩者雙向溝通,三者缺一不可,近年來交易熱絡的股票往往受到證券交易所(以下簡稱交易所)的關注,自 2001 年 10 月 05 日開始交易所規定個股股票當其交易量、漲跌幅或是週轉率等等交易異常,會被交易所注意,注意之後會被列為注意股票,當該注意股票持續交易異常,交易所會列為處置股票,處置股票會以人工管制撮合終端機執行撮合作業時間,甚至情節嚴重者交易所還會要求投資人預收款券。 2017 年 4 月開始,行政院為活絡股票市場交易之熱絡,當沖證券交易稅由原本的千分之三降至千分之一點五(以下簡稱當沖降稅),使市場成交量能擴大,投資人所投資之熱門股票,股票往往不再因為單一原因被注意,反而是因為股票週轉率異常而被交易所注意。本研究主要研究利用週轉率比較前一期之成長率來做投資組合,其與元大台灣卓越 50 基金(以下簡稱 0050 )做績效比較。本研究將用 2015 年至 2021 年七個年度來探討利用週轉率成長之股票前 5 名產生出投資組合做投資。實證研究結果顯示利用週轉率成長來做投資其績效表現有優於 0050 。
Return on investment has always been the most hotly discussed and compared by investors, and the profession of salesman is like a bridge between the market and investors, establishing a two-way communication between them, and one of the three is indispensable, these trading hot stocks are often concerned by Taiwan stock exchange (hereinafter referred to as TWSE), since October 5, 2001 TWSE stipulates that individual stocks when their trading volume, rise and fall or turnover rate and other trading abnormalities, will be noted by TWSE, attention will be listed as attention stocks when attention stocks continue to trade abnormally, TWSE will be listed as disposal stocks, disposal stocks will be manually controlled by the matching terminal to execute the matching business time, and even in serious cases, TWSE will require investors to receive money or stocks. Since April 2017, the Executive Yuan to revitalize the stock market trading enthusiasm, day trading tax reduced from the original 0.3 percent to 0.15 percent (hereinafter referred to as DTTH), so that the market trading volume can be expanded, and the hot stocks that investors invest in are no longer noticed for a single reason, but rather because of abnormal stock turnover rates that are noticed by the TWSE. This study focuses on using the turnover rate compared to the previous period’s growth rate to make an investment portfolio, its performance is compared with Yuanta/P-shares Taiwan top 50 exchange traded funds (hereinafter referred to as 0050). This study will use seven years from 2015 to 2021 to examine the top 5 generating portfolios of stocks with turnover growth for investment. The results of the study show that using turnover growth to invest has outperformed than 0050.
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