隨著個人理財意識抬頭，定期定額(Dollar Cost Averaging, DCA)因其紀律性與分散時點風險特性，成為個人理財投資之熱門策略。然而，其缺乏對市場位階之判斷，導致資金運用效率受限。本研究旨在建構一套適用於個人投資者之「指南策略」，探討如何運用公開之總體經濟數據動態調整投入節奏，以在不試圖預測市場之前提下，同時優化資產累積績效與投資體驗。

本研究首先以國發會「景氣對策信號」進行初步驗證，確認依據景氣位階
調整投入乘數之可行性；進一步為改善官方燈號「訊號離散」之限制，選取具領先特性之「M1B」與「股價指數」，透過滾動百分位(Rolling Percentile)與線性插值法，建構具「連續性」訊號之「景氣指標定期不定額(EI-DCA)」策略，並引入動能修正與高檔停扣機制。經以台灣市場具代表性之ETF進行十年期滾動回測，實證顯示，EI-DCA在期末財富總值與年化報酬率(IRR)均顯著優於定期定額，且「停扣機制」能有效提升資金運用效率；在投資體驗上，亦能有效縮短帳面虧損時間以及虧損比例。此外，穩健性檢定發現策略效益與標的之「波動度」呈現正相關，顯示本策略特別適合應用於高波動之成長型資產。

本研究結論指出，透過景氣指標定期不定額策略執行「逢低加碼、高檔停
扣」之動態配置，不僅有效提升了定期定額之資金效率，更具體量化了其創造之顯著績效差距，為長期投資人提供一套兼具獲利潛力與實務執行性之具體操作指南。

Dollar Cost Averaging (DCA) is widely adopted but suffers from capital inefficiency due to a lack of market valuation assessment. This study aims to construct a practical "guide strategy" by using macroeconomic data to dynamically adjust investment multipliers, there by optimizing asset ccumulation performance and investment experience.

The study constructs a continuous "Economic Indicator DCA (EI-DCA)" strategy using M1B and the Stock Price Index via rolling percentiles and linear interpolation. Ten-year rolling backtests on representative Taiwan ETFs demonstrate that EI-DCA significantly outperforms traditional DCA in both terminal wealth and Internal Rate of Return (IRR). The "suspension mechanism" effectively enhances capital efficiency, while the strategy also shortens the period of unrealized losses (underwater days). Furthermore, robustness tests indicate a positive correlation between strategy benefits and asset volatility.

In conclusion, this study quantifies the significant performance gap created by the EI-DCA strategy. It confirms that the dynamic allocation of "increasing multipliers at lows and suspending at highs" can structurally upgrade the capital efficiency of traditional DCA, providing a concrete and empirically backed operational guide for long-term investors.

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