簡易檢索 / 詳目顯示
| 研究生： |
林韋丞 Wayne Wei-Chen Lin |
|---|---|
| 論文名稱： |
長期投資研究：以黃金、不動產投資信託、債券型ETF、臺灣ETF及美國ETF為例 A Research on Long-term Investment-Focus on Gold, REITS, Bond ETF, Taiwan ETF and U.S. ETF |
| 指導教授： |
蔡政憲
Tsai, Jason |
| 口試委員: |
林姿婷
Lin, Tzu-Ting 曾毓英 Tzeng, Yu-Ying |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 國際經營管理英語碩士學位學程(IMBA) International MBA Program College of Commerce(IMBA) |
| 論文出版年： | 2022 |
| 畢業學年度： | 110 |
| 語文別： | 英文 |
| 論文頁數： | 73 |
| 中文關鍵詞： | 長期投資 、指數股票型基金 、年化報酬率 、標準差 、投資組合 |
| 外文關鍵詞： | long-term investment, ETF, the annualized rate of return, standard deviation, portfolio |
| DOI URL： | http://doi.org/10.6814/NCCU202201017 |
| 相關次數： | 點閱：523 下載：53 |
| 分享至: |
| 查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
無
Investment has been a serious issue for those who want to have a better quality of life or who expect to be retired earlier. Fortune, to some extent, is the key to own freedom in this society. However, how to reach the door of freedom by a relatively safer way to invest? Based on this idea, this thesis aims at the long-term investment with the target of gold, U.S. REITs, U.S. Bond ETF, Taiwan Stock ETF, and U.S. Stock ETF. To support the statement provided in this thesis, this thesis has collected historical data for 27-30 years from Bloomberg Professional and used the data to calculate the annualized rate of return and standard deviation of each long-term investment of ten-year from different periods (e.g., from 1992 to 2001). By analyzing the result of each of the investing tools above, this thesis discovered that the annualized rates of return and standard deviations of gold, U.S. REITs, Taiwan Stock ETF, and U.S. Stock ETF are not stable while those of the U.S. Bond ETF are steady. When putting all the investing tools together into one portfolio, this thesis unearthed that the annualized rate of return and standard deviation all turn out to be stable even in a financial crisis. Thus, this thesis concluded that when doing a long-term investment, it is vital to have a well-selected portfolio. In this way, it is possible to beat the market.
1. Introduction 1
1.1. Research Background and Purpose 1
1.2. Research Method and Structure 2
1.3. Information on Security Firms 4
2. Taiwan Stock ETF 6
2.1. Why Invest in Taiwan Stock ETF? 6
2.1.1. Types of Taiwan Stock ETF 6
2.1.2. TWSE Index 7
2.2. What to Invest? 8
2.3. Analysis of Taiwan Stock ETF: Annualized Rate of Return and Standard Deviation 9
2.3.1. the Annualized Rate of Return of Taiwan Stock ETF 11
2.3.2. the Standard Deviation of Taiwan Stock ETF 13
2.4. Conclusion of Taiwan Stock ETF 15
3. U.S ETF 16
3.1. Why Invest in U.S ETF? 16
3.2. What to Invest? 19
3.3. The Analysis of U.S ETF: Annualized Rate of Return and Standard Deviation 20
3.3.1. the Annualized Rate of Return of U.S. Stock ETF 22
3.3.2. the Standard Deviation of U.S. Stock ETF 25
3.4. Conclusion of U.S. Stock ETF 27
4. U.S. Bond ETF 28
4.1. Why Invest in U.S. Bond ETF? 28
4.2. What to Invest in U.S. Bond ETF? 29
4.3. The Analysis of U.S. Bond ETF: the Annualized Rate of Return and Standard Deviation 30
4.3.1. the Annualized Rate of Return of U.S. Bond ETF 31
4.3.2. the Standard Deviation of U.S. Bond ETF 33
4.4. Conclusion of U.S. Bond ETF 34
5. Gold 35
5.1. Why Invest in Gold 35
5.2. How to Invest in Gold 35
5.2.1. Gold Coins 35
5.2.2. Gold Bars 36
5.2.3. Gold ETF 36
5.3. The Analysis of Gold: the Annualized Rate of Return and Standard Deviation 37
5.3.1. the Annualized Rate of Return of Gold 38
5.3.2. Standard Deviation of Gold 41
5.4. Conclusion of Gold 43
6. U.S. REITs 45
6.1. Why Invest in U.S. REITs? 45
6.2. What to Invest in U.S. REITs? 47
6.3. The Analysis of U.S. REITs: Annualized Rate of Return and Standard Deviation 48
6.3.1. the Annualized Rate of Return of U.S. REITs 49
6.3.2. Standard Deviation of U.S. REITs 52
6.4. Conclusion of U.S. REITs 54
7. Portfolios 55
7.1. Portfolio 1: Taiwan Stock ETF 50%, U.S. Stock ETF 30%, and U.S. Bond ETF 20% 55
7.1.1. the Annualized Rate of Return of Portfolio 1 56
7.1.2. the Standard Deviation of Portfolio 1 58
7.2. Portfolio 2: Taiwan Stock ETF 30%, U.S Stock ETF 50%, and Gold 20% 59
7.2.1. the Annualized Rate of Return of Portfolio 2 60
7.2.2. the Standard Deviation of Portfolio 2 61
7.3. Portfolio 3: Taiwan Stock ETF 20%, U.S. Stock ETF 20 %, U.S. Bond ETF 20%, Gold 20% and U.S. REITs 20% 63
7.3.1. the Annualized Rate of Return of Portfolio 3 63
7.3.2. Standard Deviation of Portfolio 3 65
8. Conclusion 67
9. Reference 69
洪偲瑀，2022，2022最新排名出爐！10大投資人愛用券商下單APP！，https://dailyview.tw/Popular/Detail/14364?page=0，搜尋日期：2022年5月14日。
王伯達，2020，武漢肺炎來了！SARS爆發時台股4天跌9％，這次股市是否會恐慌大跌，關鍵在這個數字，https://www.businesstoday.com.tw/article/category/80392/post/202001210023/，搜尋日期：2022年5月14日。
陳君行，2018，台股重挫連連，跌深就是低接好時機？從歷史股災告訴你，融資餘額大減、該不該進場搶反彈！https://smart.businessweekly.com.tw/Reading/IndepArticle.aspx?id=36650，搜尋日期：2022年5月14 日。
臺灣指數公司.Taiwan Stock Exchange Capitalization Weighted Stock Index. https://www.taiwanindex.com.tw/index/index/t00. Accessed May. 21, 2022.
元大投信. Yuanta/P-shares Taiwan Top 50 ETF. https://www.yuantaetfs.com/product/detail/0050/Basic_information. Accessed May. 21, 2022.
CMoney，台股史上的 9 大金融危機. https://www.cmoney.tw/learn/course/cmoney/topic/112，搜尋日期：2022年5月14 日。
Charles Schwab, Why the U.S., https://www.schwab.co.uk/why-the-us. Accessed May. 20, 2022.
Charles Munyi. Best U.S. Bond ETFs for 2022. https://www.investopedia.com/investing/top-bond-etfs/ Accessed May. 24, 2022.
Claire Rohlfs. 2020. U.S. REITS 101: A beginner’s Guide to Real Estate Investment Trusts. https://fundrise.com/education/U.S. REITs-101-a-beginners-guide-to-real-estate-investment-trusts Accessed April. 01, 2022.
Cleartax. 2022. Should You Have Gold in Your Portfolio? https://cleartax.in/s/should-you-have-gold-in-your-portfolio. Accessed May. 14, 2022.
Daniel Kurt. 2022. Is Warren Buffett's 90/10 Asset Allocation Sound? https://www.investopedia.com/articles/personal-finance/121815/buffetts-9010-asset-allocation-sound.asp Accessed May. 14, 2022.
EDELWEISS Mutual Fund. Introduction To U.S. Bond ETFs – An investment option superior to traditional investment avenues. https://www.edelweissmf.com/investor-insights/penned-by-ceo/learn-all-about-bond-etf. Accessed May. 24, 2022.
Fidelity, 2022. Inside ETFs. https://www.fidelity.com/viewpoints/active-investor/inside-etfs. Accessed May. 14, 2022.
Fidelity.2011. ETFs 101. https://www.fidelity.com/learning-center/investment-products/etf/what-are-etfs. Accessed May. 14, 2022.
Gergely K., 2022. Best brokers for beginners in Taiwan in 2022. https://brokerchooser.com/best-brokers/best-brokers-for-beginners/taiwan. Accessed May. 14. 2022.
Goldprice. American Gold Eagle Bullion Coins. https://goldprice.org/gold-prices/1003-Gold-Coins/1001-American-Gold-Eagle.htm. Accessed March. 04, 2022
Goldprice. Gold Price. https://goldprice.org/zh-hant. Accessed March. 04, 2022.
Investopedia. 2020. 5 Things to Know About Asset Allocation. https://www.investopedia.com/articles/03/032603.asp Accessed May. 22, 2022.
Investopedia. Best Gold ETFs for Q2 2022. https://www.investopedia.com/articles/etfs/top-gold-etfs/. Accessed March. 04, 2022.
James Chen. 2021. U.S. Bond ETF. https://www.investopedia.com/terms/b/bond-etf.asp Accessed May. 24, 2022.
Jesse Emspak. 2021. What Moves Gold Prices? https://www.investopedia.com/articles/active-trading/031915/what-moves-gold-prices.asp Accessed March 04, 2022.
James Chen. 2022. Real Estate Investment Trust (REIT). https://www.investopedia.com/terms/r/reit.asp Accessed April. 01. 2022.
NATHAN REIFF. 2022.Best S&P 500 ETFs for Q2 2022. https://www.investopedia.com/investing/top-sp-500-etfs/ Accessed May. 14, 2022.
Nick Lioudis. 2022.Does It Still Pay to Invest in Gold? https://www.investopedia.com/articles/basics/08/invest-in-gold.asp. Accessed May. 14, 2022.
Nathan Reiff. 2022. Best REIT ETFs for Q2 2022. https://www.investopedia.com/articles/etfs/top-real-estate-etfs/ Accessed April. 01, 2022.
Standard Chartered. How to start investing in gold: A beginner's guide. https://www.sc.com/sg/wealth/insights/how-to-invest-in-gold/. Accessed March. 04, 2022.
S&P Dow Jones Indices. 2021. S&P 500 Bond Index Methodology. https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-500-bond-index.pdf Accessed May. 24, 2022.
TWSE. Guide to Investing in Taiwan 2021. https://www.twse.com.tw/en/page/about/company/guide.html#01. Accessed May. 21, 2022.
Taiwan Security Exchange, Information of Securities Firms, https://www.twse.com.tw/en/brokerService/brokerServiceAudit. Accessed May. 14, 2022.
The World Factbook. 2022. Explore All Countries-Taiwan East Asia/Southeast Asia. https://www.cia.gov/the-world-factbook/countries/taiwan/#economy. Accessed May. 21, 2022.
TWSE.ETF Overview. https://www.twse.com.tw/en/page/ETF/intro.html. Accessed May. 21, 2022.
TWSE. Specification of Yuanta/P-shares Taiwan Top 50 ETF. https://www.twse.com.tw/en/ETF/productContent/2c94908178ca28dc0178ca70c099000f Accessed May. 21, 2022.
TWSE. Specification of Fubon TWSE Taiwan 50 ETF. https://www.twse.com.tw/en/ETF/productContent/2c94908178ca28dc0178ca70c099000f Accessed May. 21, 2022.
THE INVESTOPEDIA TEAM. 2022. What Is the History of the S&P 500? https://www.investopedia.com/ask/answers/041015/what-history-sp-500.asp Accessed May. 20. 2022.
TROY SEGAL. 2022. Advantages and Disadvantages of ETFs. https://www.investopedia.com/articles/exchangetradedfunds/11/advantages-disadvantages-etfs.asp Accessed May. 14, 2022.
Vanguard. What are ETFs. https://www.ch.vanguard/en/professional/events-education/etfs/basics. Accessed May. 14, 2022.
Vanguard. Vanguard Total World Stock ETF (VT). https://investor.vanguard.com/etf/profile/VT Accessed May. 14, 2022.
WILL KENTON. 2022. The S&P 500 Index: Standard & Poor's 500 Index. https://www.investopedia.com/terms/s/sp500.asp Accessed May. 20, 2022.
WARD WILLIAMS. 2022. Timeline of US Stock Market Crashes. https://www.investopedia.com/timeline-of-stock-market-crashes-5217820 Accessed May. 20. 2022.
