| Summary: | 碩士 === 國立臺灣大學 === 財務金融學系研究所 === 86 === ESOP in the United States has been a employee welfare plan with taxdeduction
.In Taiwan ,it is just the beginning to try to involve ESOPinto the employee w
elfare plan .But if you compare the ESOP in US andin Taiwan ,there are many di
fferencies which makes the results of ESOPin Taiwan is not as expected .The pu
rpose of this paper is to investgate the investmentperformance of Dollar Cost
Averaging (DCA) policy of theESOP in Taiwan .Besides ,simulation data is consi
dered to study the relationship between investment horizon and risk.The result
s show:1. Besides some companies ,the performance of the ESOP inTaiwan is supe
rior to the time deposit .2. It shows the longer the holding period ,the lower
the risk .At thesame time ,the variation is negative related to the investmen
t horizon .
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