| Summary: | 碩士 === 中興大學 === 高階經理人碩士在職專班 === 95 === Recently owing to DCA（dollar-cost averaging） can really reduce the average cost , the DCA policy is popular to most investor, there are many scholars are charmed to research about the study of DCA theory and evaluation. This research is focused on funds evaluation in order to be a reference to investor choosing DCA. Firstly chose 347 funds sample of setting over 1 year from the data of SITCA （Securities investment Trust & Consulting Association）, and assorted 6 types of funds by consulting the classification of SITCA NTU edition, besides, adopted DCA invest remount the past 1, 2, 3 and 5 year return by Dec. 29, 2006 and comparing the average return of that 6 types funds. However, evaluated the funds performance should considering the standard deviation of returns among funds, therefore adopted Sharpe Index to compare the performance of 6 types funds during 1 to 5 years.
This research adopted F and t statistic to test if there are significance difference among the returns of 6 funds, the result is found out that medium-small fund are apparently better than other funds in the returns during 1 to 5 years. We should find out the more buy units while funds NAV（net asset value）obviously fall down , the better of DCA performance increase while funds NAV obviously rise up . And the performance remark can be appeared by standard deviation of NAV. But the funds NAV will result differences on the basis of issued conditions. This research, therefore, should modify each funds NAV through the procedure of standardized, as well standard deviation of NAV divided by the average of NAV, then made the distance of each point and average to be percentage and the result we got is called coefficient of variation. The C.V. in medium-small funds is most high. In order to prove the relation between C.V. and rate of return, the rate of return and funds net asset value individually made again 1 to 5 year by simply regression model, then found out there is apparent relationship, and β coefficient is also higher than 0. It means there is positive relationship, as well we can find out the more big C.V. in net asset value is, the more high invest return is. The coefficient of variation in medium-small fund is most high among those 6 funds as above, so that medium-small fund also has higher rate of return than any other fund.
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