| Summary: | 碩士 === 雲林科技大學 === 財務金融系碩士班 === 97 === The purpose of this study was to explore whether the portfolio should be adjusted the contents of the portfolio of assets based on business cycle, and to observe the assets return、 risk、 correlation coefficient in the investment period and configuration changes in the proportion of assets. Empirical results show that the business cycle adjustment of the contents of the portfolio of assets is necessary, in the recession period is even more important, in the boom period, the allocation of equities should be more, in the recession period, the allocation of bonds should be more, so the rate of return in investment portfolio would be higher, investment in recession period has higher risk, therefore, if appropriate adjustments to the portfolio in the recession period will contribute to the performance of the portfolio. In short, there are relative high return and relative low risk if you perform portfolio adjustment rather than you don’t.
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