| Summary: | 碩士 === 國立臺北商業大學 === 國際商務系研究所 === 107 === This study uses the "316" rule recommended by Taiwanese fund investment godmother PI-YEN HSIAO to screen the fund sample. Using this rule, a total of 106 domestic equity
funds were selected as empirical objects.During the study period, from January 2008 to December 2017, conducting empirical research in four different periods of one year, three years, five years and ten years.Utilize the net asset value data from monthly deduction date of each mutual fund sample and calculate the annualized internal rate of return for the four mutual fund investment strategies and that compares and analyzes the investment
performances between two value averaging strategies and two dollar-cost averaging strategies to find the optimal investment strategy.The results show that the unfixed value averaging strategy is most excellent in performance than other three strategies, followed by the fixed value averaging strategy.In addition, the empirical results show that investment performances acquired from value averaging strategy truly have been the significantly superior to dollar-cost averaging strategy by use of the Sharpe ratio during the long-term investment period. Represent the better investment strategy, by virtue of its natural laws, initiates the investment rule of “cost of bargain, bargain-for-money”.However, this study also uses the Paired Sample t-test to confirm whether there is a significant difference between the investment performance of the four mutual fund investment strategies. The verification result also shows that the investment performances acquired from value averaging strategy truly have been the significantly superior to dollar-cost averaging strategy.To sum up, fixed value
averaging strategy does help to improve the investment performance of mutual funds. Among them, the performance of the unfixed value averaging strategy is most excellent than other three strategies. The study and the empirical findings should provide an important theory amd practical reference value for the fund investors and asset management institutions.
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