投資型保單中停利加碼機制之分析－－定期定額下停利加碼機制的投資績效

The Investment Performance of Dollar Cost Averaging with Automatic Trading Rule of Profit-taking and Position-increasing

本論文比較傳統的定期定額投資與定期定額搭配停利與加碼機制投資之報酬、風險與績效。本研究採用蒙地卡羅模擬法，得出定期定額投資與定期定額搭配停利與加碼投資報酬的模擬分配。研究結果顯示，在大部份情況，定期定額搭配停利與加碼投資的平均報酬與風險相對較低。以一般化夏普比例或後悔機率來衡量績效，在風險性投資標的平均報酬率低且報酬率波動性（或標準差）高時，定期定額搭配停利與加碼機制的報酬率才有較高的機會優於傳統的定期定額。因此，若預期未來投資期間投資標的市場沒有明顯上升趨勢且市場波動性較大時，在定期定額下加入停利加碼機制才相對有利。

With the development of internationalization and the promotion of Corporate Social Responsibility (CSR) awareness, enterprises have paid more and more attentions to CSR topics. This study investigates the effects of CSR of the life insurance companies on corporate image and customer loyalty. By using purposive sampling, this study retrieved a total of 311 effective samples; the effective respond rate was 77.7%. Multiple regression analyses were then applied to test the hypotheses. The major findings are as follows: (1) CSR of life insurance has significantly positive influences on corporate image and customer loyalty; (2) CSR of life insurance has significantly positive influences on customer satisfaction; (3) customer satisfaction has a partial mediating effect among the life insurers' CSR, corporate image and customer loyalty. Overall, our empirical results have important practical implications for life insurance industry.