退休族安鑫組合之探討──以高殖利率組合建構為例

A Study on the Trustworthy Investment Portfolio for the Retirees-Taking Example of the Construction of the High Dividend Yield Portfolio

本文提出一個創新交易策略的手法，探討投資組合高報酬伴隨著高風險的問題。樣本為2011年至2020年的上市公司，採用股利分派日、現金殖利率與財務比率等指標建構高殖利率組合。實證結果顯示，交易策略在優化前，組合正報酬率月份為樣本期間的55%，相對的，在優化後，有效提高至83%。而值得注意的是，樣本期間累積報酬率，高殖利率組合為0050、0056的2.58、3.68倍。依此結果得知，在交易時機點優化下，本文的高殖利率組合，除了累積報酬率明顯高於對比指標外，更重要的是，她是退休族長期可依賴的投資組合。

This study proposes a new kind of innovative trading strategy, reexamining and addressing the problem that, despite the favored high revenue, such investment portfolio often comes with high risk. We use the listed companies from 2011 to 2020 as samples, adopting various indices such as dividend distribution date, cash dividend yield, and financial ratios to construct this high dividend yield portfolio. The empirical study shows that, before the optimization of the trading strategy, the ratio of the positive return rate months were 55% of the sample period； by contrast, after the optimization, the ratio of the positive return rate months are raised to 83%. It is also worthy to note that, the accumulative return rate during the sample period of the high dividend yield portfolio is 2.58 times to that of 0050 and 3.68 times to that of 0056, respectively. The result thus indicates that, with the optimization of the transaction timing point, the proposed high dividend yield portfolio does not only have an accumulative revenue rate being obviously superior to those of the counterpart portfolios, but more importantly, it is an investment portfolio which could be kept by the retirees as a reliable long-term investment.