• 沒有找到結果。

第五章 結論與建議

第二節 研究建議

本文將交易策略另行設定,當買進預期報酬最高之產業為負時,則買進無風險 利率證券;當賣出預期報酬最低之產業為正時,則賣出無風險利率證券。研究結 果顯示其與產業輪動策略所做出的結論並無明顯不同。而造就此結果的原因應為 本文在投資策略上以產業來分類之故。由於產業樣本較大,致使在上述條件的設 定上無法發揮其功效。

因此,在後續研究建議方面,若是依產業特性或其他產業變數進行產業細分,

以形成不同分類方法的產業投資組合,也許能透過買賣無風險利率的設定條件來 達成更顯著的投資績效。

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