5.1 研究結論
由研究發現就極短期投資績效而言，機構法人短期最有投資效益的為投信，
最差的為自營商。但也必須考量到外資長期投資的可能與期貨部位操作和自營商 權證避險的買賣。但單就股價變動方現而言，投信較符合正向指標，自營商乃逆 向指標。在台股市場中，前二十大市值公司的股價表現和籌碼彼此的相關性，與 主流論點機構法人因為掌握關鍵資訊與操控大量資金為市場常勝軍的說法頗有出 入，唯投信表現突出。
散戶代表的融資融券表現僅次於投信，並非一般理論與實證中被市場吞噬，
但也僅限於極短期績效，且不考慮外資與自營商為了期權與避險買賣超等因素，
單就其買賣超淨額估算。這樣的結果呼應研究初始的假設論點，當散戶比例下降，
留在市場中的一般投資人理論上是資金較充沛與投資能力較佳的投資者，不一定 為市場中被吞噬的參與者，但前提是這些參與者沒有參與期權交易，若散戶也同 時參與期權交易，其短期總績效需要另外驗證。
在實證中也發現，若一般投資人跟進機構法人的策略在並無明顯效益，甚至 為負向績效，故一般投資者不必太倚賴機構法人對個股買賣超資訊，相較之下，
當融券數量上升時，有較多的機會是股價下跌的訊號。在台股市場短期績效機構 法人不一定遠勝散戶，甚至散戶表現可能優於外資與自營商，但僅止於本次實證 中市值前二十大的個股。
5.2 研究建議
為了避免流通性不足的影響，本次研究針對市值前二十大個股，後續研究可 針對其他流通股數較小的樣本，由於流通股數小籌碼易被鎖定，此時法人機構等 大戶的優勢將被凸顯，實證結果或將不同
此外每日下午四點後證交所亦會公布各證券公司對各種股票各分點進出明 細，此明細背後可看出股票背後的作手數量、資金、買進成本等等，可進一步挖 掘更深入的訊息，若以分點更詳細的解讀個股的籌碼，將比粗分機構法人與散戶 的籌碼更有顯著效果與說服力。
最後當外資持有台股比重越來越高，指數期貨與選擇權將成為其避險與獲利 的重要工具，可更進一步設計出留艙比例與外資持股比例作更進一步的分析與解 讀。並且可另外研究台股假性外資的比例和影響能力。
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