台灣高殖利率股之投資策略

Abstract

基於低利率時代存款本利和的購買力越來越低，及多元化投資能讓投資人達到投資組合在同樣風險之下較高的報酬率，個人理財對象似不宜集中於定期存款、保險或是債券等。近年來有一種鼓勵投資人以買進高配息股票替代買進低利率定存單的策略，然而投資股票對於一般散戶，由於資訊較欠缺，且專業知識不足，難以獲得顯著報酬。 本研究旨在探討如何以高殖利率股票投資作為「定存股」(把投資股票採用像定期存款的模式)為概念，透過實證研究，歸納出一套適合散戶、小資族(即朝九晚五，職場受薪而忙於本職者)的易懂易操作的定存股投資策略，達到提高股票投資報酬與減少損失及賠率的投資方法。 本研究係以2000年到2012年為研究時空背景，共12檔的高殖利率投資組合，實際驗證歸納出以下結論： (1)在設定出場時機及利用除權息增加投資價值的假設下，高殖利率股確實可做為定存股的投資標的。 (2)簡化投資標的，確實可提高投資效益。 (3)高殖利率股投資策略，適合價值型投資者。

This study aims at a new strategy for retail investors to obtain higher return, namely, purchasing high dividend yield instead of saving deposit. This paper constructs an investment strategy which incorporates the concept of high dividend yield and deposit to enhance return and reduce losses for retail investors. In this study, we select 12 high dividend yield securities in Taiwan stock market during 2000 to 2012 to construct a portfolio. Our results suggest that (1) by setting the timing of the selling point and involving excludes dividend and right, investors can benefit from adopting high dividend-yield stocks as investment targets of deposit stocks investment strategy in the Taiwan’s market; and (2) as simply identified investment targets that significantly help improve investment returns, high dividend yield investment strategy is suitable for value investors.