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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
591

中國企業品牌國際化發展關鍵能力之研究─以L、H與Li公司個研究為例 / The competitive capability embraced by Chinese enterprises for developing international brands- case study for L.H and Li company

張麒鎔 Unknown Date (has links)
Tomas Friedman 的著作The World is Flat(世界是平的)中提及在21世紀是抹平的世界,無限商機的世界。從全球經濟發展的角度來看,全球企業面對的市場是一個無國界的平面,國際競爭更加劇烈。在這個全球市場競爭劇烈的環境中,中國企業要能在全球市場中立足與競爭的首要條件就是站穩中國市場,在國際競爭市場中發展獲利,最重要的就是打造中國企業品牌發展為國際化品牌。中國企業若想在國際市場上進行品牌行銷,中國製造的經營哲學及營運模式必須重新進行調整,才能在國際市場上建立自身的品牌(International Branding)。 2008年為中國改革開放的30週年,品牌國際化趨勢是21世紀全球市場競爭發展的趨勢,國家競爭力的強弱程度也在於中國企業擁有國際化品牌的多與少。面對不同國家和區域的競爭環境市場,探討中國企業要發展為國際化品牌的關鍵能力為相當重要之課題。 本研究是從全球化企業品牌國際化與中國企業品牌國際化著手,來探討個案公司品牌國際化。進而探討個案公司品牌國際化發展關鍵能力,包含企業品牌核心能力、持續創新力、環境適應力與組織內部能力,以及在品牌國際化管理流程的四個階段:分別為評估階段、市場進入策略規劃階段、品牌行銷策略規劃階段、和執行階段。本研究將個案公司結合這四力的現況與關連,然後提出有關未來發展的建議並將藉由中國企業的個案研究,結合中國企業國際化、國際行銷管理及品牌管理的理論與文獻,以管理的觀點,點出中國企業品牌國際化發展的關鍵能力,提供給中國企業在全球化市場下發展品牌國際化的參考,同時也希望能對相關學術研究有所助益。 / 21st century, as being described in the book “The World is Flat” written by Tomas Friedman, is a flat world with unlimited business opportunities generated by globalization whereas the competition within is also fierce. In order to be competitive in this context of global market environment, it is recognized by growing Chinese enterprises the importance to win in domestic China market first, where being identified as the next biggest consumption market after U.S, further to develop company competence for wining a place as an international brand. It is also being acknowledged that Chinese enterprises have to experience continuous business process as well as management philosophy evolvement in order to achieve this ultimate goal – building an International Brand in global market. The tendency of the local brand to be international is as well an index to observe the competitive ability of a country in global market. While year 2008 is the 30th anniversary for China's reformation, the potentials for current Chinese enterprises to develop International Brands also speak for China national competence. It is a focus to examine the competitive capability embraced by Chinese enterprises for developing international brands while reviewing current global commercial markets. This study aims to exploit the competitive capability within Chinese enterprises to develop international brands, which include Core Competency, Innovation Sustainability, Environment Adaption, and Organization Capability. In addition, four stages for Brand Management process are also reviewed: Brand Evaluation, Market Entry, Brand Marketing as well as Brand Execution. Case study is the methodology applied in the study, in which four Chinese enterprises – L company in 3C industry, H company in domestics appliances industry, Li company in sport retailing industry, are presented with in-depth interview conducted from L company, H company, Li company in year 2009.
592

熱泵熱水系統生命週期評估與淨能源分析之整合研究 / Integrated Studies on Life Cycle Assessment and Net Energy Analysis of the Heat Pump Water Heater System

郭乃頊 Unknown Date (has links)
根據歐盟2009 年發布之再生能源指令,定義熱泵系統所擷取之大氣熱能、水熱能以及地熱能為再生能源之選項,熱泵技術不受日夜與天候影響,且具安全、有低耗能、低排碳的優點,可應用在空調、暖氣、熱水等設備,備受歐美日本等先進國家重視,也是歐美各國政府極力推廣的項目之一。本研究針對台灣地區家戶住宅所使用小型空氣源熱泵熱水機組,透過環境資源及能源效率的角度,來探討熱泵熱水系統對於台灣住宅部門的適用性。 在研究方法上,針對國內熱泵個案廠商進行系統盤查分析,並且估算使用運轉過程中所需之能源投入,以計算熱水系統在製造過程與運轉使用過程中之環境影響。選擇生命週期評估軟體SimaPro 7.3做為評估工具,使用Eco-Indicator 95、EPS 2000兩種衝擊評估模式,來以生命週期評估探討熱泵熱水系統對環境之影響。並輔以淨能源分析法中能源投資報酬率與能源回收期,以及估算熱泵熱水系統生命週期CO2排放量,來衡量熱泵熱水系統之能源效率是否具有其效益。並進一步針對不同的再生能源發電比例與提升熱泵能源效率比例,探討不同方案的敏感度分析。 根據本研究分析結果顯示,熱泵熱水系統不管從Eco-indicator 95或EPS 2000衝擊評估模式下,運轉使用階段對環境衝擊較大,主要的衝擊項目為重金屬汙染,是因為熱泵熱水系統運轉所使用的電力消耗所致。使用熱泵熱水系統對環境衝擊程度遠較電熱水系統來得小,雖在Eco-indicator 95之衝擊評估模式下,瓦斯熱水系統較熱泵熱水系統環境衝擊程度較小,但以EPS 2000衝擊評估模式下,熱泵熱水系統對環境是最為友善的熱水系統。以淨效益估算熱泵熱水系統源投資報酬(EROI)值為1.45~5.55,能源回收期約為0.22年至2.16年,表示熱泵熱水系統從生命週期的角度來檢視能源效率是具有效益的。由於目前熱泵熱水系統對環境最大的負擔來源是電力的使用,若未來能提高再生能源發電比例、降低臺灣電能含碳濃度,或者提高熱泵能源生產效率,均能降低熱泵熱水系統對環境的負面影響。 / The purpose of this study is to apply life cycle assessment (LCA) and net energy analysis to explore the environmental impacts of the heat pump water heater in Taiwan. In order to achieve this objective, domestic data inventory was gathered from local heat pump industry in Taiwan through questionnaires including input of energy, product output and waste, etc. The SimaPro7.3 program and two impact assessment methods including Eco-Indicator 95, EPS 2000 were utilized to evaluate the environmental impact of the heat pump water heater. Also, we used net energy analysis such as energy return on investment and energy payback time, and estimated the life-cycle CO2 emissions to see whether if the heat pump water heater has its energy efficiency. In addition, the sensitivity analysis was performed by varying renewable energy generation portfolio and the heat pump energy efficiency ratio. Emprical results of two impact assessment methods (Eco-indicator 95 and EPS 2000) show that the main impact on environment of heat pump water heater is from operation phase. When operating the heat pump water heater, it needs to consume electricity which is generated from fossil fuel and caused the environmental impact. Compared with the electric water heater, the environmental impact degree of heat pump water heater is much smaller. In Eco-indicator 95 method, gas water heater has less influence on the environment than heat pump water heater; however, heat pump water heater is the most environment-friendly system in EPS 2000 method. That is because gas is a kind of nonrenewable resource. From the viewpoint of resource stock, gas indeed influence “Depletion of reserves” of environmental impact. By utilizing net energy analysis, the estimated energy return on investment (EROI) of heat pump water heater is 1.45~5.55, and energy payback time is 0.22~2.16 years. It indicates that heat pump water heater has significant benefit from life-cycle perspective. The main impact to environment by heat pump water heater is essentially derived from electricity input. To mitigation this environmental issue, one can reduce environmental impact by increase the proportion of renewable energy generation, and reducing the electricity CO2 emission. Furthermore, improving the energy efficiency of the heat pump would also helpful.
593

公務人力訓練學習成效移轉之研究-行政院菁英領導班之哈佛大學班個案分析

徐嬿玲, Hsu,Yen Ling Unknown Date (has links)
本研究係以訓練移轉之理論來檢驗行政院哈佛菁英領導班之實施成效。蓋訓練移轉係受訓者在接受訓練課程後,將從課程中所學的知識與技術,應用在實際業務中問題解決之動態過程,其著重的是訓練後對所學知識技術之消化,及對職場工作之回饋,是最有效的內隱知識外顯化的展現。故訓練移轉之成功與否,可作為評估訓練課程是否有助工作的最佳方式。而哈佛菁英領導班係行政院為有系統培育具有前瞻國際視野之全觀型新世代中高階領導人員,強化其政策統合、規劃及領導管理能力並激發其內在潛能,促使我國公務部門整體人力素質提升,以提升我國國家競爭力,自94年起,與美國哈佛大學甘迺迪政府學院合作,規劃辦理菁英領導班,參加人員係由全國中央及地方機關遴選出年輕具發展潛力之科長級以上人員,因開辦不易且所費不貲,故從規劃初期即透過課程內容安排、學員推薦及遴選過程及賡續培訓措施等設計來確保訓練效益。基此,本研究參考以往訓練移轉研究文獻後,建構研究架構與自變項及依變項,並針對該班第一屆及第二屆之學員施以問卷調查後,進行因素分析,此外,並隨機挑選各10名學員之主管及同事進行深度訪談,以作為量化研究之輔助佐證資料。
594

服務品質與顧客滿意度之研究:以案例公司為例 / Study of service quality and customer satisfaction: A Case Companies Case

熊厚銘, Hsiung, Hou Ming Unknown Date (has links)
資訊產品通路商除提供給下游經銷商金流與物流之外,另外訴求的就是差異化:「服務」,差異化就是比相關業者做的更好,假設能在「服務差異化」勝出,那就會有機會留住顧客提高顧客黏稠度吸引顧客再次購買,資訊產品通路商講求的是規模經濟,賺的是管理財,企業競爭加劇產品單價持續降低和客戶需求的多樣化,傳統的人工單據服務模式無法即時掌握服務品質相對執行成本高顧客滿意度也難以控制,因此延伸出服務經營的變革,這將推動企業營運模式的重大轉變,服務基礎建設與營運流程及管理流程建置,將有利於公司瞭解服務營運品質與顧客滿意度能在競爭激烈環境中取得了主動權,因應顧客需求採取一對一行銷策略。 本研究主要探討「服務品質與顧客滿意度」,如何建立服務商業模式,如何為顧客創造價值,特别是客戶需求多樣化如何來滿足?服務具備無形性又無法儲存,生產與消費同時進行特性,如何滿足顧客技術品質與功能品質,服務作業系統如何設計?服務如何傳遞與顧客溝通,服務品質管理循環與全面品質管理,經由數據分析、歸納、整理導引出顧客關係管理架構。 本研究依此理論架構,以案例公司為例設計顧客滿意度調查表進行統計、分析,從分析過程中不斷改善服務品質與提高顧客滿意度並修正顧客關係管理架構,精進營運流程與管理流程。
595

市場情勢與投資人情緒對動能策略之影響 / Market States, Investor Sentiment and Momentum Strategies

楊承諺, Yang, Chen Yen Unknown Date (has links)
本研究主要探討投資人的積極程度以及市場的樂觀程度是否會影響動能策略之獲利能力。本研究利用1973至2013年間美國個股進行實證研究,結果驗證了動能策略於樣本期間能有顯著的獲利。進一步的實證結果顯示,規模較小且交易量成長率較低的公司存在極短期(一個月內)反轉的現象。此外,在市場樂觀期間(較多的首次公開發行的公司家數、較高的消費者信心指數或較低的恐慌指數)動能策略之獲利能力較佳且顯著。因此,我們建議投資人能在市場樂觀期間對規模較小的公司進行動能策略,將可得到較高的預期超額報酬。 / The main purpose of this study is to investigate whether the activism of investors and the sentiment of the market can affect the profitability of the momentum strategy. Using individual firms during 1973 to 2013 as the sample, this study reexamines and confirms the profitability of the momentum strategy. The further empirical result shows that firms with smaller size and lower growth rate of trading volume exhibit a very short-term (within one month) reversal effect. In addition, during the optimistic period (years which have more firms conducting initial public offerings, higher consumer confidence index, or lower VIX), the profitability of the momentum strategy is significantly higher than that during the passive period. Therefore, a suggested trading strategy applying momentum strategy to small firms during the high sentiment period may yield a superior performance.
596

產能限制如何幫助垂直整合廠商提高下游對手成本? / How do capacity constraints help a vertically integrated firm raise its downstream rivals' costs?

盧冠豪 Unknown Date (has links)
本文利用連續Cournot 寡占模型分析垂直相關市場中,產能限制如何幫助垂直整合廠商提高對手成本,並檢視歐盟執委會非水平結合準則中對於此議題規範的妥適性。結果顯示,垂直整合廠商提高對手誘因與攫取市場分額無直接關係,且與無產能限制情況相比,在相當範圍內,垂直整合廠商反而偏好自己產能受到限制。當垂直整合廠商受到產能限制時,獨立上游競爭廠商將減少中間財生產,使得垂直整合廠商可以藉由少量中間財購買,大幅提高對手成本,增加利潤。 / This paper analyzes the impact of capacity constraint on vertically integrated firm and other independent downstream in a Cournot Duopoly market. The result shows that vertically integrated firm may prefer to be constrained in its capacity since it could raise rivals’ cost with fewer cost after supply shrink of other upstream suppliers. Aside from EC Guideline, 2004, the research proves no direct relevance between market share captures and raising rival’s cost of a vertically integrated firm. Vertically integrated firm with capacity constraint may as well further raise rival’s cost even such may reduce its market share or revenue as the tremendous reduction cost on strategic buying. Moreover, as the fringe downstream expands to three, the profit gap of vertically integrated firm between constrained and unconstrained capacity will be wider.
597

竹苗區國民中學校長願景領導、學校組織氣氛與學校效能關係之研究 / A study of the relationships among the principal’s visionary leadership , school organization climate , and school effectiveness in junior high schools in Hsinchu and Miaoli areas

吳昌諭 Unknown Date (has links)
本研究旨在探討竹苗區國民中學教師知覺校長願景領導、學校組織氣氛與學校效能之關係。為達研究目的,首先蒐集相關文獻資料加以探討分析,瞭解校長願景領導、學校組織氣氛與學校效能之內涵,以建立本研究架構之理論基礎,及問卷編製的依據。在實證研究上採調查研究法,以竹苗區公立國民中學教師為樣本對象,採「分層隨機抽樣」方式,進行研究資料的蒐集,共發出600份問卷,有效問卷582份,回收可用率達97.0%。問卷回收後,分別以描述性統計、t考驗、單因子變異數分析、皮爾遜積差相關及逐步多元迴歸等進行統計分析。 綜合文獻探討及調查研究結果,本研究獲致研究結論如下: 一、竹苗區國中教師知覺校長願景領導屬於中高程度,其中以「願景的發展與宣導」層面最佳。 二、竹苗區國中教師知覺學校組織氣氛屬於中高程度,其中以「教師承諾行為」層面最佳。 三、竹苗區國中教師知覺學校效能屬中高程度,其中以「有效的教學品質」層面最佳。 四、在「校長願景領導」方面,不同「學校位置」背景變項之國中教師,知覺校長願景領導有顯著差異。 五、在「學校組織氣氛」方面,不同「性別」、「現任職務」、任職學校「校長性別」及「學校位置」背景變項之教師,知覺學校組織氣氛有顯著差異。 六、在「學校效能」方面,不同「學校規模」及「學校位置」背景變項之教師,知覺學校效能有顯著差異。 七、竹苗區國中校長願景領導與學校組織氣氛具有顯著相關。 八、竹苗區國中校長願景領導與學校效能具有顯著相關。 九、竹苗區國中學校組織氣氛與學校效能具有顯著相關。 十、竹苗區國中校長願景領導與學校組織氣氛對學校效能具有顯著預測作用。 根據以上研究結果,提出具體建議,提供教育行政機關、學校行政及教師未來相關研究之參考。 / The overall objective of this study is to estimate the associations among the principal’s visionary leadership, school organization climate, and school effectiveness in Hsinchu and Miaoli junior high schools. To achieve the research purposes, a literature review was conducted to understand the principal’s visionary leadership, school organization climate and school effectiveness, and then to establish the fundamental theory of this study and develop questionnaires. This is a cross-sectional survey study using stratified random sampling design. The study recruited teachers in Hsinchu and Miaoli areas public junior high schools. A sample of junior high school teachers in Hsinchu and Miaoli areas, stratified random sampling, issued a total of 600 parts, 582 valid questionnaires, the effective rate of 97.0% questionnaires. The collected data was analyzed by descriptive analyses, t-test, one-way ANOVA, Pearson product-moment correlation, and multiple stepwise regression analysis. The main findings of the study include: 1.Moderate-high teacher’s perceptions of the principal’s visionary leadership were shown, and “development and propaganda of the vision” had the highest level. 2.Moderate-high teacher’s perceptions of the school organization climate were shown, and “teacher’s commitment behaviors” had the highest level. 3.Moderate-high teacher’s perceptions of the school effectiveness were shown, and “effective teaching quality” had the highest level. 4.School location showed significant effect on teacher’s perceptions of the principal’s visionary leadership. 5.Teacher’s gender, current position, principal’s gender, and school location showed significant effects on teacher’s perceptions of the school organization climate. 6.School scale and location showed significant effects on teacher’s perceptions of the school effectiveness. 7.Principal’s visionary leadership and school organization climate were positively correlated. 8.Principal’s visionary leadership and school effectiveness were positively correlated. 9.School organization climate and school effectiveness were positively correlated. 10.Principal’s visionary leadership and school organization climate were significant predictors of school effectiveness. According to the above research conclusions, the suggestions are proposed to be used as reference by educational institutions, school administrative units, and teachers in the future.
598

老屋健檢之政策分析 / The Policy Analysis of the Old Building Inspection Plan

廖珮君, Liao, Pei Chun Unknown Date (has links)
健康檢查有益於疾病預防及促進健康,同理而言,透過老屋健檢檢視居住安全,有助於居民選擇合適的療法防止建物持續劣化。2016年2月6日高雄美濃地震引發大眾對於建物安全的關注,根據統計顯示臺北市住宅屋齡超過20年占總量78.51%,總樓層數5層以下占總量54.36%,顯示臺北市建物以老舊公寓為主,潛藏公共安全的風險,對老舊建物進行健檢顯得迫切且必要。2013年臺北市以人體健康檢查概念首創老屋健檢計畫,健檢對居民後續行動的影響及其政策成效乃本文焦點。 本文以2013和2014年臺北市老屋健檢申請案件及屋齡20年以上之公寓大廈社區為調查樣本,從個體面探討老屋健檢對居民改善環境意願的影響以及健檢與否導致後續行動之機率差異,並就總體面估計政策之成本效益。研究結果顯示,曾參與健檢者有意改善環境之機率較高,居民在建物設備及外牆安全健檢結果越差時,將增加改造環境的可能性;就總體面來說,現行政策投入少量成本即獲得可觀效益,顯示老屋健檢政策應持續執行。 / Physical examination is beneficial to disease prevention and health promotion. By the old building inspection plan, residents can inspect building environment, prevent the deterioration of the building, and cure disease in an appropriate way. 0206 earthquake caused many deaths, which has aroused the widespread social concern on building safety. According to the official statistics, there are 885,340 housing units in Taipei, about 78.51% of which are over 20 years old, about 54.36% of which are five-storey building or below. It is indicated that older building threaten public safety in Taipei. Hence, it is necessary and urgent to inspect ageing building. The old building inspection plan was held in 2013, which are a Taiwan's first policy. The objectives of this paper are to inspect whether the old building inspection can influence the aspiration of residents improve the building environment, and to examine the effects of the old building inspection plan. The samples of the study include: (1) the ageing buildings which have been involved in the old building inspection plan from 2013 to 2014;(2) the condominiums of 20 years old or above. At first, this paper aims to examine the effects of the old building inspection plan on residents' willingness, then discuss the probability on environment improving before and after joining the program. Finally, we calculate the effectiveness of policy. Empirical results demonstrate that residents who have been involved the plan are more willing to improve the environment. Building equipment and exterior walls performance are worse, residents are more willing to transform the environment. Finally, tremendous effect could be obtained by adding little cost under the support of current policy. It clearly showed that the old building inspection plan should be consistently carried on.
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總體經濟因素與房貸負擔能力關係之研究 ─ 以台北地區家戶為例 / The Relationship Between Macroeconomic Factors and Housing AffordabilityA Case Study of Taipei Area

蘇盈如 Unknown Date (has links)
台北市房價明顯高於其他地區,也使得民眾的購屋負擔相對沉重。其中房貸金額屬未來現金流出部分,是否有足夠能力償還貸款將直接影響生活品質。本研究旨在了解總體經濟因素對台北地區家戶房貸負擔能力的影響,並進一步探討家戶房貸負擔能力在面對相同因素下,是否會因所得的差異而有不同影響。 本研究採用Gan and Hill (2009) 提出的負擔風險法 (affordability at risk) 為基礎,藉由應還本付息金額與可負擔還本付息金額等資料計算出家戶單位房貸負擔風險。樣本期間為2009年至2014年,並將台北市全體家戶依所得區分為五等分位,再進一步比較各項經濟變數在不同年度及不同所得下與家戶房貸負擔風險之關係。 經實證結果得到以下四點結論: (1) 台北市整體家戶房貸負擔風險在樣本期間主要受「房價指數」、「經濟成長率」、「貸款利率」與「建物面積」影響。 (2) 當家戶單位所得越高,其房貸負擔越不容易受經濟變數影響。 (3) 銀行核貸條件顯著影響所得較低者之房貸負擔。 (4) 第三所得分位之房貸負擔風險相對其他分位數高。本研究亦提出以下三點建議: (1) 縮短不動產交易實價查詢資料更新時間,使實價登錄價格得以更即時反應。 (2) 續辦理政策性優惠房貸,依區域房價差異彈性調整申貸額度,(3) 針對確實換屋者有條件調整其適用利率,調整購屋補貼息。以期改善未來購屋者之房貸負擔,緩解台北市家戶房貸壓力。 / Housing price in Taiwan has risen for the past decade; Taipei City even reached historical high record in 2014. The burden of the mortgage, which is part of future cash out, becomes more stressful under such circumstance. For household units, the solvency of mortgage could directly impact their quality of life. This study would like to use macroeconomic factors to measure the impact of household mortgage affordability in Taipei metropolitan. This study would observe the relationship between income and household mortgage affordability under the same macroeconomic factors. This study uses affordability at risk published by Gan and Hill (2009), calculating household mortgage affordable risk by actual mortgage amount and affordable mortgage amount. Given different income segmentation, this study would discuss the relationship between household mortgage affordable risk and macroeconomic factors under study period. The empirical results show that "housing price", "economic growth rate", " interest rate" and "building area" have significant effects on household's mortgage affordable risk. The conditions of mortgage affect the mortgage affordable risk of lower income group more than upper income group. The more income the household have, the less significant variables they are affected. Furthermore, the third-income household takes the highest risk of mortgage affordability while the government developed policies in order to curb the housing price.
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以動能交易與利差交易分析外匯投資組合績效 / The Performance Analysis of Using Momentum and Carry Trade in Currency Portfolio

歐哲源, Ou, Che Yuan Unknown Date (has links)
本篇論文主要在外匯市場建立市場投資組合、利差交易投資組合與動能交易投資組合,探討透過不同情境適當改變投資組合比重配置,是否能夠顯著提升交易策略的報酬表現。 以1999年1月至2015年10月為樣本期間,根據28個國家外匯市場資料建構市場投資組合、利差交易投資組合與動能交易投資組合等,之後根據三種投資組合報酬情況透過馬可夫情境轉換模型區分成三種情境。按三種情境的各種投資組合超額報酬表現,再利用馬可維茲的平均數-變異數投資組合模型配置各情境下各項交易的比重,再依據計算出的預期情境與相對應比重進行投資。其結果顯示在樣本期間內,本篇論文的交易策略相較於外匯市場投資組合、利差交易投資組合與動能交易組合有較佳的投資表現。 在樣本外測試部分,採用自2012年中開始的連續情境二資料進行分析。報酬方面,在其他交易型態呈現負報酬較多情況下,就本文交易策略而言,投資者隨時根據其各種交易平均報酬與共變異數進行交易比重配置,適時放空交易策略或投資無風險資產,產生正報酬。但從標準差可以推斷投資者面對未來的不確定,在整個樣本外期間歷時的34個月當中標準差亦無法有效降低,說明了投資者面對下一期總體環境的高不確定性。 / In this thesis, we mainly investigate whether it could improve the performance of currency portfolio by adjusting weights among carry trade, momentum and market return in foreign exchange market under different kinds of regimes. Based on a sample of 28 market currencies, we form three kinds of transactions in our portfolio, including carry trade, momentum, and market return. Under Markov switching model, we divide the sample period into three regimes, and then determine weights among carry trade, momentum and market return by parameters of each re-gime using Markowitz mean-variance analysis. Finally, we invest different weights among three transactions according to each expected regime. We find the result that although the return of the strategy is just a little higher than the carry trade, the risk is much lower compared to other transactions. In our out-of-sample testing, we analyze the performance by using the data of the regime two which begins September, 2012. With the respect to the return, most of other risky transactions have negative return, but we get positive return by adjusting the long position and short position according to the result of the mean-variance anal-ysis. However, we can not effectively reduce risk by using the strategy, and in the meantime it can explain the high uncertainty investors face toward the next period.

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