Applying Stochastic Dominance Approach to Analysis the Investment Performance of Component Stocks of Taipei Exchange 50 index

[[abstract]]富櫃50指數是以上櫃股票市值加權後選出來的前50大之成分股為選樣標的，權值大的成分股可能因變更為上市，而使富櫃50指數成分股產生大比重的變更，所以針對富櫃50指數成分股的資料，運用隨機優勢法則(Barrett and Donald 2003)，檢測具有隨機優勢之半導體業、電腦及週邊設備業、光電業和生技醫療業之投資績效分析，選出投資報酬較優勢之標的。 研究資料收集期間為2010年1月1日至2014年12月31日。結果顯示，在隨機優勢檢定下，無論一階只考量投資者風險型態報酬率之偏好，於二階中加入投資決策者的風險考量，在三階將投資決策者的正向風險好因素加入下，仍僅是半導體業的原相相較於電腦及週邊設備業、光電業和生技醫療業皆具有三階的隨機優勢，因此半導體業的原相在本研究為表現最好，其原因主要為原相科技長期專注於新技術與新應用的開發，精確掌握市場趨勢，積極進行產品佈局，投注研發資源，產品上均符合生產的成本效益，顯示原相是具有低風險、穩定報酬特性的投資標的。[[abstract]]The Taipei Exchange 50 Index aims top 50 component stocks selected after weighing the market value of the over-the-counter stocks as the sampling targets The component stocks with big weighed value might lead to a great portion of change of the component stocks of the Taipei Exchange 50 Index due to their alteration of being listed in the stock market Consequently based on the information of the component stocks of the Taipei Exchange 50 Index we apply the Stochastic Dominance Approach (Barrett and Donald 2003) to examine the analysis of investment performance of the semiconductor computer and peripheral devices optoelectronics as well as biotechnology and medicine industries endowed with the Stochastic dominance and screen the targets which boast of the superior investment return The period for the collection of the study data commences from January 1 2010 to December 31 2014 The results suggest that in terms of the examination by the Stochastic Dominance Approach no matter when the stage is for example the first stage which only considers the preference of the investors for the return rate of the risk type the second stage which adds the risk consideration of the investment decision-maker and the third stage which further inputs the positive risk preference factor of the investment decision-maker still only PixArt Imaging Inc in the semiconductor industry is endowed with the three-stage Stochastic dominance in comparison to the computer and peripheral devices industry the optoelectronics industry and the biotechnology & medicine industry Accordingly PixArt Imaging Inc in the semiconductor industry achieves the best performance in this study mainly due to its long-term concentration on the development of new technology and applications its precise grasp of the market trends its aggressive conduction of the product layout and its focus on the research and development of resources so that their products all conform to the cost effect of production It indicates that PixArt Imaging Inc is an investment target typical of row risk and stable retur