行为金融学研究新作

䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 5᳜ 10᮹ 䆕ࠌⷨお᡹ਞg䞥㵡Ꮉ⿟ঞ㸡⫳કg䞣࣪ㄪ⬹ ᏖഎখϢ㗙㸠Ўⷨお ୘୘⫼㗙�ᮍ㛑㚰� üüབԩᦤ催ߚᵤᏜⷨお៤ᵰⱘ߽⫼ᬜ⥛ ᡩ䌘㽕⚍ Ёֵ䆕ࠌⷨお䚼� ™ ⷨおⱘᛣН˖䱣ⴔ೑ݙ䆕ࠌᏖഎ䖥޴ᑈⱘ亲䗳থሩˈपᮍᴎᵘϡᮁᠽᓴˈA 㙵Ꮖ㒣䖯ܹњϔϾֵᙃ⟚⚌ⱘᯊҷDŽ2010 ᑈ↣໽থᏗⱘᠷ䰸⚍䆘㉏᡹ਞǃ ᮄ㙵㉏᡹ਞҹ໪ⱘⷨお᡹ਞᏆ㒣䍙䖛 50㆛ˈ㗠䖭ϔ᭄䞣ҡ೼ҹ↣ᑈ 30%ⱘ ๲䗳๲䭓DŽ⫼䞣࣪ⱘ᠟↉໘⧚ߚᵤᏜ᭄᥂ৃҹՓ៥Ӏ᳈᳝ᬜ⥛ഄ߽⫼पᮍⷨ お៤ᵰ ᡞˈᦵपᮍߚᵤᏜᭈԧᇍѢϾ㙵੠㸠Ϯⱘ໮ぎ߸ᮁˈᑊ߽⫼ᅗӀᴹᵘ ᓎᅮ䞣ᡩ䌘ㄪ⬹ˈЎᣛᇐᡩ䌘ᦤկখ㗗DŽ ™ ߚᵤᏜϾ㙵ⷨお᡹ਞথᏗᯊ⚍ϢϞᏖ݀ৌ䋶᡹᡿䴆ᯊ⚍催ᑺ䞡ড়DŽे Փᰃᠷ 䰸ᥝ⚍䆘᡹ਞˈपᮍ᡹ਞ೼ 3᳜ǃ4᳜˄ᑈ᡹ˈϔᄷ᡹᡿䴆ᳳ˅ˈ 8᳜˄Ё᡹ ᡍ䴆ᳳ˅੠ 10 ᳜˄ϝᄷ᡹ᡍ䴆ᳳ˅ⱘ᡹ਞ᭄䞣䖰໮Ѣ݊ᅗ᳜ӑDŽ8 ᳜ӑⱘ ᡹ਞ᭄䞣Ⳍᇍ᳔໮DŽ10᳜ӑ⚍䆘᡹ਞऴ↨᳔໻DŽ ™ ߚᵤᏜᇍϞᏖ݀ৌⱘ㽚Ⲫأད 㽚˖ⲪϞᏖ݀ৌߚᵤᏜ᭄䞣⬅ᇥࠄ໮ⱘ䖛⿟ℷ དᰃ݀ৌҢ催៤䭓ࠄ催Ⲝ߽ࠄ໻Ⲭ㪱ㅍⱘ៤䭓䖛⿟DŽ1˅催៤䭓ᗻⱘ݀ৌ㹿 䕗ᇥⱘߚᵤᏜ㽚ⲪDŽ2 㽚˅Ⲫ⿟ᑺЁㄝⱘϞᏖ݀ৌⲜ߽㛑࡯᳔ᔎDŽ3 ໻˅Ꮦؐǃ ԢԄؐǃԢᤶ᠟⥛ⱘ݀ৌ㹿ܙߚ㽚ⲪDŽ4˅㙵Ӌ㸼⦄᳔དⱘ݀ৌ㹿Ⳍᇍ䕗ᇥ ⱘߚᵤᏜ㽚ⲪDŽ ™ ֵᙃᠽᬷ῵ൟ˖᳝ߚᵤᏜ㽚ⲪԚ䖬᳾㹿ܙߚ㽚Ⲫⱘ㙵⼼㸼⦄᳈དDŽ1˅䖛এ ϔ↉ᯊ䯈䩜ᇍϞᏖ݀ৌ᳝ⷨお᡹ਞǃԚⷨお᡹ਞ᭄䞣䕗ᇥⱘ㙵⼼Ⳍᇍ᳈ᔎˈ 㗠ⷨお᡹ਞ᭄䞣Ⳍᇍ䕗໮ⱘ㙵⼼᳾ᴹⳌᇍ䕗ᔅ˗2˅ᑨ⫼Ѣ≾⏅ 300 㙵⼼∴ ⱘ䍙乱ᬊⲞЎ 26%ˈ2008 ᑈⱘ㸼⦄᳔ᏂˈЎ 9%˗3˅ऩ㒃㗗㰥㽚Ⲫᑺˈخ ໮㹿᳈ᇥߚᵤᏜ㽚Ⲫⱘ㙵⼼ ˈخぎ㹿᳈໮ߚᵤᏜ㽚Ⲫⱘ㙵⼼ 㛑ˈ㦋ᕫ 10%ⱘ ᑇഛᑈ࣪䍙乱ᬊⲞDŽ ™ Ⲝ߽乘⌟䇗ᭈ῵ൟ Ⲝ˖߽乘⌟Ϟ䇗ⷁᳳ䍙乱ᬊⲞ䗮ᐌ㛑ᣕ㓁ϝ਼ 㗠ˈ䭓ᳳ෎ ᴀ䴶ᬍ୘ᑈ࣪䍙乱ᬊⲞ䖥 10%DŽ1˅خ໮ߚᵤᏜ䇗催Ⲝ߽乘⌟ⱘ㙵⼼ˈخぎ ߚᵤᏜ䇗ԢⲜ߽乘⌟ⱘ㙵⼼ৃҹ㦋ᕫᣕ㓁〇ᅮⱘᬊⲞ˗2˅ᑨ⫼Ѣ≾⏅ 300 㙵⼼∴Ϟ㛑㦋ᕫ 35%ⱘᑈ࣪䍙乱ᬊⲞ˗3˅Ⲝ߽乘⌟䇗ᭈⱘⷁᳳࠎ▔԰⫼ᏺ ᴹⱘ䍙乱ᬊⲞ䗮ᐌ೼ 3਼Ꮊে⍜༅ ˈ࠽ϟⱘ෎ᴀ䴶ᬍ୘ⱘ䭓ᳳ䍙乱ᬊⲞᑈ࣪ ᥹䖥 10%DŽ4˅䆹῵ൟ೼໻㙵⼼Ё㸼⦄ӬѢ೼ᇣᏖؐ㙵⼼Ёⱘ㸼⦄DŽ ™ Ⲝ߽乘⌟⊶ࡼ῵ൟ˖໻Ⲭ㙵Ⲝ߽乘⌟䍞〇ᅮ䍞དDŽ1˅Ⲝ߽乘⌟ⱘϔ㟈乘ᳳ ⊶ࡼ䕗໻ⱘ㙵⼼᳾ᴹ㸼⦄Ⳍᇍ䕗ᔅˈ㗠乘⌟䕗〇ᅮⱘ㙵⼼᳾ᴹ㸼⦄Ⳍᇍ䕗 ᔎ 2˗˅ᑨ⫼Ѣ≾⏅ 300㙵⼼∴Ϟ㛑㦋ᕫ 31%ⱘᑈ࣪䍙乱ᬊⲞ 3˗˅䆹῵ൟ೼ 2007ǃ2008ᑈ᳝䍙䖛 10%ⱘ᳔໻䖲㓁ѣᤳˈ䳔㽕䖯ϔℹⱘᬍ䖯DŽ ™ Ⲝ߽乘⌟ߚ℻῵ൟ˖ߚ℻䍞໻ˈᬊⲞ䍞催DŽ1˅ߚᵤᏜᇍϞᏖ݀ৌϟϔᑈⱘ Ⲝ߽乘⌟ߚ℻ᑺ䍞໻ˈ㙵⼼᳾ᴹ㸼⦄䍞ᔎˈডП㙵⼼㸼⦄䍞ᔅ˗2˅ᑨ⫼Ѣ ≾⏅ 300㙵⼼∴Ϟ㛑㦋ᕫ 24%ⱘᑈ࣪䍙乱ᬊⲞ˗3˅໻Ⲭ㙵㙵⼼∴੠ᇣⲬ㙵 㙵⼼∴Ё῵ൟ㸼⦄Ⳍ䖥DŽ 䞥㵡Ꮉ⿟ঞ㸡⫳ક㒘 㘨㋏Ҏ˖ᴢᷟ� ⬉䆱˖010-84588397 䚂ӊ˖lidong@citics.com Ϲ催ࠥ� ⬉䆱˖010-84588093 䚂ӊ˖yangj@citics.com ᠻϮ䆕к㓪ো˖S1010510120029 ߚᵤᏜ㽚ⲪᑺϢ݀ৌ෎ᴀ䴶݇㋏ 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 0 1 2 3 4 5 6 7 8 9 10 11 ᴀᑈᬊⲞ⥛ ޔ߽⍺๲䗳 ROA Ꮦؐ 䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳 Ⳍ݇ⷨお� 1.ljᬊⲞ⥛ড䕀ㄪ⬹ⷨお ড˖䕀ᬜᑨ᱂䘡ᄬ ೼ˈ㸠Ϯ಴ᄤ⡍ᕕᯢᰒNJ.... 2010.10.26 2.lj㒣݌㒳䅵༫߽ㄪ⬹೼ A 㙵Ꮦഎⱘᑨ⫼ ੠ਃ⼎NJ .................................... 2010.8.4 3.ljᇍ 08 ᑈӋؐࡼ䞣῵ൟⱘᬍ䖯NJ .................................................... 2010.8.9 4. lj෎ѢϾ㙵Ӭ࣪ⱘ≾⏅ 300ᣛ᭄๲ᔎㄪ ⬹ⷨおNJ .................................. 2010.5.19 5. ljⷁᳳᔎ࢓㙵⡍ᕕⷨおঞѸᯧ೒䈅NJ .................................................. 2010.5.19 ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ ⳂⳂ ᔩ ୘⫼㗙ˈᮍ㛑㚰 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.................................................................................................................................................................... 11� ᦦ೒Ⳃᔩ ೒ 1˖पᮍߚᵤ᡹ਞ᭄䞣ⱘ᳜ᑺߚᏗ........................................................................................................................ 2� ೒ 2˖৘ᴎᵘ㒭ߎⱘ䆘㑻᠔ऴ↨՟............................................................................................................................ 3� ೒ 3˖ϞᏖ݀ৌ㹿पᮍᴎᵘ㽚Ⲫ⿟ᑺⱘߚᏗ............................................................................................................ 3� ೒ 4˖ϞᏖ݀ৌ㹿Ḍᖗपᮍᴎᵘ㽚Ⲫ⿟ᑺⱘߚᏗ.................................................................................................... 3� ೒ 5˖ϞᏖ݀ৌ㾘῵Ϣपᮍ㽚Ⲫᑺ៤ℷ↨................................................................................................................ 4� ೒ 6˖㙵⼼ᤶ᠟⥛Ϣपᮍ㽚Ⲫᑺ៤ড↨.................................................................................................................... 4� ೒ 7˖ϞᏖ݀ৌԄؐ∈ᑇϢḌᖗࠌଚ㽚Ⲫᑺ៤ড↨................................................................................................ 4� ೒ 8˖ϞᏖ݀ৌԄؐ∈ᑇϢࠌଚ㽚Ⲫᑺ៤ড↨........................................................................................................ 4� ೒ 9˖ϞᏖ݀ৌԄؐ∈ᑇϢḌᖗࠌଚ㽚Ⲫᑺ៤ড↨................................................................................................ 5� ೒ 10˖ϞᏖ݀ৌԄؐ∈ᑇϢࠌଚ㽚Ⲫᑺ៤ড↨...................................................................................................... 5� ೒ 11˖ϞᏖ݀ৌ៤䭓ᗻϢपᮍ㽚Ⲫᑺⱘ݇㋏ .......................................................................................................... 5� ೒ 12˖ᬊⲞ⥛ǃ៤䭓ᗻǃⲜ߽㛑࡯ǃ㾘῵ϢߚᵤᏜ㽚Ⲫᑺⱘ݇㋏ ...................................................................... 6� ೒ 13˖㒳䅵༫߽ⱘⷨおᮍ⊩ ..................................................................................................................................... 6� ೒ 14˖ᑨ⫼ϡৠᯊ䯈䭓ᑺⱘⲜ߽乘⌟ব࣪ৃ㦋ᕫⱘ䍙乱ᬊⲞ .............................................................................. 9� ೒ 15˖Ⲝ߽乘⌟ব࣪῵ൟ೼৘㙵⼼∴Ϟⱘ㸼⦄...................................................................................................... 9� ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 㸼㸼ḐⳂᔩ 㸼 1˖पᮍᴎᵘথᏗⱘϞᏖ݀ৌⷨお᡹ਞ᭄䞣........................................................................................................ 1� 㸼 2˖पᮍᴎᵘ৘ᑈ㒭ߎⱘ䆘㑻ऴᘏ䆘㑻ⱘ↨՟.................................................................................................... 3� 㸼 3˖ֵᙃᠽᬷ῵ൟ೼≾⏅ 300㙵⼼∴Ёⱘग़৆㸼⦄............................................................................................ 7� 㸼 4˖ֵᙃᠽᬷ῵ൟ೼ Top1500㙵⼼∴Ёⱘग़৆㸼⦄............................................................................................ 7� 㸼 5˖㽚Ⲫᑺ಴㋴೼≾⏅ 300㙵⼼∴Ёⱘग़৆㸼⦄................................................................................................ 7� 㸼 6˖ϔ਼Ⲝ߽乘⌟䇗ᭈ῵ൟ೼≾⏅ 300㙵⼼∴Ёⱘग़৆㸼⦄ ............................................................................ 8� 㸼 7˖Ⲝ߽乘⌟ⱘ᳔໻ؐǃᑇഛؐ੠᳔ᇣؐⲜ߽乘⌟䇗ᭈ῵ൟⱘ㸼⦄ ................................................................ 8� 㸼 8˖Ⲝ߽乘⌟⊶ࡼ῵ൟ೼≾⏅ 300㙵⼼∴Ёⱘग़৆㸼⦄ .................................................................................. 10� 㸼 9˖Ⲝ߽乘⌟ߚ℻῵ൟ೼≾⏅ 300㙵⼼∴Ёⱘग़৆㸼⦄ .................................................................................. 10� 㸼 10˖Ⲝ߽乘⌟ߚ℻῵ൟ೼ Top1500㙵⼼∴Ёⱘग़৆㸼⦄................................................................................ 11� ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 5᳜ 10᮹ 1 ୘୘⫼㗙ˈᮍ㛑㚰 䱣ⴔ೑ݙ䆕ࠌᏖഎ䖥޴ᑈⱘ亲䗳থሩˈपᮍᴎᵘⱘϡᮁᠽᓴˈA㙵Ꮖ㒣䖯ܹњϔϾֵᙃ⟚⚌ⱘᯊҷˈᔧ ㊒䇏↣㆛᡹ਞᏆ㒣៤Ўϔ乍ϡৃ㛑ᅠ៤ⱘӏࡵ ᔧˈㅔऩഄᇚपᮍߚᵤᏜⱘⷨお㒧䆎ᑨ⫼Ѣᡩ䌘䲒ҹ㦋ᕫ⒵ᛣ ⱘᬜᵰᯊˈབԩᦤ催पᮍߚᵤᏜⷨお៤ᵰⱘ߽⫼ᬜ⥛֓៤Ў䞡ЁП䞡ⱘ䆱乬DŽ ୘⫼㗙ˈᮍ㛑㚰DŽ៥Ӏᓎ䆂ˈᡩ䌘㗙䞛পĀ㊒䇏+䞣࣪āⱘঠ໘⧚῵ᓣ˖ϔᮍ䴶ˈ㋻ᆚ䎳䏾ᯢ᯳ߚᵤᏜ ⱘ䞡㽕᡹ਞ ㊒ˈ䇏݊ߚᵤ䘏䕥੠໮ぎ㾖⚍ ঺˗ϔᮍ䴶 ᡍˈ䞣໘⧚पᮍߚᵤᏜ᠔㒭ߎⱘ䆘㑻ǃⲜ߽乘⌟ㄝ᭄᥂ˈ Ң᡹ਞ乥⥛ǃϔ㟈乘ᳳব࣪ǃߚ℻ᑺㄝ㾦ᑺ䞣࣪䆘ԄपᮍߚᵤᏜ԰ЎϔϾᭈԧᇍѢ㒭ᅮ㙵⼼ⱘ乘ᳳⱘ㒚ᖂব ࣪DŽᴀ᭛೼䞣࣪໘⧚ᮍ䴶خњᕜ໮Ꮉ԰ˈᐂࡽᡩ䌘㗙६⏙पᮍߚᵤᏜⱘ㽚Ⲫأད੠㸠Ў⡍ᕕˈᑊϨҢ῵ൟẔ 偠ⱘ㾦ᑺথ⦄њϔѯৃկᡩ䌘㗙খ㗗ⱘⷨお㒧䆎ˈЏ㽕᳝ҹϟϝᴵ˖ 1˅ߚᵤᏜᇍѢ໻ᏖؐǃԢᤶ᠟⥛ǃԢԄؐⱘ㙵⼼᳝ᯢᰒⱘ㽚ⲪأདˈԚᑇഛᴹ䇈ˈ㽚Ⲫ⿟ᑺ᳔催ⱘ݀ ৌⱘ㙵Ӌ㸼⦄ᕜϔ㠀ˈ㗠㽚Ⲫᑺ೼ЁԢ∈ᑇⱘϞᏖ݀ৌ᳔݋ⳟ⚍˗ 2˅أ䞡㊒䗝Ͼ㙵ⱘᡩ䌘㗙ৃҹ䞡⚍݇⊼໘ѢֵᙃᠽᬷЁⱘĀދ䮼㙵ā੠໘Ѣߚ℻⓽⍵ЁⱘĀѝ䆂㙵ā˗ 3˅أ䞡䍟࢓߸ᮁǃ㒘ড়ᡩ䌘ⱘᡩ䌘㗙ৃҹḍ᥂Ⲝ߽乘⌟ⱘϞ䇗៪㗙ϟ䇗䇗ᭈ㞾Ꮕⱘᡩ䌘㒘ড়DŽ ៥Ӏ໘೼ϔϾֵᙃ⟚⚌ⱘᯊҷ ᳔䖥ⱘѨᑈˈ೑ݙ䆕ࠌᏖഎ亲䗳থሩˈ㸼⦄ЎϞᏖ݀ৌ᭄䞣▔๲ˈфᮍǃपᮍᴎᵘϡᮁᠽᓴˈपᮍ᠔㛑 ᦤկⱘ᡹ਞ䍞ᴹ䍞໮ˈࣙᣀ䇗ⷨ᡹ਞǃ⚍䆘᡹ਞǃ⏅ᑺ᡹ਞㄝˈ᮴⭥ˈ៥Ӏ໘೼ϔϾֵᙃ⟚⚌ⱘᯊҷDŽ ϔǃ᡹ਞ᭄䞣䗤ᑈ๲໮ˈ⚍䆘᡹ਞሙ佪� 㸼 1 㒳䅵њ 2006 ᑈࠄ 2010 ᑈपᮍᴎᵘথᏗⱘ৘㉏ϞᏖ݀ৌⷨお᡹ਞ੠㽚Ⲫⱘ݀ৌ᭄䞣DŽ2010 ᑈपᮍ ᴎᵘ݅থᏗ 39281㆛ϞᏖ݀ৌ᡹ਞˈࠨ䰸ֵᙃ৿䞣䕗Ԣⱘ⚍䆘᡹ਞ੠ᮄ㙵᡹ਞ݅䅵 14222㆛ˈҹ 2010ᑈܼ ᑈ 242ϾѸᯧ᮹Ԅㅫˈᑇഛ↣໽ⱘ᡹ਞ᭄㑺Ў 58㆛DŽ೼᡹ਞ᳔᭄໮ⱘ 8᳜ӑˈ↣໽ᑇഛ᡹ਞ᭄Ў 91㆛DŽ䖭 䖬ᰃ≵᳝ㅫ㸠Ϯǃᅣ㾖ǃㄪ⬹ҹঞ⚍䆘᡹ਞ੠ᮄ㙵䆶ӋᅮӋ᡹ਞⱘ㒧ᵰDŽ䖭ḋϔϾ᡹ਞᆚᑺՓᕫфᮍ᮴⊩㽚 Ⲫࠄ᠔᳝᡹ਞˈা㛑䗝ᢽ䞡⚍݇⊼޴ϾⷨおਬDŽ 㸼 1˖पᮍᴎᵘথᏗⱘϞᏖ݀ৌⷨお᡹ਞ᭄䞣 ᯊ䯈 ᡹ਞ᭄䞣 㙵⼼ᘏ᭄ 㹿㽚Ⲫ݀ৌ᭄ पᮍ᭄ ϔ㠀᡹ਞ ⏅ᑺ᡹ਞ 䇗ⷨ᡹ਞ ⚍䆘᡹ਞ ᮄ㙵᡹ਞ 2006ᑈ 12378 1417 928 63 1805 656 2154 6698 1065 2007ᑈ 16315 1543 1058 70 2434 924 2443 8781 1733 2008ᑈ 25292 1620 1124 74 4248 904 2885 16394 861 2009ᑈ 32954 1719 1515 72 7018 1236 3990 19130 1580 2010ᑈ 39281 2073 1847 84 7696 1803 4723 20667 4392 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼ˈᳱ䰇∌㓁 䋶᡹ֵᙃᰃߚᵤᏜⱘ䞡㽕ֵᙃᴹ⑤DŽ៥Ӏ㒳䅵њ䖛এ޴ᑈ৘᳜ᑺपᮍᴎᵘথᏗⱘ᡹ਞ᭄䞣 Ңˈ᳜ᑺߚᏗ ৃҹᯢᰒⳟߎˈपᮍߚᵤ᡹ਞⱘ᭄䞣೼䋶᡹᡿䴆᳜ᰒ㨫ⱘ催Ѣ݊ᅗ᳜ӑⱘ᭄䞣DŽ೼ 3᳜ǃ4᳜˄ᑈ᡹ˈϔᄷ ᡹᡿䴆ᳳ˅ˈ 8᳜˄Ё᡹᡿䴆ᳳ˅੠ 10᳜˄ϝᄷ᡹ᡍ䴆ᳳ˅ⱘपᮍ᡹ਞ᭄䖰催Ѣ݊ᅗ᳜ӑDŽ䖭⾡᭄䞣ϞⱘᏂ ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 5᳜ 10᮹ 2 ᓖᑊϡᰃᴹ⑤Ѣ៥ӀⳈ㾖ᛇ䈵ⱘ⚍䆘᡹ਞDŽ೼ᠷ䰸ᥝ᠔᳝⚍䆘᡹ਞৢˈ៥Ӏҡ㛑ⳟࠄ䴲ᐌ᥹䖥ⱘߚᏗDŽ೒ 1 ሩ⼎њ 2006ᑈࠄ 2010ᑈ৘᳜ᑇഛⱘ᠔᳝᡹ਞ᭄䞣੠ϡ৿⚍䆘ǃᮄ㙵᡹ਞⱘ᡹ਞ᭄䞣DŽ ೒ 1˖पᮍߚᵤ᡹ਞ᭄䞣ⱘ᳜ᑺߚᏗ 0 200 400 600 800 1000 1200 1400 1600 1800 2000 0 1000 2000 3000 4000 5000 6000 1 2 3 4 5 6 7 8 9 10 11 12 ᏺ⚍䆘᡹ਞ(Ꮊ˅ ϡᏺ⚍䆘᡹ਞ(ে˅ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 䖭⾡᳜ᑺᏂᓖ៥Ӏ䅸ЎЏ㽕ড᯴њϸ⚍˖㄀ϔˈ䋶᡹ֵᙃҡ✊ᰃपᮍߚᵤᏜᇍϞᏖ݀ৌ䖯㸠߸ᮁⱘ䞡㽕 ֵᙃᴹ⑤DŽ㄀ѠˈपᮍߚᵤᏜ᳈ᜓᛣ೼䋶᡹᡿䴆ࠡৢথᏗ㞾Ꮕⱘᡩ䌘ᓎ䆂DŽ᮶✊䋶᡹ֵᙃᰃपᮍߚᵤᏜ䞡㽕 ⱘֵᙃᴹ⑤ ៥ˈӀ೼᡹ਞⱘৢ㓁䚼ߚҢ䋶᡹ֵᙃⱘ㾦ᑺߚᵤњपᮍߚᵤᏜ೼㽚ⲪϞᏖ݀ৌᯊ᳝ҔМⱘ㽚Ⲫأ དDŽ ѠѠǃ㽚Ⲫ݀ৌ䍞ᴹ䍞ᑓ� 㱑✊पᮍᴎᵘ↣ᑈথᏗⱘⷨお᡹ਞ෎᭄Ꮖ㒣ᕜ໻њ Ԛˈ๲䗳ҡ✊ֱᣕ催ԡDŽҢ 2006ᑈࠄ 2010ᑈ᡹ਞ᭄ ᑈഛ๲䗳Ў 34.08% 㗠ˈ 2011ᑈࠡϸϾ᳜ⱘ᡹ਞ᭄ৠ↨๲䗳Ў 34.21%DŽ㹿㽚ⲪⱘϞᏖ݀ৌᑈഛ๲䗳Ў 19.24%DŽ 䖭⾡催䗳Џ㽕ᴹ㞾ϸϾᮍ䴶˖ 1˅09 ᑈࠄ 10 ᑈⱘᇣⲬ㙵㸠ᚙ֗Փфᮍᴎᵘ੠पᮍᴎᵘ೼ЁᇣᏖؐ㙵⼼ⱘ෎ᴀ䴶ߚᵤ䇗ⷨЁᡩܹ᳈໻ ⱘ㊒࡯ 㗠ˈ݊㚠ৢⱘ䘏䕥ᰃ䆩೒ҢЁᇣᏖؐ㙵⼼Ёᣪᥬߎ㒣⌢䕀ൟᳳ੠ᮄ݈ѻϮ៬⬹໻㚠᱃ЁᬊⲞ᳔໻ⱘ㙵 ⼼DŽ಴ℸˈ䖭⾡೼ЁᇣᏖؐ㙵⼼Ϟᣕ㓁ᡩܹ㊒࡯੠䌘⑤ⱘ䍟࢓޴ᑈݙϡӮᬍবDŽ 2˅ϞᏖ݀ৌ᭄䞣๲䗳ᖿDŽ09 ᑈ IPO 䞡ਃৢˈᮄ㙵থ㸠ϞᏖ䗳ᑺᯢᰒࡴᖿ˖2009 ᑈ 7 ᳜ࠄᑈᑩϞᏖ 99 ᆊˈ2010ᑈܼᑈϞᏖ 354ᆊˈ2011ᑈ៾ℶࠄ 4᳜ 15᮹ˈ݅ϞᏖ 101ᆊDŽᡩ䌘ᷛⱘⱘ๲໮㞾✊ՓⳌᑨⱘⷨお ᡹ਞǃ䎳䏾᡹ਞ๲໮DŽ㗠᳾ᴹ䖬᳝೑䰙⠜᥼ߎǃᮄϝᵓᠽᆍㄝ ᮄˈ㙵᭄䞣ⱘ催๲䭓೼޴ᑈݙгᰃৃҹᣕ㓁ⱘDŽ ϝǃऩ㒃ձ䴴фप䆘㑻䲒ҹᣛᇐᡩ䌘� ⦄㸠ⱘϮᗕ⦃๗ᇍথᏗⳟぎ㾖⚍ⱘपᮍߚᵤᏜᕜϡ߽ˈ಴ℸߚᵤᏜ㒭ߎⱘ㒱໻໮᭄䆘㑻ᰃⳟ໮ⱘDŽ㸼 2 㒳䅵њᏺ䆘㑻ⱘⷨお᡹ਞЁ৘䆘㑻ऴᔧᑈᘏ᡹ਞ᭄ⱘ↨՟DŽ Ң㒳䅵Ёৃҹᯢᰒⳟߎˈपᮍᴎᵘ݅㽚ⲪњᏖഎϞϔ໮ञⱘϞᏖ݀ৌˈ㗠㒭ߎⱘфܹ੠๲ᣕ䆘㑻᠔ऴ↨ ՟᥹䖥 85%DŽ಴ℸˈ៥Ӏ䳔㽕ᇍߚᵤᏜⱘ䆘㑻੠Ⲝ߽乘⌟خ᳈Ў㒚㟈ⱘⷨおDŽϔᮍ䴶ˈ㽕໮੠ᯢ᯳ߚᵤᏜ≳ 䗮ˈⷨお㒣݌᡹ਞᄫ䞠㸠䯈䱤৿ⱘ㾖⚍˗঺ϔᮍ䴶ˈ೼᡹ਞབℸП໮ⱘ⦄⢊ϟˈҢ䞣࣪ߚᵤⱘ㾦ᑺܹ᠟ˈᡞ ৘ᆊपᮍᴎᵘ԰ЎϔϾᭈԧˈߚᵤҪӀⱘ㸠ЎϢ㙵⼼᳾ᴹⳌᇍᔎᔅⱘ݇㋏DŽ ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 5᳜ 10᮹ 3 ϟ䴶ⱘݙᆍߚ߿ҢߚᵤᏜᇍϞᏖ݀ৌⱘ㽚Ⲫأད੠෎ѢߚᵤᏜ᭄᥂ৃҹ䆒䅵ҔМḋⱘ䞣࣪ᡩ䌘῵ൟϸ 䚼ߚሩᓔDŽ 㸼 2˖पᮍᴎᵘ৘ᑈ㒭ߎⱘ䆘㑻ऴᘏ䆘㑻ⱘ↨՟ ᯊᯊ䯈 पߎ ⌒থ Ёᗻ ๲ᣕ фܹ 2006ᑈ 0.34% 0.16% 14.74% 42.30% 42.46% 2007ᑈ 0.45% 0.25% 12.75% 38.90% 47.66% 2008ᑈ 0.77% 0.37% 18.15% 42.74% 37.97% 2009ᑈ 1.04% 0.11% 18.55% 41.16% 39.14% 2010ᑈ 0.22% 0.01% 10.05% 39.31% 50.41% ᑇഛ 0.56% 0.18% 14.85% 40.88% 43.53% 䌘᭭ᴹ⑤˖ᳱ䰇∌㓁ˈЁֵ䆕ࠌⷨお䚼 ೒ 2˖৘ᴎᵘ㒭ߎⱘ䆘㑻᠔ऴ↨՟ पߎ 0.3% Ёᗻ 12.6% ๲ᣕ 43.1% фܹ 44.1% 䌘᭭ᴹ⑤˖ᳱ䰇∌㓁ˈЁֵ䆕ࠌⷨお䚼 पᮍߚᵤᏜ㽚Ⲫ⡍ᕕܼᠿᦣ ϔǃߚᵤᏜᇍϞᏖ݀ৌ㽚Ⲫ⿟ᑺ᳝ᰒ㨫Ꮒᓖ� ϞᏖ݀ৌ㹿पᮍᴎᵘ㽚Ⲫⱘ⿟ᑺᰃ᳝ᰒ㨫ᏂᓖⱘDŽ᳝ⱘϞᏖ݀ৌ㹿ᏖഎϞ໻໮᭄पᮍᴎᵘ䎳䏾ˈ㗠᳝ѯ ϞᏖ݀ৌা㹿ᇥ䞣ⱘपᮍᴎᵘ䎳䏾DŽḍ᥂ᮄ䋶ᆠ䆘䗝ⱘ᳔Շपᮍⷨおಶ䯳੠᳔݋ᕅડ࡯ⱘपᮍⷨおಶ䯳ˈ៥ ӀপњЁֵ䆕ࠌǃ⬇䫊ϛ೑ǃ೑⋄৯ᅝǃЁ䞥ǃ᢯ଚ䆕ࠌǃ೑ֵ䆕ࠌǃ㘨ড়䆕ࠌǃЁֵᓎᡩǃ䭓∳䆕ࠌǃ೑ 䞥䆕ࠌǃᅝֵ䆕ࠌ݅ 11 ᆊपᮍᴎᵘ԰Ў៥ӀⱘḌᖗपᮍᴎᵘ㕸ˈߚ߿ⷨおњϞᏖ݀ৌ㹿᠔᳝पᮍ੠Ḍᖗप ᮍ㽚Ⲫⱘ⿟ᑺᏂᓖDŽ ೒ 3੠೒ 4ড᯴ⱘᰃ 2010ᑈϞᏖ݀ৌ㹿पᮍᴎᵘ㽚Ⲫ⿟ᑺⱘߚᏗˈ೒Ёˈ῾തᷛᰃपᮍᴎᵘ᭄ˈ㒉ത ᷛᰃϞᏖ݀ৌ᭄ˈ᷅⢊೒ⱘ↣ϔϾ᷅ড᯴ⱘᰃ㹿 nᆊपᮍᴎᵘ㽚ⲪⱘϞᏖ݀ৌ᳝໮ᇥᆊDŽҢ೒Ёৃҹᯢᰒⳟ ߎˈϡ䆎ᰃⳟ᠔᳝पᮍ䖬ᰃḌᖗपᮍᴎᵘˈϞᏖ݀ৌ㹿㽚Ⲫⱘ⿟ᑺᏂᓖ䛑ᰃᕜᯢᰒⱘDŽᇥ䞣ⱘϞᏖ݀ৌ㹿प ᮍᴎᵘܙߚ㽚Ⲫˈ㗠໻໮᭄ⱘϞᏖ݀ৌা㹿ᇥ᭄ⱘपᮍᴎᵘ㽚ⲪDŽ ೒ 3˖ϞᏖ݀ৌ㹿पᮍᴎᵘ㽚Ⲫ⿟ᑺⱘߚᏗ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ೒ 4˖ϞᏖ݀ৌ㹿Ḍᖗपᮍᴎᵘ㽚Ⲫ⿟ᑺⱘߚᏗ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 5᳜ 10᮹ 4 ѠѠǃߚᵤᏜᇍϞᏖ݀ৌⱘ㽚Ⲫ݋᳝ᯢᰒⱘأདᗻ� �ǃߚᵤᏜأད໻Ꮦؐ݀ৌ� 㾘῵಴ᄤᰃ㾷䞞पᮍᴎᵘ㽚Ⲫᑺ᳔ᯢᰒⱘ಴ᄤDŽ៥Ӏᣝपᮍᴎᵘ㽚Ⲫ᭄ᇍϞᏖ݀ৌߚ㒘ˈߚ߿㒳䅵њϡ ৠ㒘ϞᏖ݀ৌⱘᑇഛ㾘῵˄㾕೒ 5 DŽ˅ϡ䆎ᰃᏖؐǃޔ䌘ѻ䖬ᰃᘏ䌘ѻ㸵䞣ˈϞᏖ݀ৌⱘ㾘῵੠ߚᵤᏜ㽚Ⲫ ⿟ᑺ䛑ਜᯢᰒⱘℷ↨݇㋏˄㾘῵䛑ᰃপᇍ᭄ৢⱘⳌᇍؐ DŽ˅Ңᤶ᠟⥛㾦ᑺⱘ⌟ㅫгᬃᣕ䖭ϔ㒧䆎˄೒ 6˅ˈ 㽚 Ⲫᑺ䍞催ⱘ݀ৌᤶ᠟⥛䍞ԢDŽ ೒ 5˖ϞᏖ݀ৌ㾘῵Ϣपᮍ㽚Ⲫᑺ៤ℷ↨ 0 0.2 0.4 0.6 0.8 1 1.2 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 Ꮦؐ ޔ䌘ѻ ᘏ䌘ѻ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ೒ 6˖㙵⼼ᤶ᠟⥛Ϣपᮍ㽚Ⲫᑺ៤ড↨ 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 Ϟᑈᤶ᠟⥛ ᴀᑈᤶ᠟⥛ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 �ǃߚᵤᏜأདԢԄؐ݀ৌ� ҢԄؐ㾦ᑺⳟˈ៥Ӏথ⦄ԢԄؐⱘ㙵⼼㹿᳈໮ⱘߚᵤᏜ㽚Ⲫˈ㗠催Ԅؐⱘ㙵⼼߭㹿᳈ᇥⱘߚᵤᏜ㽚ⲪDŽ Ўњ᳈ᮍ֓ⱘ↨䕗Ԅؐ∈ᑇ੠㽚Ⲫᑺⱘ݇㋏ˈ៥Ӏⷨおњ 2006 ᑈࠄ 2010 ᑈϡৠपᮍ㽚ⲪᑺⱘϞᏖ݀ৌ PE Ԅؐⱘצ᭄DŽҢ೒ 7੠೒ 8ৃҹⳟߎˈ᮴䆎ᰃҹḌᖗࠌଚ䖬ᰃ᠔᳝ࠌଚ԰Ў㗗ᆳᇍ䈵ˈ㹿᳈໮पᮍ㽚Ⲫⱘ㙵 ⼼ⱘ↣㙵ᬊⲞ/ӋḐⳌᇍ᳈催ˈेԄؐ∈ᑇⳌᇍ᳈ԢDŽ䖭Ϣࠡ䴶᠔䇈ⱘ㾘῵ᬜᑨгᰃϔ㟈ⱘˈ㾘῵੠Ԅؐᰃ 䋳Ⳍ݇ⱘ݇㋏DŽ ೒ 7˖ϞᏖ݀ৌԄؐ∈ᑇϢḌᖗࠌଚ㽚Ⲫᑺ៤ড↨ 0 0.2 0.4 0.6 0.8 1 1.2 0 1 2 3 4 5 6 7 8 9 10 11 E/P 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ೒ 8˖ϞᏖ݀ৌԄؐ∈ᑇϢࠌଚ㽚Ⲫᑺ៤ড↨ 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 E/P 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 � � ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 5᳜ 10᮹ 5 ϝϝǃЁԢ㽚Ⲫᑺⱘ㙵⼼᳈᳝ⳟ⚍� �ǃ㽚Ⲫᑺ೼Ё↉ⱘ݀ৌⲜ߽㛑࡯᳔ᔎ� Ϣࠡ䴶ⱘᮍ⊩㉏Ԑˈ៥Ӏḍ᥂ϞᏖ݀ৌ㹿໮ᇥᆊपᮍᴎᵘ˄Ḍᖗपᮍᴎᵘ˅㽚ⲪᇍϞᏖ݀ৌߚ㒘ˈ䅵ㅫ ৘㒘ϞᏖ݀ৌⱘᑇഛ ROA੠ᑇഛ ROEDŽ㒧ᵰᰒ⼎ˈ㽚Ⲫᑺ໘ѢЁㄝ∈ᑇⱘϞᏖ݀ৌⲜ߽㛑࡯᳔ᔎˈ㗠㽚Ⲫ ᑺأ催ⱘ݀ৌⲜ߽㛑࡯⬹ᔎѢ㽚ⲪᑺأԢⱘ݀ৌDŽ ೒ 9˖ϞᏖ݀ৌԄؐ∈ᑇϢḌᖗࠌଚ㽚Ⲫᑺ៤ড↨ 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 0 1 2 3 4 5 6 7 8 9 10 11 ROA ROE 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ೒ 10˖ϞᏖ݀ৌԄؐ∈ᑇϢࠌଚ㽚Ⲫᑺ៤ড↨ 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 ROA ROE 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 �ǃ䖥ᳳ៤䭓ᗻདⱘ݀ৌ㹿᳈ᇥⱘपᮍ㽚Ⲫ� ៥Ӏ⫼ৠḋⱘᮍ⊩ⷨおњϞᏖ݀ৌⲜ߽៤䭓ᗻϢपᮍ㽚ⲪᑺП䯈ⱘ݇㋏DŽߚ߿㗗ᆳњग़৆៤䭓ᗻ˄䖛এ 5 ᑈⱘޔ߽⍺๲䗳˅੠ᔧᳳ៤䭓ᗻ˄᳔䖥ϔᑈⱘޔ߽⍺๲䗳˅ˈ 㒧ᵰᰒ⼎ˈग़৆៤䭓ᗻ੠ϞᏖ݀ৌ㹿पᮍᴎ ᵘⱘ㽚Ⲫ⿟ᑺ៤ᯢᰒⱘℷ↨ 㗠ˈᔧᳳ៤䭓ᗻᙄདⳌডDŽᔧᳳ៤䭓ᗻ䕗ᔎⱘ㙵⼼㹿䕗ᇥⱘߚᵤᏜ㽚Ⲫüü㹿 11 ᆊḌᖗࠌଚЁⱘ 3~5ᆊࠌଚ㽚ⲪⱘϞᏖ݀ৌᔧᳳ៤䭓ᗻᑇഛ᳔དDŽ ೒ 11˖ϞᏖ݀ৌ៤䭓ᗻϢपᮍ㽚Ⲫᑺⱘ݇㋏ 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0 1 2 3 4 5 6 7 8 9 10 11 ޔ߽⍺๲䗳 5ᑈޔ߽⍺๲䗳 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ҢϞ䴶ⱘߚᵤ៥Ӏৃҹẇ⧚ߎϔᆊ݌ൟϞᏖ݀ৌⱘথሩ䰊↉੠㹿㽚Ⲫ⿟ᑺⱘᇍᑨ݇㋏DŽϞᏖ݀ৌথሩ㒣 ग़ 3Ͼ䰊↉˖߱ᳳⱘ催៤䭓䰊↉ˈা᳝ᇥ᭄ⱘߚᵤᏜ೼㽚Ⲫ˗Ёᳳ催៤䭓ᗻ䕀࣪Ў催Ⲝ߽ᗻˈ䖭ϔ䰊↉᳈໮ ⱘߚᵤᏜࡴܹ䖯ᴹ˗᳔ৢϞᏖ݀ৌথሩ៤Ў㾘῵䕗໻ⱘ݀ৌˈ㹿पᮍᴎᵘܙߚ㽚ⲪDŽᡞϞᏖ݀ৌⱘথሩ䰊↉ Ϣ㙵Ӌ㸼⦄ᬒ೼ϔ䍋ৃҹⳟߎˈϞᏖ݀ৌ೼催៤䭓ᗻ৥催Ⲝ߽ᗻ䕀࣪ⱘ䰊↉ᰃ㙵⼼㸼⦄ⱘ咘䞥ᯊᳳˈ㗠䖭ϔ 䰊↉ϞᏖ݀ৌ㹿पᮍ㽚Ⲫⱘ⿟ᑺᰃЁㄝأᔅDŽҹ 11ᆊḌᖗࠌଚЎ㗗ᆳᇍ䈵ˈᔧϞᏖ݀ৌ㹿 4ࠄ 5ᆊḌᖗࠌ ଚ㽚Ⲫᯊˈ㙵⼼ⱘᔧᑈᬊⲞ⥛ⳌᇍѢᏖഎ᳔ᔎ˄㾕೒ 12 DŽ˅ ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 5᳜ 10᮹ 6 ೒ 12˖ᬊⲞ⥛ǃ៤䭓ᗻǃⲜ߽㛑࡯ǃ㾘῵ϢߚᵤᏜ㽚Ⲫᑺⱘ݇㋏ 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 0 1 2 3 4 5 6 7 8 9 10 11 ᴀᑈᬊⲞ⥛ ޔ߽⍺๲䗳 ROA Ꮦؐ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ᓩᓩܹ῵ൟˈ⌟䆩ߚᵤᏜ಴ᄤⱘᡩ䌘⡍ᗻ पᮍߚᵤᏜֵᙃᑲ໻㐕ᴖˈԚ㢹ㅔऩഄᇚ݊ᔧ԰ϔϾ಴ᄤˈҢ಴ᄤߚᵤⱘ㾦ᑺⳟᕙ݊ᡩ䌘⡍ᗻˈৃҹᐂ ࡽ៥Ӏ᳈དⱘ߽⫼݊ᣛᇐᡩ䌘DŽЁֵ䆕ࠌⷨお䚼䞥㵡Ꮉ⿟㒘䕗ᮽᓎゟњ಴ᄤⲥ᥻ԧ㋏˄䆺㾕᡹ਞljA㙵Ꮦഎ 偅ࡼ಴㋴Ϣ亢Ḑ⡍ᕕߚᵤ᡹ਞüü偅ࡼ಴㋴ⱘञᑈᬜᑨ੠᳜ᑺᏂᓖNJㄝ˅ˈ Ꮖ㒣㽚Ⲫ៤䭓ǃӋؐǃⲜ߽ǃࡼ 䞣ǃ亢䰽ǃ㾘῵ㄝ݁໻㉏݅ 21Ͼ಴ᄤDŽⳂࠡˈЁֵ A㙵Ꮦഎ಴ᄤߚᵤԧ㋏㽚Ⲫ៤䭓ǃӋؐǃⲜ߽ǃࡼ䞣ǃ 亢䰽ǃ㾘῵ㄝ݁໻㉏݅ 21Ͼ಴ᄤDŽ ᇍѢߚᵤᏜ಴ᄤⱘ⌟䆩ˈ៥Ӏⱘⷨおᮍ⊩ҡ✊䗝⫼㒳䅵༫߽ⱘᮍ⊩DŽ佪ܜ䗝ᅮϔϾ㙵⼼∴ˈ✊ৢḍ᥂ϡ ৠⱘ಴ᄤᇍ㙵⼼∴Ёⱘ৘㙵⼼䌟ؐˈخ㸠ϮЁᗻ໘⧚DŽخ 3ࠄ 5ᑈⱘग़৆ಲ⒃ˈḍ᥂䌟ؐ㒧ᵰ䆒㕂৘㙵⼼ᰃ фܹ䖬ᰃपぎˈⳟ䖭ḋ䆒㕂ⱘग़৆㒘ড়ᰃ৺㛑㦋ᕫ〇ᅮⱘ䍙乱ᬊⲞ˄㾕೒ 13 DŽ˅བᵰ㒘ড়᳝〇ᅮ䍙乱ᬊⲞˈ Ϩ᳝㚠ৢⱘ䘏䕥ᬃᩥˈ߭䆹಴ᄤ᳝ᬜˈᬒܹ໛䗝ⱘ಴ᄤᑧЁ˗৺߭ˈ䆹಴ᄤ᮴ᬜDŽ݋ԧᮍ⊩㾕៥Ӏ 2010 ᑈ ⱘ᡹ਞlj㒳䅵༫߽ㄪ⬹೼ A㙵Ꮦഎⱘᑨ⫼੠ਃ⼎NJǃljᬊⲞ⥛ড䕀ㄪ⬹ⷨおNJㄝDŽ ೒ 13˖㒳䅵༫߽ⱘⷨおᮍ⊩ 300ᬃ 㙵⼼ ֵᙃ1 ֵᙃ2 䞣࣪ ῵ൟ ֵᙃ3 150ᬃ 㙵⼼ 150ᬃ 㙵⼼ ໮ ぎ ㌃⿃ Ⲝ߽ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 ϔǃֵᙃᠽᬷ῵ൟ� 䖭Ͼ῵ൟᰃ෎Ѣֵᙃᠽᬷⱘ⿟ᑺᴹ䆒䅵ⱘˈ݊㚠ৢⱘ䘏䕥ᰃ˖ᮄⱘֵᙃ೼ᏖഎϞ߮߮ߎ⦄ᯊˈ෎Ѣ䆹ֵ ᙃৃҹ㦋ᕫ䍙乱ᬊⲞ˗ᔧֵᙃ೼ᏖഎϞᑓ⊯ᠽᬷᯊˈ෎Ѣ䆹ֵᙃⱘ䍙乱ᬊⲞህ⍜༅⫮㟇䕀Ў䋳䍙乱ᬊⲞњDŽ ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 5᳜ 10᮹ 7 ῵ൟⱘ䆒䅵ᮍ⊩ᰃˈ↣ϔ໽㒳䅵䖛এ 10 ໽पᮍ䩜ᇍ↣ϔᆊϞᏖ݀ৌথᏗⱘⷨお᡹ਞ᭄䞣ऴᏖഎϞ᠔᳝ ⷨお᡹ਞⱘ↨՟ˈᡞ䖭Ͼؐ԰ЎϾ㙵ⱘ಴ᄤᴗ䞡ˈᑊخ㸠ϮЁᗻDŽ䩜ᇍϔা㙵⼼থᏗⱘⷨお᡹ਞ䍞໮ˈ߭䆹 㙵⼼фܹⱘᴗ䞡䍞໻ˈ䩜ᇍϔা㙵⼼থᏗⱘⷨお᡹ਞ䍞ᇥˈ߭䆹㙵⼼पぎⱘᴗ䞡䍞໻DŽབᵰ䖛এ 10 ໽≵᳝ 䩜ᇍ䖭ᆊϞᏖ݀ৌⱘ᡹ਞˈ߭ϡѸᯧᇍᑨⱘ㙵⼼DŽ 㸼 3㒳䅵њᑨ⫼䖭ϔㄪ⬹ᵘᓎⱘग़৆῵ᢳ㒘ড়೼ 2007ᑈࠄ 2009ᑈⱘग़৆㸼⦄DŽ᠔䗝ⱘ㙵⼼∴䰤ᅮ೼≾ ⏅ 300៤ߚ㙵Ёˈᑨ⫼㸠ϮЁᗻˈҢ 07ᑈࠄ 09ᑈ㦋ᕫ 25.93%ⱘᑈ࣪䍙乱ᬊⲞˈ᮹ഛ SharpeؐЎ 14.15%DŽ Ңग़৆㸼⦄ৃҹⳟߎˈ䆹ㄪ⬹㛑㦋ᕫ䕗Ў〇ᅮⱘ䍙乱ᬊⲞDŽ 㸼 3˖ֵᙃᠽᬷ῵ൟ೼≾⏅ 300㙵⼼∴Ёⱘग़৆㸼⦄ ⌟⌟䆩ᑈӑ ᬊⲞ⥛ Shapreؐ ᤶ᠟⥛ ᳔໻䖲㓁ѣᤳ ᳔໻䖲㓁ѣᤳᓔྟ ᳔໻䖲㓁ѣᤳ 㒧ᴳ ℷᬊⲞ໽᭄ ᠔ऴ↨՟ 2007 48.29% 20.53% 40.91% 3.75% 20070228 20070307 60.33% 2008 9.00% 5.50% 42.05% 9.67% 20080807 20081103 55.69% 2009 20.50% 16.41% 37.24% 3.48% 20090112 20090123 59.26% 2007~2009 25.93% 14.15% 40.09% 6.89% 20080807 20081103 58.06% 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ؐᕫ⊼ᛣⱘᰃˈ䆹ㄪ⬹೼ 2008ᑈⱘ㸼⦄ᯢᰒᔅѢ 2007ᑈ੠ 2009ᑈˈ೼ 2008ᑈ 8᳜ࠄ 2008ᑈ 11᳜П 䯈䆹ㄪ⬹᳝᥹䖥 10%ⱘ䖲㓁ѣᤳDŽৃ㛑ⱘॳ಴Пϔᰃ 08ᑈ 8᳜ࠄ 11᳜ ៥Ӏ೼䆒䅵䆹῵ൟᯊা㗗㰥њ᡹ਞ ⱘ᭄䞣㗠≵᳝㗗㰥᡹ਞⱘ໮ぎأ৥ˈ៥ӀӮ೼ৢ㓁ⱘⷨおЁࡴܹ᡹ਞأ৥ˈⳟᰃ৺ᇍ 08 ᑈⱘㄪ⬹㸼⦄᳝ᯢ ᰒᬍ୘DŽ 䆹ㄪ⬹೼໻Ⲭ㙵੠ᇣⲬ㙵Ёⱘ㸼⦄䴲ᐌ᥹䖥ˈ㸼 4 ᰃᡞ㙵⼼∴ᠽሩࠄձ᥂Ꮦؐ੠៤Ѹ䞣䗝ᢽⱘࠡ 1500 ᬃ㙵⼼˄↣ञᑈ䇗ᭈϔ⃵㙵⼼∴˅Ёˈ2007ᑈࠄ 2009ᑈⱘㄪ⬹㸼⦄DŽৃҹⳟߎˈ⬅Ѣ㙵⼼∴ᠽሩՓ㒳䅵༫ ߽ⱘぎ䯈᳈໻ˈᬊⲞ⥛੠ Sharpe ؐ䛑᳝ᖂᔅⱘᬍ୘DŽԚᰃ 08 ᑈⱘㄪ⬹㸼⦄᳈Ꮒˈᑈ࣪ᬊⲞ䰡ࠄ 7%ˈ᳔໻ 䖲㓁ѣᤳЎ 12.29%DŽ 㸼 4˖ֵᙃᠽᬷ῵ൟ೼ Top1500㙵⼼∴Ёⱘग़৆㸼⦄ ⌟䆩ᑈӑ ᬊⲞ⥛ Shapreؐ ᤶ᠟⥛ ᳔໻䖲㓁ѣᤳ ᳔໻䖲㓁ѣᤳᓔྟ ᳔໻䖲㓁ѣᤳ 㒧ᴳ ℷᬊⲞ໽᭄ ᠔ऴ↨՟ 2007 50.39% 24.07% 35.85% 4.54% 20070524 20070604 63.22% 2008 6.96% 4.22% 36.83% 12.29% 20080807 20081103 55.69% 2009 24.11% 22.16% 33.44% 2.57% 20090828 20090930 60.08% 2007~2009 27.15% 16.82% 35.40% 8.55% 20080807 20081103 59.29% 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ֵᙃᠽᬷ῵ൟᑊ≵᳝㗗㰥㽚ⲪϞᏖ݀ৌⱘपᮍᴎᵘ᭄䞣ⱘᏂᓖˈ಴ℸˈᅗ䖬䱤৿њ㽚ⲪᑺᏂᓖⱘ䍙乱ᬊ ⲞDŽЎњऩ⣀ⷨお㽚Ⲫᑺⱘᕅડˈ៥Ӏҹ䖛এ 3Ͼ᳜䩜ᇍϞᏖ݀ৌথᏗⱘ᡹ਞ᭄䞣Ў಴ᄤخњग़৆⌟ㅫˈ䖭 䞠ⱘ؛䆒ᰃ˖བᵰपᮍ㽚ⲪϔᆊϞᏖ݀ৌˈ߭ϔϾᄷᑺӮ䩜ᇍ䖭ϾϞᏖ݀ৌߎ㟇ᇥϔ㆛᡹ਞDŽ㒧ᵰᰒ⼎ˈԢ 㽚Ⲫᑺⱘ㙵⼼ⳌᇍѢ催㽚Ⲫᑺⱘ㙵⼼᳝᥹䖥 10%ⱘ䍙乱ᬊⲞ 䖭ˈϢ៥Ӏࠡ䴶ⱘ㒧䆎㉏Ԑ 㹿ˈपᮍᴎᵘ㽚Ⲫ⿟ ᑺ䕗Ԣⱘ݀ৌᑇഛᴹ䇈៤䭓ᗻ䕗催ˈ㙵Ӌ㸼⦄Ⳍᇍ䕗ᔎDŽ 㸼 5˖㽚Ⲫᑺ಴㋴೼≾⏅ 300㙵⼼∴Ёⱘग़৆㸼⦄ ⌟䆩ᑈӑ ᬊⲞ⥛ Shapreؐ ᤶ᠟⥛ ᳔໻䖲㓁ѣᤳ ᳔໻䖲㓁ѣᤳᓔྟ ᳔໻䖲㓁ѣᤳ 㒧ᴳ ℷᬊⲞ໽᭄ ᠔ऴ↨՟ 2007 14.10% 5.97% 14.41% 16.78% 20070524 20071026 53.72% 2008 3.41% 1.73% 15.52% 17.47% 20080312 20081014 53.66% 2009 13.21% 10.74% 11.27% 4.09% 20091123 20091225 57.61% 2007~2009 10.24% 6.15% 13.75% 16.78% 20070524 20071026 54.64% 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 5᳜ 10᮹ 8 ѠѠǃⲜ߽乘⌟䇗ᭈ῵ൟ� 䖭Ͼ῵ൟⱘ෎ᴀ䘏䕥ᰃ˖ߚᵤᏜϞ䇗៪ϟ䇗Ⲝ߽乘⌟ˈϔᮍ䴶Ӯᇍ㙵Ӌ᳝ⷁᳳⱘࠎ▔԰⫼ˈ঺ϔᮍ䴶ঞ ᯊǃ㓐ড়ⱘড᯴њϞᏖ݀ৌ෎ᴀ䴶ⱘব࣪ᚙމ˗಴ℸˈخ໮ߚᵤᏜϞ䇗Ⲝ߽乘⌟ⱘ㙵⼼ˈخぎߚᵤᏜϟ䇗Ⲝ ߽乘⌟ⱘ㙵⼼ৃҹ㦋ᕫ䍙乱ᬊⲞDŽ ῵ൟⱘ݋ԧخ⊩ᰃˈҹߚᵤᏜ㒭ߎⱘϝᑈⲜ߽乘⌟ব࣪⥛ⱘᑇഛؐ԰Ў㙵⼼ⱘ಴ᄤᴗ䞡ˈϾ㙵ⱘ಴ᄤᴗ 䞡ޣএᅗ᠔೼㸠Ϯⱘᑇഛ಴ᄤᴗ䞡˄े㸠ϮЁᗻ˅԰ЎϾ㙵خ໮៪خぎⱘᴗ䞡DŽབᵰߚᵤᏜ㒭ߎⱘⲜ߽乘⌟ ≵᳝䇗ᭈˈ߭ϡѸᯧᇍᑨⱘ㙵⼼DŽ 㸼 6㒭ߎⱘᰃҹ≾⏅ 300៤ӑ㙵خ㙵⼼∴ˈ⫼ 1਼ⱘⲜ߽乘⌟ব࣪⥛԰ЎϾ㙵಴ᄤᴗ䞡ⱘ῵ൟ㸼⦄DŽⲜ ߽乘⌟⫼ⱘᰃपᮍ㒭ߎⱘࡴᴗᑇഛⲜ߽乘⌟˄ᳱ䰇∌㓁ⱘϔ㟈乘ᳳ᭄᥂˅ˈ ᑨ⫼䆹῵ൟҢ 07 ᑈࠄ 09 ᑈৃҹ 㦋ᕫ 35%ⱘᑈ࣪䍙乱ᬊⲞDŽ⬅ѢՓ⫼ⱘᰃ਼ব࣪⥛خⱘ῵ൟˈ῵ൟⱘᤶ᠟⥛䕗催DŽ঺໪ˈؐᕫ⊼ᛣⱘᰃˈ䖭 Ͼ῵ൟ೼ᑈ߱ⱘ㸼⦄ϡདˈϝᑈⱘ᳔໻䖲㓁ѣᤳ䛑থ⫳೼ 1᳜ࠄ 2᳜ˈ೼៥Ӏⱘ᡹ਞljⷁᳳᔎ࢓㙵⡍ᕕⷨお ঞѸᯧ೒䈅NJЁгخ䖛ߚᵤ੠⌟ㅫˈ⬅Ѣ 1᳜ࠄ 2᳜ᓔྟᏖഎⳟⱘᰃᮄϔᑈⱘⲜ߽乘⌟ˈজᰃᬓㄪ䲚ЁথᏗ ⱘᯊᳳˈ䖭ϔ䰊↉ᕔᕔᰃ乬ᴤ㙵ǃĀ㒽Ꮒ㙵āⱘ㸠ᚙ㸼⦄ᳳDŽ 㸼 6˖ϔ਼Ⲝ߽乘⌟䇗ᭈ῵ൟ೼≾⏅ 300㙵⼼∴Ёⱘग़৆㸼⦄ ⌟䆩ᑈӑ ᬊⲞ⥛ Shapreؐ ᤶ᠟⥛ ᳔໻䖲㓁ѣᤳ ᳔໻䖲㓁ѣᤳᓔྟ ᳔໻䖲㓁ѣᤳ 㒧ᴳ ℷᬊⲞ໽᭄ ᠔ऴ↨՟ 2007 41.21% 19.23% 51.14% 4.82% 20070213 20070319 53.72% 2008 33.98% 15.09% 58.42% 9.65% 20080108 20080229 55.69% 2009 29.64% 19.21% 56.88% 5.31% 20090112 20090211 54.32% 2007~2009 34.94% 17.84% 55.51% 7.20% 20071116 20080229 54.37% 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ೼ᵘ䗴῵ൟᯊˈ៥Ӏ᮶ৃҹ⫼৘ᆊपᮍ㒭ߎⱘᑇഛⲜ߽乘⌟ⱘব࣪ˈгৃҹ⫼पᮍ㒭ߎ乘⌟ⱘ᳔໻ؐ៪ ᳔ᇣؐⱘব࣪DŽ⌟ㅫ㒧ᵰᰒ⼎ˈՓ⫼ᑇഛⲜ߽乘⌟ⱘব࣪䆒䅵ⱘ῵ൟ೼৘ᑈⱘ㸼⦄᳔〇ᅮˈ⫼乘⌟᳔໻ؐⱘ ব࣪䆒䅵ⱘ῵ൟ೼⠯Ꮦ䞠㸼⦄Ⳍᇍ䕗དˈ⫼乘⌟᳔ᇣؐⱘব࣪䆒䅵ⱘ῵ൟ೼❞Ꮦ䞠㸼⦄Ⳍᇍ䕗དˈ㾕㸼 7DŽ 㸼 7˖Ⲝ߽乘⌟ⱘ᳔໻ؐǃᑇഛؐ੠᳔ᇣؐⲜ߽乘⌟䇗ᭈ῵ൟⱘ㸼⦄ ⌟䆩ᑈӑ Ⲝ߽乘⌟᳔໻ؐব࣪ Ⲝ߽乘⌟ᑇഛؐব࣪ Ⲝ߽乘⌟᳔ᇣؐব࣪ 2007 34.03% 41.21% 14.83% 2008 27.53% 33.98% 31.49% 2009 15.13% 29.64% 7.83% 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ϢϞϔϾ῵ൟ㉏Ԑˈ䗮䖛ᇍϡৠᯊ䯈䭓ᑺⱘᬊⲞ⥛䖯㸠⌟ㅫˈ៥ӀгᡞߚᵤᏜϞ䇗Ⲝ߽乘⌟ⱘⷁᳳࠎ▔ ԰⫼੠෎ᴀ䴶ᬍ୘ⱘ䭓ᳳ԰⫼ߚ㾷ᓔˈ㾕೒ 14DŽҢ೒Ёৃҹⳟߎˈⷁᳳࠎ▔԰⫼㦋পⱘ䍙乱ᬊⲞҢ 1 ਼ᓔ ྟ䖙䗳ޣᔅDŽҢ 3਼ᓔྟࠄ 3Ͼ᳜ˈ៥Ӏা㛑㦋ᕫϔϾᖂᔅⱘℷ䍙乱ᬊⲞ˄े䭓ᳳ෎ᴀ䴶ᬍ୘ᏺᴹⱘ䍙乱ᬊ Ⲟ˅ˈ 䖭ϔℷ䍙乱ᬊⲞᑈ࣪᥹䖥 10%DŽ ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 5᳜ 10᮹ 9 ೒ 14˖ᑨ⫼ϡৠᯊ䯈䭓ᑺⱘⲜ߽乘⌟ব࣪ৃ㦋ᕫⱘ䍙乱ᬊⲞ 0% 5% 10% 15% 20% 25% 30% 35% 40% 1਼ 2਼ 3਼ 1Ͼ᳜ 3Ͼ᳜ ᬊⲞ⥛ Sharpe 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 䆹῵ൟ೼Ꮦؐ䕗໻ⱘ㙵⼼∴Ёⱘ㸼⦄㽕ӬѢࣙᣀᇣᏖؐ㙵⼼ⱘ㙵⼼∴DŽ៥Ӏḍ᥂Ꮦؐ੠៤Ѹ䞣㒭㙵⼼㓐 ড়ᥦᑣˈᵘᓎњ Top300, Top500, Top800, Top1500ಯϾ㙵⼼∴ˈ↣ञᑈ䇗ᭈϔ⃵DŽᇚ䆹῵ൟᑨ⫼Ѣ৘㙵⼼∴ ৃⶹˈҢᬊⲞ⥛ǃSharpe ؐǃ᳔໻䖲㓁ѣᤳㄝ৘ᮍ䴶ⳟˈ῵ൟ೼ Top500 㙵⼼∴䞠ⱘ㸼⦄᳔དˈ㗠㣗ೈᠽ໻ ࠄ Top1500 ᯊˈ㸼⦄᳔ᏂDŽ䖭Ϣ៥Ӏ೼lj㒳䅵༫߽೼ A 㙵Ꮦഎⱘᑨ⫼੠ਃ⼎NJЁߚᵤⱘϔḋˈ໻Ꮦؐ㙵⼼ ⱘ⌕ࡼᗻདˈֵᙃ᡿䴆ঞᯊˈᣕ᳝ҎЁ෎䞥ǃֱ䰽ㄝᴎᵘᡩ䌘㗙᠔ऴⱘ↨՟䕗໻ˈᇍѢ໻Ⲭ㙵ⱘᡩ䌘އㄪᕔ ᕔ᳈݇⊼㙵⼼ⱘݙ೼Ӌؐˈ໻Ⲭ㙵ⱘԄؐгⳌᇍড়⧚DŽ಴ℸˈ㙵⼼෎ᴀ䴶ⱘব࣪䗮䖛ߚᵤᏜⲜ߽乘⌟ⱘ䇗ᭈ 㛑乎߽ᕫড᯴ࠄ㙵ӋবࡼЁDŽ㗠ᇣᏖؐ㙵⼼ফ䌘䞥偅ࡼ᳈ᆍᯧˈֵᙃ᡿䴆ϡᅠ୘ˈᣕ᳝ҎЁϾҎᡩ䌘㗙᠔ऴ ↨՟ᯢᰒ๲ࡴˈᕔᕔ៤Ў⌕㿔ǃὖᗉ੠ᬙџⱘ♦԰ᇍ䈵ˈ಴ℸҢ෎ᴀ䴶㾦ᑺߎথⱘ῵ൟ㸼⦄ϡབ೼໻Ⲭ㙵Ё 㸼⦄དDŽ ೒ 15˖Ⲝ߽乘⌟ব࣪῵ൟ೼৘㙵⼼∴Ϟⱘ㸼⦄ 0% 10% 20% 30% 40% 50% 60% Top300 Top500 Top800 Top1500 ᬊⲞ⥛ sharpeؐ ᤶ᠟⥛ ᳔໻䖲㓁ѣᤳ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 ϝϝǃⲜ߽乘⌟⊶ࡼ῵ൟ� 䆹῵ൟⷨおⱘᰃपᮍߚᵤᏜ㒭ߎⱘⲜ߽乘⌟ⱘϔ㟈乘ᳳ⊶ࡼᗻᇍ㙵⼼᳾ᴹⳌᇍᔎᔅⱘ乘⌟ᗻDŽ៥Ӏপ䖛 এϔϾᄷᑺपᮍᴎᵘᇍϞᏖ݀ৌⱘޔ߽⍺乘⌟ⱘϔ㟈乘ᳳ⊶ࡼᗻ԰Ў㙵⼼ⱘ಴ᄤᴗ䞡 㸠ˈϮЁᗻ໘⧚ৢ԰Ў 㙵⼼໮ぎфपⱘᴗ䞡DŽ2007ᑈࠄ 2009ᑈⱘᑇഛᑈ࣪䍙乱ᬊⲞЎ 31.69% ᑊˈϨ῵ൟⱘ䍙乱ᬊⲞ೼৘ᑈ䴲ᐌ〇 ᅮDŽ ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 5᳜ 10᮹ 10 㸼 8˖Ⲝ߽乘⌟⊶ࡼ῵ൟ೼≾⏅ 300㙵⼼∴Ёⱘग़৆㸼⦄ ⌟⌟䆩ᑈӑ ᬊⲞ⥛ Shapreؐ ᤶ᠟⥛ ᳔໻䖲㓁ѣᤳ ᳔໻䖲㓁ѣᤳᓔྟ ᳔໻䖲㓁ѣᤳ 㒧ᴳ ℷᬊⲞ໽᭄ ᠔ऴ↨՟ 2007 39.64% 13.51% 14.02% 10.05% 20070928 20071116 62.40% 2008 27.62% 9.36% 11.78% 11.03% 20080714 20081006 54.88% 2009 27.81% 17.82% 7.47% 4.98% 20090604 20090625 59.67% 2007~2009 31.69% 13.57% 11.12% 10.05% 20070928 20071116 58.61% 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 䖭ϔ㒧䆎㗗㰥ⱘЏ㽕ᰃޔ߽⍺乘⌟ⱘ⊶ࡼᚙމ 㒧ˈᵰᰒ⼎ 乘ˈ⌟⊶ࡼ䍞໻ⱘϞᏖ݀ৌ᳾ᴹ㙵Ӌ㸼⦄䍞ᔅˈ 㗠⊶ࡼ䍞ᇣⱘ݀ৌ᳾ᴹ㙵Ӌ㸼⦄䍞ᔎDŽ㱑✊䖭ϔ῵ൟⱘᬊⲞ⥛↨䕗催ˈԚᰃᬊⲞϡ໾〇ᅮDŽ07ᑈ੠ 08ᑈ䛑 ᳝䍙䖛 1Ͼ᳜ˈᐙᑺ䍙䖛 10%ⱘ᳔໻䖲㓁ѣᤳDŽ៥Ӏ䖬ᇚᇍ䖭Ͼ῵ൟخ᳈⏅ܹⱘⷨおҹ䖯㸠ᬍ䖯DŽ ಯǃⲜ߽乘⌟ߚ℻῵ൟ� ϞϔϾ῵ൟ㗗ᆳⱘᰃ೼ϔ↉ᯊᳳݙपᮍᴎᵘᔶ៤ⱘϔ㟈乘ᳳⱘ⊶ࡼ 㗠ˈ䖭Ͼ῵ൟ㗗ᆳⱘᰃᇍѢৠϔᆊϞ Ꮦ݀ৌˈϡৠⱘपᮍᴎᵘ㒭ߎⱘⲜ߽乘⌟Ꮒ߿DŽ⬅ѢपᮍߚᵤᏜᇍᔧᑈⱘⲜ߽乘⌟Ꮒ߿Ⳍᇍ䕗ᇣˈҪӀ㾖⚍ ⱘᏂ߿Џ㽕ԧ⦄೼ϞᏖ݀ৌ᳾ᴹϸᑈⱘⲜ߽乘⌟Ϟ ಴ˈℸ៥Ӏ䗝ᢽⱘᰃߚᵤᏜᇍϞᏖ݀ৌϟϔᑈⱘⲜ߽乘⌟ ᭄᥂DŽ῵ൟⱘ⌟ㅫ㒧ᵰᰒ⼎ˈपᮍߚ℻ᑺ䍞໻ⱘ㙵⼼ˈ㙵Ӌ᳾ᴹ㸼⦄Ⳍᇍ䍞ᔎˈ㗠पᮍߚ℻ᑺ䍞ᇣⱘ㙵⼼ˈ 㙵Ӌ᳾ᴹ㸼⦄Ⳍᇍ䍞ᔅDŽ প䖛এϔϾᄷᑺݙ৘ᆊपᮍᴎᵘᇍৠϔᆊϞᏖ݀ৌⱘ EPS 乘⌟ˈᡞ乘⌟ؐⱘᷛޚᏂϢϔ㟈乘ᳳ EPS ⱘ ↨ؐ԰ЎϾ㙵ⱘ಴ᄤᴗ䞡ˈخ㸠ϮЁᗻ໘⧚ৢⱘؐЎϾ㙵ⱘ໮ぎᴗ䞡DŽҹ䖭⾡ᮍᓣ೼≾⏅ 300㙵⼼∴Ёᵘᓎ ⱘ῵ᢳ㒘ড়Ң 2007ᑈࠄ 2009ᑈ㦋ᕫⱘᑈ࣪䍙乱ᬊⲞ⥛Ў 24%ˈ᮹ഛ SharpeؐЎ 11.31%ˈ㾕㸼 9DŽ 㸼 9˖Ⲝ߽乘⌟ߚ℻῵ൟ೼≾⏅ 300㙵⼼∴Ёⱘग़৆㸼⦄ ⌟䆩ᑈӑ ᬊⲞ⥛ Shapreؐ ᤶ᠟⥛ ᳔໻䖲㓁ѣᤳ ᳔໻䖲㓁ѣᤳᓔྟ ᳔໻䖲㓁ѣᤳ 㒧ᴳ ℷᬊⲞ໽᭄ ᠔ऴ↨՟ 2007 17.42% 8.24% 23.34% 8.35% 20070604 20070620 53.05% 2008 26.57% 10.85% 27.80% 5.80% 20080129 20080311 51.63% 2009 29.09% 14.85% 26.68% 7.81% 20090706 20090904 53.09% 2007~2009 24.36% 11.31% 26.29% 8.35% 20070604 20070620 52.29% 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌ᭄䞣࣪ᡩ䌘ߚᵤ㋏㒳ˈᳱ䰇∌㓁 䖭ϔ῵ൟ㚠ৢⱘ䘏䕥੠ֵᙃᠽᬷ῵ൟ㉏Ԑ˖བᵰϔӊџ೼पᮍⷨおਬ㕸ԧЁ䖒៤ϔ㟈ˈᑊড᯴೼໪থ᡹ ਞϞˈ߭䖭ӊџ㛑ᏺᴹⱘ䍙乱ᬊⲞᏆ㒣㽕⍜༅њDŽ಴ℸˈخ໮Ⲝ߽乘⌟ߚ℻ᑺ催ⱘ㙵⼼ˈخぎߚ℻ᑺԢⱘ㙵 ⼼㛑䖛㦋ᕫ䭓ᳳ〇ᅮⱘ䍙乱ᬊⲞDŽ ῵ൟ㸼⦄Ң 2007ᑈࠄ 2009ᑈ䗤ᑈᬍ୘ˈᬊⲞ⥛੠ Sharpeؐ䗤ᑈ๲ࡴDŽৃ㛑ⱘॳ಴ᰃ 2007ᑈ㽚Ⲫৠϔ ᆊ݀ৌⱘपᮍᴎᵘ䕗ᇥ㗠 2009ᑈ᳝᳈໮ⱘपᮍᴎᵘ㽚ⲪৠϔᆊϞᏖ݀ৌDŽ˄पᮍ᡹ਞ᭄Ң 2006ᑈࠄ 2010ᑈ ⱘᑈഛ๲䗳Ў 30% DŽ˅ 䖭ϔ῵ൟ೼ᇣⲬ㙵䞠ⱘ㸼⦄гϡ䫭ˈ೼ TOP1500 㙵⼼∴Ёⱘ㸼⦄⬹ᔅѢ೼≾⏅ 300 㙵⼼∴Ёⱘ㸼⦄ˈ 㾕㸼 10DŽ ᏖഎখϢ㗙㸠Ўⷨお 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 5᳜ 10᮹ 11 㸼 10˖Ⲝ߽乘⌟ߚ℻῵ൟ೼ Top1500㙵⼼∴Ёⱘग़৆㸼⦄ ⌟⌟䆩ᑈӑ ᬊⲞ⥛ Shapreؐ ᤶ᠟⥛ ᳔໻䖲㓁ѣᤳ ᳔໻䖲㓁ѣᤳᓔྟ ᳔໻䖲㓁ѣᤳ 㒧ᴳ ℷᬊⲞ໽᭄ ᠔ऴ↨՟ 2007 8.60% 4.62% 22.68% 10.58% 20070529 20070620 51.83%