新冠肺炎疫情下之投資組合與效率前緣：以兆豐金、杏輝及長榮為例

Abstract

摘要 2020年因為新冠肺炎疫情肆虐，導致眾多產業受到嚴重衝擊，如此險峻的環境下，如何「投資」便是個值得深思的課題。投資是財務管理主要議題之一，如何選擇投資對象，分析投資目標以及投資比例配當為投資成敗之關鍵因素。本研究首先考量新冠肺炎疫情環境下，在三種產業(金融業、生技醫療業、航運業)中先進行初步分析，以選取投資樣本公司。進而再使用EXCEL資料分析，規劃在不同權重分配下，資本市場線與效率前緣之最佳投資組合，以協助投資人如何在新冠肺炎疫情環境下，分配有限資金於各項投資標的，以達到投資最適方案以及分散風險的效果。

Abstract The global economy and financial markets have been buffeted by the coronavirus pandemic in 2020 that have posed challenges for investors. Better understanding the current risks and investment opportunities in investing today become main topics during this pandemic. Proper diversification is the most effective way to reduce volatility. And diversification enables investors’ portfolios to maximize returns wherever and whenever they occur. This study firstly selects three industries (finance industry, biotechnology and medical industry, and shipping industry) which were heavily affected by the epidemic. And we conduct preliminary analysis, incorporating expected rate of return and standard deviation to select the sample firms to invest in the industries. We then use Excel to analyze and find the efficient frontier with optimal portfolios. Our findings would provide some guidelines for the investment strategies in epidemic situations.