基金定期定額投資方式一直是國內多數投資者投資理財的一種工具，特別是定期期定額投資是採用平均成本法以期達到分散風險的目的。本研究以定期定額投資策略為基礎投資基金，另外藉由台灣加權指數波動與乖離率技術分析為準則調整定期不定額投資策略期望可以提高投資報酬率。研究結果顯示:(1)投資期間為三年或五年時，以台灣加權指數的波動或乖離率技術分析方法準則作為調整定期不定額資金的投資策略投資報酬率較優於定期定額投資策略，其中又以台灣加權指數的波動準則作為調整定期不定額資金的投資策略最佳。(2) 投資期間為十年時，傳統定期定額投資策略和以台灣加權指數的波動或乖離率技術分析方法準則作為調整定期不定額資金的投資策之報酬率並無顯著差異性。研究結果擬提供給基金投資者對投資資金配置與規劃以期達到最佳化之報酬。 The Dollar-Cost Averaging investment strategy, which aims to lower the investment risks by batching investment costs, has been one of the investment tools which most investors use. This study focuses on the difference between the funds using Dollar- value averaging strategy and the one combined with Taiwan stock market index volatility and BIAS as the criteria. The study shows that both the criteria with volatility of Taiwan stock market index and BIAS as the criteria can enhance the return on investment (ROI). The results show that: (1) With the criteria on Taiwan stock market index variation and BIAS, the Dollar-value averaging investment strategy has the higher ROI than the Dollar-cost saving investment strategy with the investment term from three or five years; (2) When the investment term was ten years, traditional Dollar-cost averaging investment strategy and the Dollar-value averaging investment strategy with the criteria on Taiwan stock market index variation and BIAS has no significant difference. The results provide investors with the distribution and plan of investment costs to achieve the optimal ROI.
