[{"data":1,"prerenderedAt":43},["ShallowReactive",2],{"q-sec_sr_invest-115-1-047":3},{"exam":4,"examName":5,"chapterSlug":6,"question":7,"related":22},"sec_sr_invest","證券商高級業務員資格測驗——證券投資與財務分析(試卷「投資學」)","c12",{"id":8,"exam":4,"session":9,"qno":10,"question":11,"options":12,"answer":17,"chapter":18,"freq":19,"explanation":20,"difficulty":21},"sec_sr_invest-115-1-047","115-1",47,"當投資者判斷市場處於空頭行情時，以下哪項策略不適合？",[13,14,15,16],"增加固定收益證券之比重","增加現金比重","提高投資組合之貝它係數","出售持有之股票",2,"投資績效評估與資產配置",1,"當投資人判斷市場進入空頭行情、預期股價將下跌時，正確的策略方向是降低風險曝險、保存資本。貝他係數衡量投資組合相對於大盤的系統性風險與連動幅度，貝他越高，隨大盤下跌時的跌幅就越大，因此在空頭中「提高投資組合的貝他係數」等於加大虧損風險，屬不適合的做法，故 (C) 為應選的答案。相對地，(A) 增加固定收益證券比重可將資金移向較穩定、跌價風險較低的債券；(B) 增加現金比重能提高防禦性並保留逢低承接的彈性；(D) 出售持有的股票則直接降低股票部位、鎖住資金，三者都是空頭時降低風險的防禦性布局，方向正確。易混淆處在於誤以為提高貝他能在反彈時多賺，但在確立空頭的前提下，提高貝他只會擴大下跌損失。","easy",[23,27,31,35,39],{"id":24,"question":25,"qno":26},"sec_sr_invest-114-3-048","有關經理人選股能力的敘述，何者正確？",41,{"id":28,"question":29,"qno":30},"sec_sr_invest-114-3-049","在投資組合績效評估中，崔納（Treynor）指標的計算方式為：",49,{"id":32,"question":33,"qno":34},"sec_sr_invest-115-1-029","有一投資組合過去 10 年的平均年報酬率為 12%，標準差為 50%，無風險利率為 4%，貝他係數為1.2，請試算其夏普指數為多少？",29,{"id":36,"question":37,"qno":38},"sec_sr_invest-115-2-005","有一投資組合過去 10 年的平均年報酬率為 12%，標準差為 50%，無風險利率為 4%，貝它係數為 1.2，請試算其夏普指數為多少？",5,{"id":40,"question":41,"qno":42},"sec_sr_invest-115-2-044","當投資者判斷市場處於空頭行情時，不應採取下列何者策略？",44,1787293958680]