高股息標的常被視為防禦性股票。在市場的不確定因素增加之際，防禦屬性的高股息族群自然成為市場主流之一，具有高股息特色的個股屬於最佳防禦型標的，具有進可攻、退可守的優勢。 本研究以股利殖利率為主要選股策略，探討高、低股利殖利率之投資組合在台灣全體上市櫃公司和電子與非電子族群的股利溢酬，及其在市場之景氣循環下的報酬差異，結果發現，採用每月換股策略時，不論採用哪一種樣本分類，高股利殖利率的報酬率都能顯著高於低股利殖利率或加權指數，且股利殖利率效應亦存在於多空時期，但在景氣循環下，不論哪種樣本分類都無顯著差異。 The high dividend is often seen as a ＂defensive＂. In the market when the uncertainty of the increase in the occasion, the defensive attributes of the high dividend groups naturally become one of the mainstream market, with high dividend characteristics of the individual stocks are the best defensive standard, with the offensive and retractable advantages. This study takes the dividend yield as the main stock picking strategy to explore the dividend payout of the investment portfolio of high and low share rate in Taiwan and the dividend of the electronic and non-electronic groups in Taiwan and its difference in the market economy. The results show that, using the monthly convertible strategy, regardless of which kind of sample classification, high rate of return on the rate of return can be significantly higher than the low dividend yield or weighted index, and the effect of dividend yield also exists in the long and short period , But in the economic cycle, no matter what kind of sample classification were no significant differences.
