{"id":8369,"date":"2025-02-19T15:25:46","date_gmt":"2025-02-19T07:25:46","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=8369"},"modified":"2025-02-19T15:25:46","modified_gmt":"2025-02-19T07:25:46","slug":"%e5%be%b7%e6%98%8e%e4%bf%a1%e5%9f%ba%e9%87%91dimensional-fund-advisors%ef%bc%88dfa%ef%bc%89%e6%98%af%e4%bb%80%e9%ba%bc%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=8369","title":{"rendered":"Dimensional Fund Advisors\uff08DFA\uff09\u662f\u4ec0\u9ebc\uff1f\u56e0\u5b50\u6295\u8cc7\u5148\u9a45-\u5fb7\u660e\u4fe1\u57fa\u91d1\u4ecb\u7d39"},"content":{"rendered":"\n

Dimensional Fund Advisors\uff08DFA\uff09\u662f\u4e00\u5bb6\u6e90\u81ea\u5b78\u8853\u7814\u7a76\u3001\u6df1\u53d7\u56e0\u5b50\u6295\u8cc7<\/a>\uff08factor investing\uff09\u7406\u8ad6\u5f71\u97ff\u7684\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\uff0c\u7d50\u5408\u4e86\u6307\u6578\u6295\u8cc7\u7684\u6982\u5ff5\u4f46\u53c8\u4e0d\u50c5\u4fb7\u9650\u65bc\u88ab\u52d5\u8ffd\u8e64\u6307\u6578\uff0c\u5b83\u900f\u904e\u300c\u5e02\u503c\u898f\u6a21\uff08size\uff09\u300d\u3001\u300c\u50f9\u503c\uff08value\uff09\u300d\u7b49\u56e0\u5b50\u4f86\u7be9\u9078\u6a19\u7684\uff08Fama & French, 1993\uff09\uff0c\u85c9\u7531\u7cfb\u7d71\u5316\u6295\u8cc7\u65b9\u5f0f\u5728\u9577\u671f\u7372\u53d6\u9019\u4e9b\u56e0\u5b50\u7684\u98a8\u96aa\u6ea2\u916c\u3002<\/p>\n\n\n\n

DFA\u8207\u4e00\u822c\u4e3b\u52d5\u7d93\u7406\u4f9d\u8cf4\u884c\u60c5\u5224\u65b7\u4e0d\u540c\uff0c\u66f4\u8457\u91cd\u6839\u64da\u56e0\u5b50\u6b0a\u91cd\u7684\u8abf\u6574\u4e26\u63a1\u53d6\u985e\u6307\u6578\u5316\u64cd\u4f5c\uff0c\u5728\u7dad\u6301\u591a\u6578\u88ab\u52d5\u6295\u8cc7\u7684\u6548\u7387\u4e0b\u52a0\u5165\u9069\u5ea6\u7684\u9748\u6d3b\u5ea6\u3002DFA\u516c\u53f8\u5411\u4f86\u4f4e\u8abf\uff0c\u4e0d\u505a\u5927\u898f\u6a21\u884c\u92b7\u4e26\u4e0d\u652f\u4ed8\u92b7\u552e\u4f63\u91d1\uff0c\u537b\u5728\u6210\u7acb\u903e\u56db\u5341\u5e74\u5f8c\u6210\u70ba\u5168\u7403\u4e3b\u8981\u7684\u4e3b\u52d5\u578bETF\u767c\u884c\u5546\uff0c\u7522\u54c1\u6db5\u84cb\u591a\u5143\u5316\u80a1\u7968\u8207\u50b5\u5238\u9818\u57df\uff0c\u900f\u904e\u9577\u671f\u5206\u6563\u6295\u8cc7\u7684\u65b9\u5f0f\u529b\u6c42\u5728\u98a8\u96aa\u8207\u5831\u916c\u9593\u53d6\u5f97\u5e73\u8861<\/p>\n\n\n\n

Dimensional Fund Advisors\uff08DFA\uff09\u5fb7\u660e\u4fe1\u57fa\u91d1\u662f\u4ec0\u9ebc\uff1f<\/h2>\n\n\n\n

Dimensional Fund Advisors\uff08\u4ee5\u4e0b\u7c21\u7a31DFA\uff09<\/a>\u65bc1981\u5e74\u7531David G. Booth\u6210\u7acb\uff0c\u5275\u59cb\u8463\u4e8b\u70ba\u300c\u6548\u7387\u5e02\u5834\u4e4b\u7236\u300dEugene Fama\u548c\u6307\u6578\u578b\u57fa\u91d1\u5148\u9a45 John McQuown\uff0c\u6210\u7acb\u5f8c\u9023\u7e8c35\u5e74\u4fdd\u6301\u8cc7\u91d1\u6de8\u6d41\u5165<\/mark><\/strong>\u3001\u8cc7\u7522\u898f\u6a21\u622a\u81f32023\u5e7412\u670831\u65e5\u5df2\u90546,770\u5104\u7f8e\u5143\u3002<\/p>\n\n\n\n

DFA\u6240\u767c\u884c\u7684\u57fa\u91d1\u57fa\u65bcEugene Fama\u63d0\u51fa\u7684\u300c\u6548\u7387\u5e02\u5834\u5047\u8aaa\u300d\u6240\u5efa\u69cb\uff0c\u900f\u904e\u6709\u6548\u622a\u53d6\u5404\u7a2e\u8cc7\u7522\u985e\u5225\u5177\u6709\u4e0d\u540c\u7a0b\u5ea6\u7684\u98a8\u96aa\u5831\u916c\uff0c\u5e6b\u52a9\u6295\u8cc7\u4eba\u6709\u6548\u9054\u5230\u6295\u8cc7\u76ee\u7684\uff0c\u4ee5\u7368\u6709\u7684\u300c\u56e0\u5b50\u6295\u8cc7<\/a>\u300d\u5ee3\u70ba\u4eba\u77e5\uff1b\u5176\u7814\u7a76\u5718\u968a\u7531\u591a\u540d\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u5f97\u4e3b\u8207\u5165\u570d\u8005\u6240\u7d44\u6210\uff0c\u5305\u542bEugene Fama<\/mark><\/strong>\u3001Robert Merton\u3001Merton Miller\u53caMyron Scholes\u7b49\u4eba\u4f5c\u70baDFA\u5805\u5f37\u7684\u5b78\u8853\u5be6\u529b\u5f8c\u76fe\u3002<\/mark><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n
\n

“We don’t try to do magic. We’re doing engineering.<\/em>” — Kenneth French, DFA Director<\/p>\n<\/blockquote>\n\n\n\n

\n\n\n\n

DFA\u80fd\u5920\u9054\u5230\u4eca\u65e5\u6210\u5c31\u7d55\u975e\u5076\u7136\uff0c\u800c\u662f\u4ef0\u8cf4\u80cc\u5f8c\u6301\u4e4b\u4ee5\u6046\u7684\u5be6\u52d9\u7d93\u9a57\u8207\u79d1\u5b78\u5be6\u8b49\uff0c\u4ee5\u4e0b\u6574\u7406DFA\u76843\u5927\u7279\u8272\u8207\u5927\u5bb6\u5206\u4eab\uff1a<\/p>\n\n\n\n

DFA\u662f\u56e0\u5b50\u6295\u8cc7\u7684\u9818\u5c0e\u5148\u9a45<\/h2>\n\n\n\n

\u300c\u56e0\u5b50\u6295\u8cc7<\/a>\u300d\u7684\u6982\u5ff5\u6700\u65e9\u7531Eugene Fama\u8207Kenneth French\u65bc1993\u5e74\u6240\u63d0\u51fa\u7684\u300c\u4e09\u56e0\u5b50\u6a21\u578b<\/a>\u300d\u884d\u4f38\u800c\u51fa\uff0c\u4ed6\u5011\u767c\u73fe\u8d85\u904e90%\u7684\u80a1\u7968\u5831\u916c\u4e3b\u8981\u80fd\u5920\u5206\u89e3\u70ba\u4e09\u5927\u56e0\u5b50\uff1a\u5e02\u5834\u98a8\u96aa\u3001\u898f\u6a21\u8207\u7372\u5229\u80fd\u529b\u3002\u81ea\u6b64\u958b\u555f\u4e86\u773e\u591a\u6295\u8cc7\u4eba\u5c0d\u65bc\u300c\u56e0\u5b50\u6295\u8cc7<\/a>\u300d\u7684\u7814\u7a76\u8207\u71b1\u6f6e\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

DFA\u5275\u8fa6\u4ebaDavid G. Booth\u5373\u70ba\u300c\u6548\u7387\u5e02\u5834\u5047\u8aaa\u300d\u63d0\u51fa\u8005Eugene Fama\u7684\u5b78\u751f\uff0c\u5c07\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u5f97\u4e3b\u5be6\u8b49\u7814\u7a76\u7684\u300c\u56e0\u5b50\u6295\u8cc7<\/a>\u300d\u7b56\u7565\u9996\u5ea6\u904b\u7528\u65bc\u57fa\u91d1\u6295\u8cc7\uff0c\u63a1\u7528\u5177\u6709\u591a\u5e74\u4e00\u81f4\u6027\u8207\u7cfb\u7d71\u6027\u7684\u4e94\u5927\u56e0\u5b50\uff1a\u5305\u542b\u80a1\u5e02\u4e2d\u7684\u50f9\u503c\u3001\u898f\u6a21\u8207\u7372\u5229\u80fd\u529b\uff0c\u4ee5\u53ca\u50b5\u5e02\u4e2d\u7684\u5230\u671f\u671f\u9650\u8207\u4fe1\u7528\u8a55\u7b49<\/mark><\/strong>\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\u7531\u65bc\u9019\u4e9b\u56e0\u5b50\u7b56\u7565\u7686\u6709\u7d93\u904e\u6578\u5341\u5e74\u7684\u79d1\u5b78\u7814\u7a76\u5be6\u8b49\uff0c\u78ba\u5be6\u80fd\u5920\u70ba\u6295\u8cc7\u7d44\u5408\u8cfa\u53d6\u8d85\u984d\u5831\u916c\uff0c\u56e0\u6b64\u76f8\u8f03\u65bc\u7d14\u7cb9\u7684\u4e3b\u52d5\u578b\u6295\u8cc7\u66f4\u52a0\u5177\u6709\u7cfb\u7d71\u6027\u8207\u7b56\u7565\u6027\uff1bDFA\u6b63\u662f\u85c9\u7531\u5728\u7d14\u6307\u6578\u57fa\u91d1\u4e0a\u52a0\u5165\u4e00\u4e9b\u57fa\u65bc\u56e0\u5b50\u7684\u4e0d\u540c\u6c7a\u7b56\uff0c\u76ee\u6a19\u7372\u53d6\u9ad8\u65bc\u5e02\u5834\u5e73\u5747\u7684\u5831\u916c\uff0c\u4e26\u6210\u70ba\u5e02\u5834\u4e0a\u56e0\u5b50\u6295\u8cc7\u7684\u9818\u5c0e\u8005\u3002<\/p>\n\n\n\n

\n\n\n\n

DFA\u76f8\u4fe1\u5e02\u5834\u591a\u6578\u662f\u6709\u6548\u7684\uff0c\u4e26\u4e14\u9075\u5faa\u9577\u671f\u6307\u6578\u6295\u8cc7<\/h2>\n\n\n\n

DFA\u4e00\u76f4\u4ee5\u4f86\u652f\u6301\u9577\u671f\u4e14\u5168\u7403\u591a\u5143\u5206\u6563\u7684\u6295\u8cc7\u7406\u5ff5\u3002\u56e0\u6b64\uff0c\u70ba\u907f\u514d\u6295\u8cc7\u4eba\u8ffd\u6c42\u77ed\u671f\u7e3e\u6548\uff0cDFA\u7684\u57fa\u91d1\u7522\u54c1\u4e26\u672a\u5728\u4e00\u822c\u96f6\u552e\u5e02\u5834\u92b7\u552e\uff0c\u800c\u662f\u671f\u671b\u80fd\u5920\u85c9\u7531\u5c08\u696d\u8ca1\u52d9\u9867\u554f<\/mark><\/strong>\uff0c\u5728\u500b\u4eba\u6295\u8cc7\u4eba\u9032\u884c\u6295\u8cc7\u7684\u904e\u7a0b\u88e1\uff0c\u505a\u597d\u6559\u80b2\u5f15\u5c0e\u7684\u5de5\u4f5c\u3002\u70ba\u4e86\u6eff\u8db3\u5ba2\u6236\u9700\u6c42\uff0cDFA\u57282020\u5e74\u958b\u59cb\u767c\u884cETF\uff0c\u4e26\u5728\u9694\u5e74\u5c076\u652f\u7e3d\u8cc7\u7522\u898f\u6a21\u8fd1370\u5104\u7f8e\u91d1\u7684\u5171\u540c\u57fa\u91d1\u8f49\u63db\u70baETF\uff0c\u96d6\u7136DFA\u4e26\u975e\u6700\u65e9\u5c07\u5171\u540c\u57fa\u91d1\u8f49\u63dbETF\u7684\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\uff0c\u537b\u662f\u7b2c\u4e00\u500b\u5927\u898f\u6a21\u8f49\u63dbETF\u7684\u5148\u4f8b\uff0c\u5e36\u52d5\u5f8c\u7e8c\u7684\u98a8\u6f6e\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\u8cc7\u672c\u5e02\u5834\u5c07\u734e\u52f5\u9577\u671f\u6295\u5165\u7684\u6295\u8cc7\u4eba<\/p>\n\n\n\n

\u9577\u671f\u4ee5\u4f86\uff0cDFA\u4e0d\u9810\u6e2c\u5e02\u5834\u3001\u4e0d\u8ffd\u6c42\u904e\u53bb\u7684\u8868\u73fe\u3002<\/mark><\/strong>2022\u5e74\u4e16\u754c\u80a1\u7968\u65e5\u5747\u4ea4\u6613\u984d6,758\u5104\u7f8e\u5143\uff0c\u9019\u4e9b\u4ea4\u6613\u7684\u8cb7\u65b9\u8207\u8ce3\u65b9\uff0c\u532f\u96c6\u5168\u4e16\u754c\u5927\u91cf\u5206\u6563\u7684\u8a0a\u606f\u3001\u6574\u5408\u6240\u6709\u53c3\u8207\u8005\u7684\u7d9c\u5408\u77e5\u8b58\uff0c\u5171\u540c\u5c07\u5176\u63a8\u5411\u8b49\u5238\u50f9\u683c\uff0c\u6210\u4ea4\u6642\u4fbf\u53cd\u6620\u5e02\u5834\u6240\u6709\u53c3\u8207\u8005\u7576\u4e0b\u5c0d\u672a\u4f86\u7684\u671f\u671b\u3002\u8a66\u5716\u5c0d\u6297\u5e02\u5834\u53cd\u800c\u5c07\u9020\u6210\u6574\u9ad4\u52dd\u7387\u4f4e\u8ff7\u3002<\/p>\n\n\n\n

2003\u5e74\u81f32022\u5e74\uff0c\u53ea\u670917%\u7684\u7f8e\u570b\u80a1\u7968\u578b\u57fa\u91d1\u548c14%\u7684\u56fa\u5b9a\u6536\u76ca\u578b\u57fa\u91d1\u5016\u5b58\u4e26\u8dd1\u8d0f\u57fa\u6e96\u6307\u6578 — \u70ba\u4f55\u4e3b\u52d5\u578b\u57fa\u91d1\u96e3\u4ee5\u4fdd\u6301\u52dd\u7387\uff1f<\/a><\/p>\n\n\n\n

\n

“The number of managers that can successfully pick stocks are fewer than you\u2019d expect by chance. So, why even play that game? You don\u2019t need to.”<\/em> — David Booth, DFA Founder<\/p>\n<\/blockquote>\n\n\n\n

\u82e5\u6295\u8cc7\u4eba\u904e\u5ea6\u7a4d\u6975\u9810\u6e2c\u5e02\u5834\u3001\u4e0d\u65b7\u9032\u51fa\uff0c\u53cd\u800c\u5bb9\u6613\u932f\u5931\u6f32\u5e45\uff0c\u5c0e\u81f4\u6700\u7d42\u7e3e\u6548\u4e0d\u5982\u5927\u76e4\u3002<\/mark><\/strong>\u5047\u8a2d1970\u5e74\u958b\u59cb\u6295\u5165\u7f8e\u570b\u80a1\u5e02\u5927\u76e41,000\u5143\u7f8e\u91d1\uff0c\u8cb7\u9032\u4e26\u6301\u670950\u5e74\u5f8c\uff0c\u4f60\u7684\u8cc7\u7522\u5c07\u6210\u9577\u8d85\u904e12\u842c\u5143\u7f8e\u91d1\u3002\u7136\u800c\uff0c\u82e5\u932f\u904e\u9019\u671f\u9593S&P 500\u6307\u6578\u8868\u73fe\u6700\u597d\u7684\u4e00\u5929\uff0c\u4f60\u7684\u8cc7\u7522\u5c07\u6e1b\u5c11\u70ba10.8\u842c\u5143\u7f8e\u91d1\uff1b\u751a\u81f3\uff0c\u5982\u679c\u662f\u932f\u904eS&P 500\u6307\u6578\u8868\u73fe\u6700\u597d\u7684\u524d25\u5929\uff0c\u6700\u7d42\u5831\u916c\u5c07\u6e1b\u5c11\u70ba2.7\u842c\u5143\u7f8e\u91d1\uff0c\u4e5f\u5c31\u662f\u5c11\u8cfa\u4e8677.8%\u3002\u9810\u6e2c\u5e02\u5834\u5931\u6557\u7684\u5f8c\u679c\uff0c\u5c31\u662f\u5fc5\u9808\u4ed8\u51fa\u4ee3\u50f9\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n
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DFA\u4ee5\u5ba2\u6236\u70ba\u4e2d\u5fc3\uff0c\u63a8\u51fa\u4f4e\u6210\u672c\u6307\u6578\u57fa\u91d1\u8207ETF<\/a><\/h2>\n\n\n\n

DFA\u8207Vanguard<\/a>\u5728\u57fa\u91d1\u7522\u54c1\u7684\u7a2e\u985e\u8207\u6210\u672c\u4e0a\u7406\u5ff5\u96f7\u540c\uff0c\u63d0\u4f9b\u6295\u8cc7\u4eba\u591a\u5143\u904d\u5e03\u5168\u7403\u4e14\u8cbb\u7528\u8f03\u4f4e\u7684\u6295\u8cc7\u9078\u64c7\uff0c\u4e26\u4e14\u4e0d\u767c\u653e\u92b7\u552e\u50ad\u91d1\u3002<\/mark><\/strong>\u76f8\u8f03\u65bc\u76f4\u63a5\u7be9\u9078\u80a1\u7968\u3001\u7522\u696d\u6216\u662f\u570b\u5bb6\uff0cDFA\u4ee5\u4ef0\u8cf4\u80fd\u5920\u70ba\u5176\u8cfa\u53d6\u8d85\u984d\u5831\u916c\u7684\u56e0\u5b50\u70ba\u4e3b\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\u9577\u4e45\u4ee5\u4f86\u6bcf\u5e74\u8cc7\u7522\u7e3e\u6548\u7684\u6392\u540d\u7686\u4e0d\u76e1\u76f8\u540c<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\u6295\u8cc7\u8cc7\u7522\u8d8a\u5206\u6563\u3001\u6295\u8cc7\u6642\u9593\u8d8a\u9577\uff0c\u7372\u53d6\u8d85\u984d\u5831\u916c\u7684\u6a5f\u7387\u8d8a\u9ad8<\/p>\n\n\n\n

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2020\u5e74\u8d77\uff0cDFA\u9678\u7e8c\u5c07\u539f\u6709\u7684\u57fa\u91d1\u7522\u54c1\u8f49\u63db\u70ba\u900f\u660e\u5ea6\u8f03\u9ad8\u3001\u5167\u542b\u8cbb\u7528\u8f03\u4f4e\u7684ETF\uff0c\u9694\u5e74\u4fbf\u5feb\u901f\u7ac4\u5347\u70ba\u7f8e\u570b\u7b2c12\u5927ETF\u57fa\u91d1\u516c\u53f8\u3001\u6700\u5927\u7684\u4e3b\u52d5\u5f0fETF\u767c\u884c\u5546\uff1b\u6191\u85c9\u8457\u6301\u4e4b\u4ee5\u6046\u7684\u4fe1\u5ff5\u8207\u8d85\u904e50\u5e74\u7684\u5b78\u8853\u7814\u7a76\u652f\u6301\uff0cDFA\u6210\u529f\u900f\u904e\u300c\u56e0\u5b50\u6295\u8cc7<\/a>\u300d\u7b56\u7565\u53d6\u5f97\u9ad8\u65bc\u5e73\u5747\u7684\u5831\u916c\u3002\u904e\u53bb15\u5e74\u4f86\uff0c83%\u7684DFA\u57fa\u91d1\u7e3e\u6548\u8d85\u8d8aMorningstar\u540c\u985e\u7fa4\u7d44\u5e73\u5747\u3002<\/mark><\/strong><\/p>\n\n\n\n

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\u963f\u723e\u767c\u8207Dimensional Fund Advisors\uff08DFA\uff09\u5fb7\u660e\u4fe1\u57fa\u91d1\u7368\u5bb6\u5408\u4f5c\u63a8\u51fa\u7684\u963f\u723e\u767c\u56e0\u5b50\u6295\u8cc7\u7d44\u5408<\/a>\uff0c\u60a8\u4e0d\u50c5\u80fd\u66f4\u667a\u6167\u5730\u7ba1\u7406\u8cc7\u7522\uff0c\u9084\u80fd\u70ba\u672a\u4f86\u5efa\u7acb\u66f4\u52a0\u7a69\u5065\u7684\u8ca1\u5bcc\u57fa\u790e\u3002<\/p>\n\n\n\n

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