高收益債券基金(High Yield Bond Fund)的報酬與風險是介於股票基金與債券基金之 間，又因其具有「較低波動風險」與「較高配息收益」的優點，故市場規模不斷成長， 然而市售境內外高收益債基金種類繁多，如何提供投資人選擇的模型，為本研究所要探 討之目的。本研究首先透過資料搜集與專家的意見，歸納出投資人選購的評估因素，應 用分析層級程序法(Analytical Hierarchy Process，AHP）評估出本研究中三檔高收債基金 方案中最佳的一檔例。研究顯示，在評估因素中以績效(31.47%)權重值最高，其次為標 準差(28.18%)；而在三種高收益債基金中，權重值以方案B(54.87%)為最高。

The benefit and risk of High Yield Bond Fund is between the Equity Fund sand Bond Fund. Because the advantages of High-Yield Bond are both low risk and high shares, the High-Yield Bond Fund market scale unceasingly grows. But how to provide a High Yield Bond Fund selection model helps the investors to choose is the purpose of this study. First of all, this study was covered by the existing data collection and the observations of the experts to explore the evaluation factors of the purchase of the High Yield Bond Fund, then applying the Analytic Hierarchy Process assesses which is the best one of the three options in the study. The findings showed that the highest weight value of evaluation elements is Fund Performance (31.47%), next for Standard deviation (28.18%). But the weight value of option B (54.87%) is the highest of the three.