亞太市場在全球的地位日益提升。本文探討亞太市場中投機策略－配對交易－之表現。相 較於傳統配對交易策略中股票報酬率為多元常態分配，我們提出的關聯結構配對交易策略可突 破此限制，彈性預估股票報酬率之聯合分配，從而更準確描述其相關性。實證結果顯示關聯結 構策略之平均報酬率明顯高於傳統策略。

The global standing of the Asia-Pacific market has strengthened in both market capitalization and trading volume. This paper examines a popular speculative trading strategy called pairs trading in this region, with the focus on our proposed copula approach. Compared to the conventional method which implies that stock returns follow a multivariate normal distribution, the copula approach allows flexibility in estimating the joint distribution of stock returns. This then provides a better description of the dependence between stocks. Empirical results demonstrate the effectiveness of this new approach in the Asia-Pacific region, with significantly higher returns compared to the conventional method.