投資組合保險策略的主要特質，在於能鎖定風險性資產投資組合之下方風險，同時仍保有上方獲利之機會。為了創造上述選擇權式報酬的誘人特質，投資組合保險策略執行時，必須在市況上揚時增加風險性資產的持有；反之，則削減其持有比重，此種買高賣低的持續調整方式，在考量交易成本之後，尤其在震盪起伏的市況下，便顯得相當缺乏執行效率，其控制方式之一便是善選調整法則。 本文之目的，在於評估並比較各種投資組合保險策略併用不同調整法則之執行績效，包括其避險成效與伴隨之代價。經由此研究試圖找出執行投資組合保險之最佳方式，本研究係分兩部份進行，首先，我們採用蒙地卡羅模擬法，分析各種投資組合保險策略併用各種調整法則之潛在成本與效益。接著再探討各投資組合保險策略在國內於1985年1月至1990年12月間之可能表現。研究結果顯示並無一種執行方式在各種情況下皆能有最佳表現。但本研究所設計之技術分析分析調整法則，在大多數情況下，確實優於其他調整法則。

The main characteristic of portfolio insurance is to provide downside protection for the value of a risky portfolio while preserving much of the upside potential. In order to generate the attractive feature of option-like payoff, the general principle of these strategies is to increase the size of risky assets in an up market and decrease in a down market. In the presence of transaction costs, however, the dynamic adjustment process becomes inefficiency , especially in whipsaw markets. These difficulties can be controlled by appropriate selection of adjustment discipline. The purpose of this paper is to evaluate and compare the performance of alternative portfolio insurance strategies associated with different ad-justment disciplines in terms of their hedging effectiveness against the costs involved. We seek to discover which of the various approaches of implementing portfolio insurance is the most advantageous. The study is conducted in two parts. First, we employ the Monte Carlo simulation to investigate the cost/benefit potential of alternative approaches to portfor-lio insurance. Then, we exaime how portfolio insurance strategies might have worked in domestic financial environments between January 1985 and December 1990. The results shows no single approach can outperform the others in all cases. However, the technical analysis aided adjustment dis-cipline designed in this study does perform best in most of the cases.