我國醫療作業基金投資行為較為保守穩健，目前幾乎全部存放在銀行，近年來銀行存款利率持續走低的趨勢下，嚴重影響其收益率，對資金龐大的醫療作業基金而言，應可考慮其他的投資管道以提昇其營運績效。本文經由馬可維茲MV模型之分析計算，將資產配置模型區分為限制不得投資股市的模型A及開放投資股票市場的模型B。兩個模型化比較結果顯示，開放小部分資金投資股市可以分散風險，但由模型B顯示投資股市比例超過4%時風險增加迅速。另外，本研究以變異數一共變異數法與蒙地卡羅模擬法計算醫療作業基金資產配置模型的風險值(VaR)，最後提出具體建議供決策單位制定投資法規與選擇資產配置之參考。

The investment behaviors of Medical Operation Funds are conservative. Most of the capital is deposited in banking. In recent years, the interest rate of banking has declined dramatically. This affected the return rates of Medical Operation Funds. Therefore, these funds seem need to invest in other asset classes to raise returns. This paper applies Markowitz mean-variance portfolio model to build up two asset allocation models. Stocks investment is not allowed in model A, whereas model B permits investment in stocks markets. According to comparison of these two models, we find that investing small proportion of capital in stocks is helpful to diverse risk and improve return rate. However, the risk of the portfolio increase speedily when stock investment weight over 4$. In addition, this article uses Variance-Covariance Method and Monte Carlo simulation to evaluate the VAR of Medical Operation Funds. Finally, we proposed several suggestions relating to funds management regulations and asset allocation.