本研究旨在深入探討特殊事件下 (例如Covid-19時期、金融海嘯期間) 投資者如何有效管理自己的投資部位，在發生經濟事件時，房地產相關的標的容易受到影響，但如能，透過資產配置的調整，能夠創造出更大的報酬。因此，我們就利用債券具有避險效果的特性，探討房地產資產與債券資產做配置，建構具有高報酬的投資組合。另外，為了創造出良好的配置，本篇研究利用Black-Litterman計算資產的配置比例。結果發現，房地產相關資產在金融異常時期表現較弱，而加入國債可以顯著提高整體配置的報酬。此外，債券多元化的資產配置策略也能提升整體回報。通過加入投資者的主觀觀點，投資者可以更靈活地調整配置比例，有效管理風險並提高報酬，從而在各種市場環境下實現長期穩定的回報。

This study aims to explore how investors can effectively manage their investment portfolios during extraordinary events (such as the Covid-19 period and the financial crisis). Real estate-related assets are often impacted by economic events; however, through asset allocation adjustments, higher returns can be achieved. Therefore, we leverage the hedging properties of bonds to examine how the allocation of real estate assets and bond assets can construct an investment portfolio with the highest returns. To achieve an optimal allocation, this study utilizes the Black-Litterman model to calculate asset allocation ratios. The findings reveal that real estate-related assets tend to perform poorly during financial anomalies, while the inclusion of government bonds significantly enhances the overall portfolio returns. Moreover, a diversified bond asset allocation strategy can also improve overall returns. By incorporating investors' subjective views, investors can more flexibly adjust their allocation ratios, effectively manage risks, and enhance returns, thus achieving long-term stable returns across various market environments.

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