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ESOP in the United States has been a employee welfare plan with taxdeduction .In Taiwan ,it is just the beginning to try to involve ESOPinto the employee w elfare plan .But if you compare the ESOP in US andin Taiwan ,there are many di fferencies which makes the results of ESOPin Taiwan is not as expected .The pu rpose of this paper is to investgate the investmentperformance of Dollar Cost Averaging (DCA) policy of theESOP in Taiwan .Besides ,simulation data is consi dered to study the relationship between investment horizon and risk.The result s show:1. Besides some companies ,the performance of the ESOP inTaiwan is supe rior to the time deposit .2. It shows the longer the holding period ,the lower the risk .At thesame time ,the variation is negative related to the investmen t horizon .
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