請用此 Handle URI 來引用此文件：
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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 郭瑞祥 | zh_TW |
| dc.contributor.advisor | Ruey-Shan Guo | en |
| dc.contributor.author | 楊少銘 | zh_TW |
| dc.contributor.author | Shao-Ming Yang | en |
| dc.date.accessioned | 2025-12-31T16:05:31Z | - |
| dc.date.available | 2026-01-01 | - |
| dc.date.copyright | 2025-12-31 | - |
| dc.date.issued | 2025 | - |
| dc.date.submitted | 2025-12-10 | - |
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(n.d., 2022/05/13). 集保「基金集中清算平台」，促進基金市場高效率及競爭力. 臺灣集中保管結算所. 2025/08/23 https://www.tdcc.com.tw/portal/zh/news/content/402897967f546cb00180bb54b2370099 謝劍平. (2012). 臺灣共同基金產業通路結構的現況與未來 [The Present and Future of the Channel Structure in Taiwan's Mutual Fund Industry]. 證券服務, 621, 1–13. https://www.sfi.org.tw/Publications/Publication/621 | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/101140 | - |
| dc.description.abstract | 臺灣共同基金市場資產管理規模（AUM）已超過 7.84 兆新臺幣，約當堆疊 1,700 棟臺北 101 大樓。若僅提升萬分之 1 的整體效率，即以總費用率（TER）降低 1 個基點計算，便可釋放近 8 億元的年度經濟效益。然而，支撐該市場運作的金融市場基礎設施（FMI）卻深陷結構性僵化，仍受前數位時代範式所拘束，長期陷於次優均衡的制度困境。
本研究採用「解釋性序列混合方法」（Quan → Qual → Design）。首先，量化模擬證實，若導入以分散式帳本技術（DLT）為基礎的新型 FMI，每年預估可釋放約 280 億新臺幣的潛在經濟效益（約當 TER 降低 35.93 個基點），顯示現行制度下存在重大「效率缺口」。其後，質性分析將此效率缺口的成因，歸納為「制度性雙重硬化症」：亦即由歷史路徑依賴所造成的「操作性硬化」，與來自既得利益與集體行動失靈的「策略性硬化」，在動態上相互強化；並進一步論證，在傳統中心化架構下，即便引入中立第三方，仍難以根本化解此一深層信任困境。 為填補現象描述與制度設計之間的鴻溝，本研究建構「算法信任雙柱模型」作為理論橋樑：將具法律問責的鏈下「治理性信任」與具數學確定性的鏈上「可計算信任」加以整合。基於此模型，提出「臺灣基金鏈（TWFC）」制度藍圖，設計以可信中立第三方為核心、由多元利害關係人共治的許可制聯盟鏈架構，不僅實現基金份額的通證化轉移與近乎即時的交易結算，亦內建權力制衡機制與透明規則，以達成「代碼即規則（Code-as-Rule）」的治理目標。本研究不僅為臺灣資產管理產業的數位轉型提供具體路徑，亦為全球面臨類似制度瓶頸的經濟體，展示一個具數位韌性的下一代 FMI 可複製原型。 | zh_TW |
| dc.description.abstract | Taiwan’s mutual fund market has assets under management (AUM) exceeding NT$7.84 trillion, roughly equivalent to 1,700 Taipei 101 towers. A one–basis-point (0.01 percentage point) reduction in the total expense ratio (TER) would generate approximately NT$0.8 billion in additional annual economic benefits. Yet the financial market infrastructure (FMI) underpinning this market remains structurally rigid, governed by pre-digital paradigms and locked in a persistently suboptimal institutional equilibrium.
This study adopts an explanatory sequential mixed-methods design (Quan → Qual → Design). First, a quantitative simulation shows that introducing a distributed ledger technology (DLT)-based FMI could generate NT$28 billion in annual gains (equivalent to a reduction of 35.93 basis points in TER), revealing a substantial “efficiency gap” in the current system. Subsequent qualitative analysis traces this gap to an “institutional double sclerosis”: a reinforcing interplay between “operational sclerosis” driven by historical path dependence and “strategic sclerosis” rooted in vested interests and collective action failures. It further shows that, under traditional centralized architectures, even a nominally neutral third party cannot resolve this deep-seated trust dilemma. To bridge diagnosis and institutional design, the study develops an “algorithmic trust twin-pillars model”. This framework integrates off-chain “governance trust”, grounded in legal accountability, with on-chain “computable trust”, grounded in mathematical certainty. Building on this model, the dissertation proposes the “Taiwan Fund Chain” (TWFC): a permissioned alliance chain centered on a credibly neutral operator and co-governed by multiple stakeholders. TWFC is designed to enable tokenized transfer and near-real-time settlement of mutual fund shares while embedding checks-and-balances mechanisms and transparent rule sets to realize a “code-as-rule” governance regime. This research provides a pathway for the digital transformation of Taiwan’s asset management industry and a replicable prototype of a digitally resilient, next-generation FMI for jurisdictions facing similar institutional bottlenecks. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2025-12-31T16:05:31Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2025-12-31T16:05:31Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 口試委員會審定 I
謝 辭 II 中文摘要 III 英文摘要 (ABSTRACT) IV 目次 V 圖次 IX 表次 X 第 1 章 緒論 (INTRODUCTION) 1 1.1 研究背景與動機 1 1.2 研究問題與目的 2 1.3 研究方法概覽 4 1.4 核心論證與主張 4 1.5 概念界定與研究範疇 6 1.6 論文結構 8 第 2 章 文獻探討 (LITERATURE REVIEW) 9 2.1 全球資產通證化：趨勢與實證基礎 9 2.2 整合性理論框架之建構 11 2.3 文獻評述與研究缺口 21 2.4 本章小結：奠定「預測 → 解釋 → 設計」理論基礎 23 第 3 章 研究方法 (RESEARCH METHODOLOGY) 24 3.1 前瞻性議題的認識論挑戰 24 3.2 序列一 (量化 QUAN)：前瞻性模擬分析 26 3.3 序列二 (質性 QUAL)：解釋性多案例研究 36 3.4 研究假說 38 3.5 序列三 (整合 INTEGRATION)：發現與元推論 39 3.6 研究倫理考量 40 3.7 數據可得性與研究方法限制 40 3.8 本章小結：以嚴謹方法論串聯研究序列 41 第 4 章 量化預測 (QUANTITATIVE PREDICTION) 42 4.1 模型架構與參數設定 42 4.2 效率缺口量化：基準情境下的數據發現 45 4.3 關鍵驅動變數之識別：敏感度分析 46 4.4 模型穩健性檢驗與極端情境測試 50 4.5 外部有效性驗證：與前沿實證的標竿比較 52 4.6 本章小結：主要發現、研究限制與待解謎題 55 第 5 章 質性解釋 (QUALITATIVE EXPLANATION) 57 5.1 「制度性雙重硬化症」的根源 57 5.2 國際借鑒：三種制度變革路徑分析 59 5.3 臺灣本土的創新原型：「好好證券」案例剖析 68 5.4 本章小結：從診斷到設計橋樑 78 第 6 章 市場設計 (MARKET DESIGN) 80 6.1 設計起點：應對「制度性雙重硬化症」措施 81 6.2 設計的基石：為何非「區塊鏈」不可 82 6.3 設計哲學：從「個案基因」到「基礎設施原則」 84 6.4 TWFC 治理哲學與核心原則 85 6.5 技術架構：三階段的交易生命週期 88 6.6 技術標準與運作模式：融入全球生態的雙層市場 93 6.7 駕馭算法信任：TWFC 的制度性安全網 96 6.8 本章小結：統合性金融市場基礎設施的制度設計 102 第 7 章 政策路徑圖 (POLICY ROADMAP) 104 7.1 導言：戰略前提與理論挑戰 104 7.2 法律革新：務實與願景兼具的雙軌制策略 105 7.3 治理的基石：可信中立性原則與國際慣例 108 7.4 治理主導者之選擇：一個共生演化的制度設計 109 7.5 分階段實施路徑圖：從奠基性試點到制度演化 114 7.6 改革的政治經濟學：建構支持變革的廣泛聯盟 121 7.7 本章小結：務實的制度工程藍圖 124 第 8 章 結論 (CONCLUSION) 126 8.1 研究發現小結 126 8.2 研究貢獻 127 8.3 整體研究限制 130 8.4 未來展望：從基礎設施到開放金融 131 8.5 結語 133 參考文獻 (REFERENCES) 135 附錄 (APPENDICES) 144 1.1 【附錄 A】核心市場參數之數據來源與估算 144 1.2 【附錄 B】量化模型之計算過程 150 | - |
| dc.language.iso | zh_TW | - |
| dc.subject | 共同基金 | - |
| dc.subject | 現實世界資產 (RWA) | - |
| dc.subject | 資產通證化 | - |
| dc.subject | 算法信任 | - |
| dc.subject | 市場設計 | - |
| dc.subject | 金融市場基礎設施 (FMI) | - |
| dc.subject | 制度性雙重硬化症 | - |
| dc.subject | 分散式帳本技術 (DLT) | - |
| dc.subject | Mutual Funds | - |
| dc.subject | Real World Assets (RWA) | - |
| dc.subject | Asset Tokenization | - |
| dc.subject | Algorithmic Trust | - |
| dc.subject | Market Design | - |
| dc.subject | Financial Market Infrastructure (FMI) | - |
| dc.subject | Institutional Double Sclerosis | - |
| dc.subject | Distributed Ledger Technology (DLT) | - |
| dc.title | 從個案到基礎設施：基金通證化之市場設計 | zh_TW |
| dc.title | From Case to Infrastructure: A Market Design for Mutual Fund Tokenization | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 114-1 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.coadvisor | 魏啟林 | zh_TW |
| dc.contributor.coadvisor | Chi-Lin Wea | en |
| dc.contributor.oralexamcommittee | 何耕宇;廖咸興 | zh_TW |
| dc.contributor.oralexamcommittee | Keng-Yu Ho;Hsien-Hsing Liao | en |
| dc.subject.keyword | 共同基金,現實世界資產 (RWA)資產通證化算法信任市場設計金融市場基礎設施 (FMI)制度性雙重硬化症分散式帳本技術 (DLT) | zh_TW |
| dc.subject.keyword | Mutual Funds,Real World Assets (RWA)Asset TokenizationAlgorithmic TrustMarket DesignFinancial Market Infrastructure (FMI)Institutional Double SclerosisDistributed Ledger Technology (DLT) | en |
| dc.relation.page | 159 | - |
| dc.identifier.doi | 10.6342/NTU202504756 | - |
| dc.rights.note | 同意授權(全球公開) | - |
| dc.date.accepted | 2025-12-10 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 創業創新管理碩士在職專班 | - |
| dc.date.embargo-lift | 2026-01-01 | - |
| 顯示於系所單位： | 創業創新管理碩士在職專班(EiMBA) | |
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