請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19390
完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 洪茂蔚 | |
dc.contributor.author | Chan Ting Lin | en |
dc.contributor.author | 林展鼎 | zh_TW |
dc.date.accessioned | 2021-06-08T01:56:47Z | - |
dc.date.copyright | 2016-07-25 | |
dc.date.issued | 2016 | |
dc.date.submitted | 2016-07-04 | |
dc.identifier.citation | 中文部文:
汪漢儒 (2010),「台灣共同基金流量與績效的短期動態之探討」,國立中正大學財務金融所碩士論文。 周雅莉(1994),「基金績效、規模與其對銷售成長之影響:以臺灣開放式成長型共同基金為例」,國立交通大學管理科學研究所碩士論文。 陳佩君(2004),「基金績效與基金規模關聯性之探討」,國立臺灣大學會計學研究所碩士論文。 彭莉媚(2007),「台灣投信事業行銷組合對共同基金流量之影響」,國立中正大學企業管理所碩士論文。 魏安平(2012),「廣告、績效與共同基金流量:基金廣告的配置比例」,國立中山大學財務管理學系研究所博士論文。 藍鴻達(2014),「基金家族品牌效應對投資人選擇基金的影響」,大葉大學管理學院碩士在職專班碩士論文。 英文部分: Barber et al., 2000, “Midodrine hydrochloride and the treatment of orthostatic hypotension in tetraplegia: two cases and a review of the literature,” Spinal Cord, Vol. 38, 109-111. Del Guercio, and Tkac ,2002, “The Determinants of the Flow of Funds of Managed Portfolios,” The Journal of Financial and Quantitative Analysis, Vol.37, 523-557. Edwin J. Elton, Martin J. Gruber, and Christopher R. Blake ,1996, “Survivor Bias and Mutual Fund Performance,” Review of Financial Studies, Vol. 9, 1097-1120. Erik R. Sirri, and Peter Tufano,1998, “Costly Search and Mutual Fund Flows,” The Journal of Finance Vol.53,1589–1622. Hendricks Darryll, Patel Jayendu, and Zeckhauser Richard,1993, “Hot Hands in Mutual Funds: Short-Run Persistence of Relative Performance,” The Journal of Finance, Vol. 48, 93–130. Ippolito ,1989, “Efficiency with Costly Information: A Study of Mutual Fund Performance, 1965–1984,” The Quarterly Journal of Economics, Vol.104, 1-23. Ippolito, 1992, “Consumer Reaction to Measures of Poor Quality: Evidence from the Mutual Fund Industry,” The Journal of Law & Economics, Vol. 35, 45-70. Jain, and Wu ,2000, “Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows,” The Journal of Finance, Vol. 55, 937-958. J Patel, R Zeckhauser, and D Hendricks, 1994, “Investment flows and performance: Evidence from mutual funds, cross-border investments and new issues,” Journal of Finance, Vol. 48, 93-130. Judith Chevalier, and Glenn Ellison, 1997, “Risk Taking by Mutual Funds as a Response to Incentives,” Journal of Political Economy, Vol. 105, 1167-1200. Khorana, and Servaes ,2005, “Explaining the size of the mutual fund industry around the world,” Journal of Financial Economics, Vol.78, 145–185. Kirk Hallahan,1999, “Seven Models of Framing: Implications for Public, ”Journal of Public Relations Research, Vol.11, 205-242. Li Ma (2013), “Mutual Fund Flows and Performance: A Survey of Empirical Findings,” working paper. MARK GRINBLATT, and SHERIDAN TITMAN,1992, “The Persistence of Mutual Fund Performance,” The Journal of Finance, Vol. 47, 1977-1984. Massa ,2004, “Mutual Fund Competition and Stock Market Liquidity,” working paper. Mª Isabel Cambón, and Ramiro Losada,2013, “Evidence from purchases and redemptions in the Spanish equity fund market,” The Spanish Review of Financial Economics, Vol. 13, 57–70 Pei-Gi Shu, Yin-Hua Yeh, and Takeshi Yamad,2002, “The behavior of Taiwan mutual fund investors—performance and fund flows,” Pacific-Basin Finance Journal, 10-5, 583–600. Sinha, Rajeeva; Jog, and Vijay M.,2007, “Returns and fund flows in Canadian mutual funds,” working paper. Vikram Nanda, Z. Jay Wang, and Lu Zheng,2003, “Family Values and the Star Phenomenon: Strategies of Mutual Fund Families,” Review of Financial Studies, Vol. 17, 667-698. WN Goetzmann, and N Peles,1997, “Cognitive dissonance and mutual fund investors,” Journal of Financial Research, Vol. 20,145–158. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19390 | - |
dc.description.abstract | 本研究利用2010年 1月至2015年12月的六年境內基金樣本,並在追蹤回歸模型的套用後,主要探討基金績效對於投資人的投資決策影響。
在基金的申購量,績效對於申購是正向影響,且不論自然人占比大小與基金規模大小都不影響這個關係,顯示出投資人有績效持續性的推測,且有'winner-picking effect'的行為。在基金的贖回量,績效對於贖回也是正向影響,因為績效優於大盤或競爭者的基金會有投資人做”Profit taking”,反觀績效差的基金,基金管理公司會盡量避免揭露,且投資人會有避免產生實現損失的心態。最後,在2010年至2016年間,基金的績效對於基金淨流量為負影響,顯示出績效對於申購與贖回都是正向影響,但是贖回的金額大於申購,導致績效與淨流量產生負相關,資金正在流出該市場。 另外,本文為了探討自然人與法人投資人的投資習性,以自然人占比做分類,得到以下實證結論: 1.不論自然人占比,績效對於申購量、贖回量與淨流入的影響都為正向。 2.自然人占比少的基金,管理費有顯著負相關,自然人較多的基金卻無顯著影響。 3.自然人占比高的族群,基金家族規模對於贖回量有顯著正向影響。 最後,本文再以規模作為分類,得到以下結論,手續費、基金家族規模、基金公司的市佔率、投信的基金數量在規模大的基金中,對於淨流出沒有顯著影響,但在規模小的基金中,顯著影響淨流出。 | zh_TW |
dc.description.abstract | The focus of this research is on the behavior of mutual funds’ investors who invested in the domestic equity fund in Taiwan. The result shows that the investors will purchase more well-performance fund. It means that investors who purchased the domestic equity funds in Taiwan believe that the performance of fund is continuous and there is winner-picking effect in this market. The relationship between funds’ performance and flows is positive. It’s because investors always take profit when the performance is well and wait for good performance when it under-performs. Also, asset management company always cover up bad-performed funds and hope investors will ignore it. For the funds’ net inflow, the relationship between it and performance is negative which shows that this industry was facing outflow during this period. Whether natural and institutional investors have different investment strategies is included in this research. The following are the results,
1.No matter what’s the ratio of natural investors to funds’ size, the influence of performance to purchase, redemption and inflows is positive. 2.There is significantly negative relationship between the management fee and inflows when the fund’s natural beneficiaries are higher than average. 3.There is significantly positive relationship between fund family’s size and inflows when the fund’s natural beneficiaries are higher than average. If separating funds to two group by their size, we can find that the fees, size of fund family, market share of fund family and the amount of fund in the fund family have significant positive impact on inflows in smaller size funds. However, there isn’t significant influence on inflows in larger size funds. | en |
dc.description.provenance | Made available in DSpace on 2021-06-08T01:56:47Z (GMT). No. of bitstreams: 1 ntu-105-R03724069-1.pdf: 653452 bytes, checksum: f06c35dd1bdcfe031a53d04f7656b6b5 (MD5) Previous issue date: 2016 | en |
dc.description.tableofcontents | 口試委員會審定書 I
摘要 II Abstract II 第一章 緒論 1 第二章 文獻探討 10 2.2流量受到過去績效影響的文獻 12 2.3流量受到績效之外的因素影響 13 第三章研究設計 15 3.1樣本資料 15 3.2變數設定 16 3.3研究方法與範圍 21 第四章 實證分析 22 4.1敘述統計量 22 4.2淨申購 24 4.2.1 整體市場 24 4.2.2依自然人受益人占比分類 25 4.2.3依規模分類 26 4.3淨贖回 27 4.3.1整體市場 27 4.3.2依自然人受益人占比分類 28 4.3.3依規模分類 29 4.4淨流入 29 4.4.1整體市場 30 4.4.2依自然人受益人占比分類 30 4.4.3依規模分類 31 第五章 結論 32 5.1結論 32 5.2未來建議 33 參考文獻 34 | |
dc.language.iso | zh-TW | |
dc.title | 共同基金之績效對流量的影響-
以國內股票型共同基金為例 | zh_TW |
dc.title | An analysis of the relationship between mutual fund’s flows and performances-
The Domestic Equity Funds in Taiwan | en |
dc.type | Thesis | |
dc.date.schoolyear | 104-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 蔡豐澤,蔡佳芬,張榮顯,顏汝芳 | |
dc.subject.keyword | 基金流量,自然人占比,申購量,贖回量,基金績效, | zh_TW |
dc.subject.keyword | Domestic equity,Performance,Net inflow,Fund family,Market share, | en |
dc.relation.page | 36 | |
dc.identifier.doi | 10.6342/NTU201600630 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2016-07-04 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
顯示於系所單位: | 國際企業學系 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-105-1.pdf 目前未授權公開取用 | 638.14 kB | Adobe PDF |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。