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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 陳鴻基(Houn-Gee Chen) | |
dc.contributor.author | Chi-Wei Kao | en |
dc.contributor.author | 高啟瑋 | zh_TW |
dc.date.accessioned | 2021-05-15T17:55:14Z | - |
dc.date.available | 2020-07-16 | |
dc.date.available | 2021-05-15T17:55:14Z | - |
dc.date.copyright | 2014-07-29 | |
dc.date.issued | 2014 | |
dc.date.submitted | 2014-07-16 | |
dc.identifier.citation | 參考文獻
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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/5293 | - |
dc.description.abstract | 本篇論文探討基金流量與其影響因素之關係,並探討此影響因素是否改變投資人面對過去績效的不對稱反應。
過去文獻提出高報酬基金和低費用基金吸引較高基金流量,本研究和之前結論符合。本研究亦探討基金流量是否受投資人申購時所面對的資訊搜尋成本影響,在此搜尋成本是以基金公司規模和基金外溢效果以及基金品牌來源國來評估。實證發現,大型基金公司和外資基金公司的基金和基金流量成正向關係,而外溢效果與基金流量成負向關係。 接著本文將績效等級分類,實證結果顯示台灣共同基金投資人之申購贖回行為,根據基金過去績效之不同,存在不對稱反應現象,即投資人在面對較差的基金績效時,其贖回金額小於較好的基金績效之申購金額。而其中若是持有大型基金公司和含外資管理之基金公司之基金的投資人,當面對基金績效較差時,贖回基金的更小。 本研究之實證結果發現台灣基金投資人申購的考量因素,而且得知投資人對過去績效的不對稱反應會因為發行公司而改變,此發現可提供基金公司、基金經理人作為參考。 | zh_TW |
dc.description.abstract | This paper investigates the relationships between mutual fund flows
and various determinants, and whether these determinants will influence the investors’ asymmetric response of flow-performance. High past performance funds and low fee funds enjoy high fund flows, and these finding are consistent with previous literature results. This paper also explores the impacts of search costs on fund flows using fund company size, the non-local country-of-origin(COO), and spillover effect as proxies. We find that funds in larger fund companies and non-local COO are positively related to fund flows, while the funds with spillover effect are negatively related to fund flows. After classifying fund past performance, we find that the flow-performance relationship of mutual funds is asymmetric in Taiwan. Fund investors in Taiwan will redeem less fund contrary to they purchase more fund with good performance. While the funds are issued by larger or non-local companies, the redemption will be even smaller. Our results shed light on the behavior of fund investors and discover the asymmetric response will be influenced according to fund companies. This provides insights for fund managers and fund companies to make strategies. | en |
dc.description.provenance | Made available in DSpace on 2021-05-15T17:55:14Z (GMT). No. of bitstreams: 1 ntu-103-R01741051-1.pdf: 1187312 bytes, checksum: d39db7f1f6c0839018caecc800072bd1 (MD5) Previous issue date: 2014 | en |
dc.description.tableofcontents | 目錄
誌謝 II 中文摘要 III Abstract IV 目錄 V 表目錄 VI 圖目錄 VI 第一章 緒論 1 第一節、研究動機與目的 1 第二節、研究架構 2 第二章 文獻探討 4 第一節、資訊搜尋成本(information searching cost) 4 第二節、基金公司與基金流量關係 8 第三節、品牌來源國對基金流量之影響 11 第四節、投資行為不對稱 14 第五節、其他基金流量影響因素 20 第三章 共同基金市場介紹 24 第四章 研究方法 29 第一節、研究模型(一) 29 第二節、研究模型(二) 34 第三節、研究模型(三) 36 第四節、研究期間及資料來源 37 第五章 實證結果 39 第一節、敘述統計 39 第二節、實證結果分析 41 第六章 結論與建議 49 第一節、研究結論 49 第二節、未來研究建議 50 參考文獻 52 表目錄 表2-1基金流量與基金績效文獻整理--------------------------------------------------- 17 表2-2: 基金績效對流量衝擊影響程度改變文獻整理--------------------------------19 表2-3: 基金規模與基金流量關係文獻整理--------------------------------------------21 表2-4: 基金費用與基金流量關係文獻整理--------------------------------------------23 表3-1國內投信投顧產業現況表--------------------------------------------------------- 28 表4-1非本土基金公司之來源國與人均國內生產毛額------------------------------ 32 表4-2 2007至2013年台灣股票型基金發展概況------------------------------------- 38 表5-1全體樣本敘述統計------------------------------------------------------------------ 40 表5-2逐年樣本之平均值統計------------------------------------------------------------ 40 表5-3基金淨流量與影響因素之迴歸結果--------------------------------------------- 43 表5-4績效分組下,基金淨流量與影響因素之迴歸結果--------------------------- 45 表5-5績效分組下,搜尋成本對基金流量與績效之影響--------------------------- 48 圖目錄 圖3-1:近十年國內共同基金總規模------------------------------------------------------ 26 | |
dc.language.iso | zh-TW | |
dc.title | 共同基金流量影響因素探討:基金績效反應不對稱觀點 | zh_TW |
dc.title | The Determinants of Mutual Fund Flow: The Asymmetric Response of Flow to Past Performance View | en |
dc.type | Thesis | |
dc.date.schoolyear | 102-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 何耕宇,郭佳瑋 | |
dc.subject.keyword | 共同基金,基金績效,基金流量,不對稱反應,資訊成本,來源國效應,外溢效果, | zh_TW |
dc.subject.keyword | Mutual funds,Fund performance,Fund flow,Asymmetric response,Search cost,Country of origin,Spillover effect, | en |
dc.relation.page | 57 | |
dc.rights.note | 同意授權(全球公開) | |
dc.date.accepted | 2014-07-16 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 商學研究所 | zh_TW |
顯示於系所單位: | 商學研究所 |
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