共同基金之創新研究─分級基金

Abstract

我國自開放證券投資信託事業後，經歷二十七年的市場發展，產業已呈現高度競爭，業者之間受限於法規的約束，造成產品與服務的同質性高，因此產品創新變成為各業者是否能脫穎而出的關鍵。本文透過美國與中國的產品創新為基礎進行比較與個案研討，希望能在法律面、市場運作面以及產品設計面等多個面向評估在台灣發行的可行性，提供投信產業在發展創新產品時的參考。 最後研究結果發現，分級基金的產品設計可因應貨幣型基金在低利率環境下收益率低；以及債券型基金可能在全球升息循環結構下面臨資本損失。建議參照海外創新產品設計開放「分級基金」。而運用傘型基金的法源依據，分級基金可以採用分開募集並將槓桿比率無限制區間為前題，運用風險擔保為產品設計基礎，將有助於以提升分級基的單純化與透明化，繼而提升投資者對產品的認同度。至於市場運作機制則商洽台灣證券交易所建置基金申贖交易平台與集保建立撥轉單位數機制將更可活絡共同基金上市交易的交易量。

The liberalization of securities investment trust business has been for 27 years. This industry has shown a highly competitive. Subject to regulatory constraints, the industry’s products are high homogeneity. Therefore, product innovation becomes the key differentiator. This thesis aims to achieve through the United States and China product innovation as the basis for comparison and case studies. Hope from legal, operational assessment and products designed to evaluate the possibility of issue the different return shares in Taiwan. It also provides securities investment trust industry reference in product development. The results shown, the design of different return shares may be in response to money market fund at a low interest rate environment with lower yield. It also may be in response to bond fund at a rate hike cycle environment. This study suggests that reference to the innovative of different return shares. To use the legal basis of umbrella fund, the different return shares can be raise separate and the structure of leverage ratio can be unlimited. It will help to enhance the simplification and transparency by using risk protection as the basis of design. The other hand, it will increase the investor’s product identity. As for the operation mechanism, we can negotiate Taiwan Stock Exchange to build fund’s transaction platform and Taiwan Depository & Clearing Corp. to establish transfer mechanisms. This will significantly increase trading volume.