外商投信公司獲利變動因素分析

Abstract

早期政府透過開放外商設立投信投顧，希望將國外資產管理人才、知識及經驗引進台灣，因此外商在投信投顧發展過程佔有重要的地位。2006年8月實施《境外基金管理辦法》，加上後續對投信採取較開放的政策，讓投信蓬勃發展並成為主流。 過去對於投信研究多集中於國內投信，且主要探討影響投信基金淨流量(申購減去贖回)的因素分析，很少觸及外商投信獲利影響因素。因此本研究聚焦外商投信獲利因素分析，樣本選取以主要股東為外國企業的15家外商投信，樣本期間為過去6個完整會計年度(2016-2021)的年資料。並將財務報表重要科目、市場面因素與產品績效及結構納入考量，由更多面向來探討影響外商投信獲利的因素。 除了多數文獻提到基金擁有好績效吸引投資人更多的申購外，本研究得到的實證結果再次驗證投信產品的重要性，並指出投信熱門基金當期績效在同類型基金排名和投信獲利有顯著正相關，但前期績效優於同類型時，可能觸發投資人進行贖回，進而使投信獲利受到負面影響。

The Taiwanese government lifted the ban on startup securities investment trust and consulting enterprises for foreign companies in the 1990s in order to introduce assets management's knowledge, skill and personnel. Foreign companies play an important role in the development of Taiwan's securities investment trust and consulting industry. Securities investment trust enterprises are growing more rapidly than securities investment consulting enterprises. This is because the supervisory authority has adopted an open attitude in approving new businesses for securities investment trust enterprises, and has imposed new restrictions on securities investment consulting enterprises. A great deal of attention has been paid to securities investment trust enterprises, and numerous studies have been conducted on the analysis of mutual fund flows. However, few writers have discussed the operating performance of foreign securities investment trust enterprises. This paper will propose the determinants of the changes in earnings of foreign securities investment trust in Taiwan. Our analysis covers the sample period 2016 to 2021 and includes fifteen foreign enterprises that own securities investment trust companies. Our findings once again demonstrate the importance of product mix in a mutual fund company, and identify a positive relationship between the best selling funds’ recent year performance ranking and fund company profitability. However, there is a negative relationship between the best selling funds’ past year performance ranking and fund company profitability. This is because good past year performance rankings of best selling funds trigger profit taking and this will have a negative impact on fund company profitability.