基金資金流向與投信公司經營策略關係之探討

Abstract

觀察近年來本土投信和外商投信，從銷售通路配置、後台作業模式及產品策略，越趨於兩極化的發展。關於影響共同基金資金流向的因素，除了全球市場趨勢和國內法規逐步開放的影響外，本研究探討本土投信與外商投信兩極化的經營策略發展，以及基金資金流向關係是否有其顯著的正相關。

我國法令逐漸開放的情況下，共同基金投資人對於被動式管理基金的接受度也逐年提高。國內投信公司也跟進全球資產金流脈動的腳步紛紛大量成立ETF產品，國內資產管理共同基金資金流向自2018年下半年起，國內ETF基金資產規模明顯已超越境外基金的資產規模。PWC 2025年資產管理報告:亞洲覺醒中摘錄「零售(共同)基金(包含指數股票型基金，ETFs)的資產管理規模，預估將於2025年翻倍成長至11.9兆美元…」的數據也顯示，美國市場從近十年，被動式管理的股票型基金共有 2.1兆美元資金流入，主動式管理的股票型資金正好呈反向不斷流出。

透過投信投顧公會公開資料與專題個案研究，了解台灣共同基金市場資金的流動方向及趨勢，針對這些影響資金流動的因素作探討及分析，其分析結果可供投信公司作為未來資源佈局與產品銷售策略之參考依據。

There is a growing disparity between the local and foreign asset management company observed in recent years through the configuration of sales channel, middle to back-office operational setup and product strategy. Regarding the factors affecting mutual fund flows, such as globalization and relaxation of the local regulation, this study also explores the polarized business strategy between local and foreign asset management company and if there is a positive correlation of the fund flows.

The opening-up of the local regulation has increased the acceptance of passive managed fund year on year. Domestic investment and trust companies have followed the global trend and established a number of ETF products. The movement of the fund flows since 2nd half of 2018 has changed where the size of domestic ETF’s AUM has significantly exceeded offshore fund.

It is sighted in PWC 2023 Asset Management Report: Awakening of Asia excerpts “The scale of retail (mutual) funds (including index and ETFs) is expected to increase a few folds to US$11.9 trillion in 2025…” data also shows an inflow of US$2.1 trillion to passive managed fund while outflow in the active managed funds.

Through publicly available information from SITCA and some specific case studies to (1) understand the direction and the trend of mutual fund flows, (2) analyze in the context of the factor that affects fund flows with the expectation that this analysis conclusion can be used by asset management companies as a reference for future planning and product/ Sales strategy.