台灣境外基金、海外基金與中國QDII基金之發展、評比與展望

Abstract

台灣投信自1988年發行第一支海外基金後，開啟國人對海外投資的興趣。經過業者近二十年來對投資人的教育，加上當時「外熱內冷」的股市行情，2004年之後，台灣投資人申購海外基金金額，逐漸與國內基金並駕齊驅。投信也大量發行海外基金，使得台灣投信發行之海外基金在規模與支數上都有十足的成長，若再加上經主管機關核備的境外基金，國人投資的習慣早已脫離國內市場，而以海外投資為投資最主要區域。 相對於台灣發展蓬勃的海外基金市場，中國內地投資人之海外投資腳步才剛興起。2007年下半年，中國正式發行投資海外的QDII基金，初期雖引起一波申購熱潮，但隨著全球股市因次貸風暴引發金融市場之大幅震盪，QDII基金也落入冷宮，之後陸續募集的QDII基金規模都不甚理想，淨值也大都低於成立初期淨值。 比較台灣海外基金與中國QDII基金績效，台灣海外基金經理人因浸淫在國際化投資領域已久，投資績效已不遜於海外資產管理公司，而中國QDII基金則呈現2007年發行之QDII基金績效大都落後台灣同類型基金，但2008年發行之QDII基金績效卻明顯改善，顯示中國QDII基金經理人對於國際股市之「擇時能力」已增強，這原因可能也與中國基金業者，本地股東的主導權增加，於基金成立初期謹慎布局的結果。 台灣海外基金與中國QDII基金之初期發展歷程相近，可作為將來中國QDII基金發展的借鏡。因此，隨著海外金融市場回穩，以目前中國QDII基金仍舊非常低的市場佔有率，預料中國QDII基金仍有廣大的發展成長空間。台灣投信業者國際化投資能力若要持續領先中國，則有賴於台灣投信業者與主管機關共同努力。

Since the first offshore fund launching in 1988 by Taiwan’s asset management company, the demand of oversea investment of Taiwan investors is getting increasing. After continuous 20 years investment education and faced the hot oversea markets compared to local stock market, the investment amount of offshore funds is almost equal to onshore funds in Taiwan from Year 2004. In the mean time, the total number of funds and size of offshore funds increased hugely through lots of offshore funds launched by Taiwan fund companies. Besides that, adding on the registered offshore funds investment amount makes the oversea investment become the major area of Taiwan people’s investment. Compare to Taiwan, it’s just the beginning of oversea investment in China. The first QDII fund was launched in the second half of 2007. These funds were very popular in the very first period. After the market crash down by financial crisis, fund launching became harder and harder than ever. Even worse, most of NAV of the QDII funds are far below the initial price. For performance, the research shows that Taiwan’s offshore fund managers are better than China’s QDII funds in 2007. On contrast, China’s QDII fund managers have improved a lot in 2008. The result shows the possibility of better active market timing ability of China’s managers or the more dominant power of the local partner. According to the similar developing path of Taiwan’s offshore fund and China’s QDII fund, the research could be used to watch the next step of China’s QDII funds’ market development. Therefore, China’s QDII funds will have a huge growth in the future. On the other hand, whether the Taiwan’s asset management company could keep ahead of China’s company or not depends on the effort and cooperation with Taiwan authority.