台灣投資信託基金產業之發展探討

Abstract

自1982年行政院核定「引進僑外資投資證券計劃」以來，我國證券投資信託產業已發展超過40年。隨著基金產品的多樣化和國際化，投信投顧業已逐漸成為金融市場不可或缺的一部分。然而，由於目前投資信託產業的資料相對分散，本研究希望通過回顧台灣基金產業的發展，為有意進入投信投顧產業的新進人員提供產業發展的基礎知識。同時，利用對比國外共同基金市場的發展，協助台灣投信投顧業者在策略制定和產品創新方面提升台灣基金市場的國際化程度。 本研究採用文獻回顧法（Document Analysis），總結並歸納出台灣基金市場從起源到現階段的發展過程，特別是產業和指數股票型基金的蓬勃發展、政策與法規的推動以及外國投資的引入等關鍵因素，這些因素使得我國股市在近期頻創新高，投信投顧業的資產管理規模也突破了11兆元大關。雖然台灣基金市場已具備良好基礎，但考慮到亞洲國家的家庭財務分配在基金市場中的比例仍相對偏低，因此台灣基金市場尚有顯著的發展潛力。 在探究國際金融市場中基金市場的發展過程，發現共同基金的成長受到退休金市場擴展的推動，並且對金融市場的穩定與健全發展起到了非常關鍵的作用。投資者的投資風格逐漸演變為以國際化和指數型基金為主。 對照美國基金市場的資金流向，被動型基金的興起將持續影響傳統主動型基金的市場份額。隨著保管與管理費用的持續下降，我國基金市場可能會遵循先進國家的發展趨勢。此外，為滿足投資新手及退休族群的理財需求，除了定期定額理財觀念外，市場上主打穩定收益和低波動的配息型ETF將持續成為主流選擇。未來，主管機關也可以借鏡美國401(k)和IRA等退休金計劃，提升我國市場的投資比例，以促進台灣基金市場的規模和國際化程度。

Since the Executive Yuan approved the "Plan to Introduce Overseas Chinese and Foreign Investment in Securities" in 1982, Taiwan's securities investment trust industry has developed for over 40 years. With the diversification and internationalization of fund products, the securities investment trust and consulting industry has become indispensable in the financial market. Due to the scattered data on the investment trust industry, this study aims to provide foundational knowledge for newcomers and assist in strategic planning and product innovation by comparing the development of foreign mutual fund markets. Using Document Analysis, this study summarizes Taiwan's fund market development, highlighting key factors such as the growth of industry and index stock funds, policy and regulatory promotion, and foreign investment introduction. These factors have driven the stock market to new highs and increased the asset management scale of the investment trust and consulting industry to over NT$11 trillion. Despite a solid foundation, the household financial allocation to the fund market in Asian countries remains low, indicating significant growth potential for Taiwan's fund market. Exploring international financial markets reveals that mutual fund growth is driven by pension market expansion, which is crucial for financial market stability. Investors' styles are evolving towards internationalization and index funds. In the U.S., the rise of passive funds has shifted capital flows, with passive management absorbing $2.5 trillion from 2013 to 2022, while active funds saw outflows of $2.3 trillion. In Taiwan, the fund market is still growing, but since 2018, passive fund inflows have surpassed those of active funds.This trend is likely to continue, driven by lower custody and management fees. To meet the needs of novice investors and retirees, dividend-paying ETFs, emphasizing stable returns and low volatility, will remain popular. Regulatory authorities could adopt U.S. retirement plan strategies like 401(k) and IRA to boost investment ratios, promoting Taiwan's fund market's scale and internationalization.