迎合、競爭與代價：低利率環境的共同基金配息策略

Abstract

本文探討2009至2023年間台灣境內股票型基金股利政策之成因與影響。實證結果顯示，短期利率下行促使基金提高配息，而同業競逐行為亦進一步鞏固整體殖利率上行趨勢。從需求面觀之，高配息有助吸引資金流入，並緩解績效低落時之申贖壓力，顯示股利政策兼具行銷與風險緩衝功能。惟此策略亦伴隨代價，高配息基金之長期績效相對遜色，顯示過度追求股息恐損及未來報酬。

This thesis explores the determinants and consequences of dividend payouts by Taiwan’s domestic equity mutual funds from 2009 to 2023. Empirical results show that lower short-term rates drive higher payouts, while peer behavior reinforces industry-wide shifts toward dividends. On the investor side, higher dividend yields attract greater inflows and reduce outflows from underperforming funds, indicating that dividends function both as a marketing tool and a buffer against redemptions. However, these benefits carry a trade-off. Funds with elevated payouts tend to underperform over the long run, suggesting that dividend strategies may compromise future returns.