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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/35491


    Title: 台灣共同基金費用之規模經濟探討
    Authors: 張中伍
    Contributors: 杜化宇
    張中伍
    Keywords: 共同基金
    費用
    規模經濟
    超對數成本模型
    學習曲線
    Date: 2004
    Issue Date: 2009-09-18 15:08:53 (UTC+8)
    Abstract: 我國投信在93年底時共發行有466支基金，資產淨值達新台幣貳兆肆仟捌佰餘億元，已成為一般投資人主要的投資工具。 共同基金的報酬具有不確定性，費用卻需持續支付，對基金績效造成負面影響。
    本研究利用超對數成本模型，對91年至93年均存在之238檔開放式股票型、平衡型及債券型基金的費用作實證分析，基金費用包括經理費、保管費及其他項費用。 研究結果顯示基金的費用存在規模經濟的效果，且經理費為主要的規模經濟來源。 研究結果同時顯示基金費用具學習曲線的效果，且隨投信公司同類型其他基金規模的增加而下降。
    本研究因此建議投資人在選定投資之基金類型後，在該類型基金中挑選規模較大者，應是較有利的選擇。 同時建議基金公司應考慮對旗下同類型之基金加以合併，使基金規模擴大後費用率得以降低，以嘉惠投資人。
    Reference: 一. 中文
    1. 林志映，“共同基金管理費影響因素之研究”， 銘傳大學財務金融學系研究所未出版碩士論文，民國九十二年。
    二. 英文
    1. Investment Company Institute (2004) Mutual Fund Fact Book.
    2. Pindyck, Robert S. and Daniel L. Rubinfeld, Microeconomics, Prentice-Hall, Inc.
    3. Carhart, Mark M. (1997) “On Persistence in Mutual Fund Performance”, Journal of Finance, Vol. 52(1), P57-82.
    4. Collins, S. and P. Mack, (1997) “The Optimal Amount of Assets under Management in the Mutual Fund Industry”, Financial Analysis Journal, Vol. 53 (5), P67-73.
    5. Crawford, Peggy J. and Charles P. Harper (1985) “An Analysis of the Discounts on Closed-end Mutual Funds”, Financial Review, Vol. 20(3), P30-38.
    6. Dimson, E. and C. Minio-Kozerski, (1999) “Closed-End Funds: A Survey”, Financial Markets, Institutions and Instruments, Vol. 8(2), P1-41.
    7. Ferris, Stephen P. and Don M. Chance, (1987) “The Effects of 12b-1 Plans on Mutual Fund Expense Ratios: A Note”, Journal of Finance, Vol. 42(4), P1077-1082.
    8. Goldberg, Lawrence G., Gerald A. Hanweck, M. Keenan and A. Young, (1991) “Economies of Scale and Scope in the Securities Industry”, Journal of Banking and Finance, Vol. 15(2), P91-107.
    9. Kellner, S. and G. Frank Mathewson, (1983) “Entry, Size Distribution, Scale, and Scope Economies in the Life Insurance Industry”, Journal of Business, Vol. 56 (1), P25-44.
    10. Kumar, R. and Gregory M. Noronha, (1992) "A Re-examination of the Relationship Between Closed-End Fund Discounts and Expenses", Journal of Financial Research, Vol. 15( 2) , P139-147.
    11. Latzko, David A. (1999) “Economies of Scale in Mutual Fund Administration”, Journal of Financial Research, Vol. 22(3), P331-339.
    12. Latzko, David A. (2002) “Mutual Fund Expenses”, Pennsylvania State University working paper.
    13. Malhotra, D. K. and Robert W. McLeod (2000) “ Closed-End Fund Expenses and Investment Selection ”, Financial Review, Vol. 35(1), P85-104.
    14. Malkiel, Burton G. (1995) “Returns from Investing in Equity Mutual Funds 1971 to 1991”, Journal of Finance, Vol. 50(2), P549-572.
    15. Noulas, Athanasios G.., Subhash C. Ray and Stephen M. Miller, (1990) "Returns to Scale and Input Substitution for Large U.S. Banks", Journal of Money, Credit and Banking, Vol. 22(1), P94-108.
    16. Philpot, J., D.Hearth, James N. Rimbey and Craig T. Schulman, (1998) “Active Management, Fund Size, and Bond Mutual Fund Returns”, Financial Review, Vol. 33 (2), P115-125.
    17. Rao, S.P.U. (2001) “Economic Impact of Distribution Fees”, American Business Review, Vol. 19(1), P1-5.
    18. Zumpano, L. V., H. W. Elder, and G. E. Crellin, (1993) “The Market for Residential Real Estate Brokerage Services: Costs of Production and Economies of Scale”, Journal of Real Estate Finance and Economics,
    Vol. 6, P237–250.
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    91932724
    93
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0919327241
    Data Type: thesis
    Appears in Collections:[Executive Master of Business Administration] Theses

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