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政大機構典藏 > 商學院 > 會計學系 > 學位論文 > Item 140.119/85864

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/85864

Title:	前瞻性績效衡量值運用於全權委託投資業務之經濟分析 Economics Analysis for the Application of Forward-Looking Performance Measure to the Discretion Account Business
Authors:	陳燕錫 Chen, Yahn-Shir
Contributors:	康榮寶 Jungpao Kang 陳燕錫 Chen,Yahn-Shir
Keywords:	全權委託投資業務代客操作主理人-代理人模式前瞻性績效衡量值改良式績效佣金制度 Discretion account business Principle-agent model Forward-looking performance measure Improved performance fee system
Date:	1999
Issue Date:	2016-04-21 09:37:12 (UTC+8)
Abstract:	全權委託投資業務(俗稱代客操作),在證券市場中提供專業投資管理服務。我國證期會於民國81年，政策性地決定將開放此項業務。雖然整個規範體系已在民國87年建立，但它忽略掉經濟層面之考量，勢必造成全權委託投資契約無效率。 Discretion account business provides professional investment management service in the securities market. The Securities and Futures Commission decides in policy to approve the business in 1992. Althrough the regulation system of the discretion account business has been established, it will make the advisory contract inefficient with the negligence of economic consideration. The form of advisory fees permitted by the regulation system is `constant fee system`. Under the system, advisory contract provides no incentive and serious moral harazd will occur. In order to solve the motivation problem, `performance fee system` should be used. Under the circumstance of Taipei securities market, however, the performance fee system will bring in high risk. Hence, this paper suggests the `improved performance fee system` to overcome the dilemma born by the performance fee system. In the improved system, advisory fees are based on the traditional performance measure and the fordward-looking performance measure (hereafter F-LPM).
Reference:	林日峰民國73年1月證券投資顧問事業對於證券市場之功能證券管理第二卷第1期 14-16頁
Description:	博士國立政治大學會計學系 84353503
Source URI:	http://thesis.lib.nccu.edu.tw/record/#B2002001135
Data Type:	thesis
Appears in Collections:	[會計學系] 學位論文

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