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| Title: | 台灣基金規模經濟之實證探討
An Empirical Analysis of Economies of Scale in Taiwan’s Mutual Funds |
| Authors: | 陳彥安
Chen, Yan-An |
| Contributors: | 杜化宇
Tu, Hwa-Yue
陳彥安
Chen, Yan-An |
| Keywords: | 共同基金
規模經濟
Mutual funds
Economies of scale |
| Date: | 2007 |
| Issue Date: | 2009-09-14 09:03:31 (UTC+8) |
| Abstract: | 藉由觀察台灣共同基金的費用與規模，探討台灣的共同基金是否存在規模經濟的現象，實證結果發現，個別基金的費用與規模之間，並無顯著的規模經濟；而基金家族底下的總資產在台幣四千到七千萬時，有顯著的規模經濟現象；透過logit模型，發現基金成立的年限、報酬、以及標準差對基金的規模經濟都有顯著的正面影響；採用Fixed-effect模型，基金成立的年限及報酬，仍對基金的規模經濟都有顯著的正面影響。
All mutual funds typically pay their regular and recurring, fund-wide operating expenses out of fund assets, rather than by imposing separate fees and charges on investors. Investors using performance evaluation as a selection criterion may be misleading due to the volatility of investment returns. It is obscured to identify whether the fund’s performance is because of the superior return or just good luck. However, mutual fund expenses are stable and can be used as an assessment of the variation in efficiency levels across various mutual fund size groupings when we took the individual mutual funds or mutual fund families as the unit of investigation. This study uncovers that no significant differences exist across individual mutual fund size categories. By utilizing the family dollar size as the base unit of analysis, the result is similar. But there are distinctions in the analysis of mutual fund-specific elasticities when the fund family size is between NT$40-70 million dollars. However, mutual fund-specific elasticities are revealed to differ in a statically significant level across mutual fund investment objective categories. By applying the logistic regression, the results indicate that age, return, and standard deviation have statistically significant positive effects on the economies of scale. By applying the fixed-effect model and making the intercepts vary with various mutual funds family, our results are stable and consistent. Mutual funds’ age or return demonstrates positive effect on the scale of economies. |
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| Description: | 碩士
國立政治大學
財務管理研究所
95357031
96 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0095357031 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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