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    題名: 基金費用與投資人行為:以台灣開放式股票型基金為例
    作者: 江郁青
    貢獻者: 劉玉珍
    江郁青
    關鍵詞: 共同基金
    行為財務學
    基金費用
    日期: 2007
    上傳時間: 2016-05-06 16:36:52 (UTC+8)
    摘要: 我國共同基金市場自1983年發展至今，成長非常快速，已經成為國人不可或缺的投資工具之一。 過往有許多國內學者在基金方面的研究，著重基金績效的探討，直到近年漸漸有學者注意投資人負擔的成本，開始注意基金各種費用的收取方式，但研究的重點仍是在基金費用對基金績效的影響。近年來由於行為財務學的興起，對於投資人在共同基金投資人的申購與贖回行為，開始有了不同的研究與實證結果
    本研究利用台灣開放式股票型基金1998年1月至2006年12月的月資料共108期資料，參考Barber, Odean and Zheng(2004)的研究方法與模型設計，探討台灣投資人申購基金的行為與基金費用的關係之外，利用將樣本資料分為三個不同的期間的方式，探討基金市場對費用是否具有越來越規避的學習效果。此外，引用Liu and Wang(2007)的研究方法，利用不同設定方式將投資人作分類，檢視不同的投資人對基金費用的反應是否相同。研究結論如下：一、基金費用與基金淨現金流量具有負向的關係，顯示投資人偏好費用較低的基金。二、將基金市場分為1998年至2000年、2001年至2003年、2004年至2006年三期，研究結果顯示市場對於基金費用有越來越規避的現象，可見市場學習效果存在。三、利用2003年1月至2006年12月的受益人人數資料，設定法人效果的虛擬變數，研究結果顯示法人投資人較多的基金，其基金淨現金流量對於基金費用的效果更加負向，代表法人投資人相較於一般投資人對基金費用更為規避，推測可能原因為：法人投資人具有資訊優勢，在選擇投資基金時可以挑選出費用收取較低，績效表現佳的基金。
    Mutual funds become more and more important since 1983. Its size grows rapidly and lots of investors in Taiwan. However ,the main research about mutual fund is focus on its performance and performance persistence. Recently behavioral finance becomes more and more popular and scholars begin to notice the cost of mutual funds and its impact on investor’s behavior.
    We choose Taiwan equity fund as our target during 1998 to 2006, analyzing the relationship between mutual funds expense and investor’s behavior. Besides, we separate or data in three groups, analyzing the learning effects in Taiwan mutual funds market. We also try to separate institution investors and individual investors, analyzing their behavior.
    The conclusions are shown as below：1.Mutual funds expense and funds new cash flows are negative related. This results show that investors prefer low expense funds.2.Separating the data in 1998 to 2000,2001 to 2003 and 2004 to 2006,the negative relations between mutual funds expense and funds new cash flows are more and more significant. The results show that Taiwan mutual funds market has learning effects.3.Institutional investors are more sensitive to mutual fund expense. We assume that institutional investors have more information and low searching cost. They have the ability to choose funds that perform well and have charge lower expense.
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    17. 謝東益,2002,基金各種費用率與現金流量關係之研究 －以開放型共同基金為例,實踐大學企業管理研究所碩士論文
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    描述: 碩士
    國立政治大學
    財務管理研究所
    94357012
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0943570122
    資料類型: thesis
    顯示於類別:[財務管理學系] 學位論文

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