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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/111740
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/111740


    Title: 低利率時代股票收益型與成長型基金流量及績效之研究
    A Study of Fund Flow and Fund Performance between Equity Income Funds and High Growth Funds under a Low Interest Rate Environment
    Authors: 楊孟倫
    Yang, Meng Lun
    Contributors: 陳鴻毅
    Chen, Hong Yi
    楊孟倫
    Yang, Meng Lun
    Keywords: 共同基金
    利率
    高股息基金
    成長型基金
    Mutual fund
    High growth fund
    Equity income fund
    Date: 2017
    Issue Date: 2017-08-10 09:45:38 (UTC+8)
    Abstract: 本研究探討投資者在低利率時代下是否存在追逐股票收益型基金之現象及投資者所投入至股票收益型基金之資金在未來一年中是否能夠擁有較佳之績效。本研究利用美國國內股票型共同基金市場資料進行實證研究,發現股票收益型基金在利率較低時將出現較大之資金淨流入,高成長型基金則在利率越低時,將出現較大之資金淨流出。因此,本研究推論投資者在利率較低時存在追逐股票收益型共同基金之行為。此外,本研究結果亦顯示利率越低時,投資者所投入至股票收益型基金之資金在未來一年將有較高之報酬。總結而言,投資者確實在低利率時代會採行投資於股票收益型基金之策略,且利率越低時能夠從中獲得較高報酬。
    The main purpose of this study is to examine whether equity income funds can generate more fund flows from investors during the low interest rate period and whether these equity income funds with more fund flows can obtain better future performance. Empirical results show that, during the low interest rate period, equity income funds enjoy higher fund inflows, while high growth funds suffer from redemption. This indicates that investors tend to pursue equity income funds rather than high growth funds when the interest rate is low. Furthermore, this study finds that equity income funds which attract more fund flows can have better future performance when interest rates are lower.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    104357002
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1043570021
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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