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| Title: | 配息對基金流量之影響：以台灣境內固定收益基金為例
The Effects of Income Distribution on Mutual Fund Flows: Evidence from Taiwan Onshore Fixed-income Funds |
| Authors: | 鄭雅雯
Cheng, Ya-Wen |
| Contributors: | 陳聖賢
Chen, Sheng-Syan
鄭雅雯
Cheng, Ya-Wen |
| Keywords: | 基金流量
配息
配息率
fund flows
income distribution
distribution yield |
| Date: | 2020 |
| Issue Date: | 2020-07-01 13:37:50 (UTC+8) |
| Abstract: | 本研究主要探討國內固定收益型基金，有無配息對台灣投資人行為之影響，意即申購基金時，配息型基金是否較累積型基金更吸引資金流入，以及資金流出時，選擇配息型基金之投資人，是否較不願意贖回資金，經實證結果得出以下結論：在高收益債券型中，配息型基金並未顯著較累積型基金更吸引投資人申購。而金融資產證券化型、跨國投資固定收益一般債券型與跨國投資組合型_債券型中，配息與基金流入呈現負向關係，顯示投資人偏好申購累積型基金。而在資金流出方面實證顯示選擇配息型基金之投資人，較不願意贖回配息型基金。
此外，本研究亦針對配息型基金探討配息率高低對基金流量的影響，經實證結果得出以下結論：在選擇跨國投資固定收益一般債券型與跨國投資組合型_債券型之配息型基金，高配息率越能吸引投資人進行申購；而金融資產證券化型、高收益債券型則為不顯著正向關係，由於投資標的風險較高，可能會以本金進行配息，因此即使高配息率對資金流入影響並不顯著。在資金流出方面研究顯示高配息率因素使得投資人較不願意贖回配息型基金。
This paper investigates the effects of income distribution on Taiwan onshore fixed-income fund flows. The empirical results show that in high-yield bonds type, income distribution is not significantly more attractive to investors. In asset-back securitization bonds, multinational investment fixed-income, and multinational investment bond types, income distribution is negatively related to fund inflows which means investors prefer to purchase cumulative funds. The outflows, however, show that investors who choose distribution share class funds are less willing to redeem.
This paper also investigates the effects of distribution yield on Taiwan onshore fixed-income distribution share class funds. The empirical results show that in multinational investment fixed-income, and multinational investment bond types, the higher the distribution yield, the more attractive it is to investors. While in asset-back securitization bonds and high-yield bond types, high distribution yield is not significantly attractive to inflows. The possible reason is that due to the high risk of holding assets, income distribution may be paid by investors’ principal. The outflows, however, show that investors who buy higher distribution yield funds are less willing to redeem. |
| Reference: | 中文文獻
1.陳森松、黃憲彰、王南喻、張華然（2007），「檢視債券型基金績效與流量之動態關連-應用多元隨機波動模式」，企業管理學報，第74期，頁41-65。
2.王南喻、陳信憲（2006），「開放式股票型基金績效與流量關係之研究-台灣地區境內基金市場實證」，企業管理學報，第69期，頁73-96。
英文文獻
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| Description: | 碩士
國立政治大學
財務管理學系
107357006 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107357006 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202000589 |
| Appears in Collections: | [財務管理學系] 學位論文
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