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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/31012


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/31012


    题名: 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
    作者: 陳彥安
    Chen, Yan-An
    贡献者: 杜化宇
    Tu, Hwa-Yue
    陳彥安
    Chen, Yan-An
    关键词: 共同基金
    規模經濟
    Mutual funds
    Economies of scale
    日期: 2007
    上传时间: 2009-09-14 09:03:31 (UTC+8)
    摘要: 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.
    參考文獻: Berkowitz, Michael K. and Yehuda Kotowitz, (2002) “Managerial quality and the structure of management expenses in the US mutual fund industry”, International Review of Economies and Finance, 11, 315-330.
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    Dellva, Wilfred L. and Olson, Gerard T. (1998) “The relationship between mutual fund fees and expenses and their effects on performance”, Financial Review, 33, 85-104.
    Dowen, Richard J. and Mann, Thomas (2004) “Mutual fund performance, management behavior, and investor costs”, Financial Services Review, 13, 79-91.
    Dukes, William P., Philip C. English II and Davis, Sean M. (2006) “Mutual Fund Mortality, 12b-1 Fees, and the Net Expense Ratio”, The Journal of Financial Research, 29, 235–252.
    Ferris, Stephen P. and D. Chance, (1987) “The Effect of 12b-1 Plans on Mutual Fund Expense Ratios: A Note”, The Journal of Finance, 42, 1077-1082.
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    Hooks, Jon A. (1996) “The Effect of Loads and Expenses on Open-End Mutual Fund Returns”, Journal of Business Research, 36, 199-202.
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    Mark, M. Carhart (1997) “On Persistence in Mutual Fund Performance”, The Journal of Finance, 52, 57-82.
    Martin, R., Malhotra, D. K. and McLeod, Robert W. (2001) “A Comparative Analysis of the Expense Ratios of Domestic and International Open-End and Closed-End Equity Funds”, Financial Counseling and Planning Education, 12, 61-72.
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    Shawky, Hany A. and Liuling Li (2006) “Optimal Asset Size for US Small-cap Equity Mutual Funds”, Journal of Investing, 1-22.
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    描述: 碩士
    國立政治大學
    財務管理研究所
    95357031
    96
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0095357031
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

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