共同基金公平評價運用的效果及影響

公平評價對共同基金而言是賦有公平原則，且阻斷短期投資人對長期持有人之利益傷害。但因實行者寡，與投資人之溝通也相形不易;對國內業者而言，此機制更為陌生，希望能借由此專題探討，可以對國內共同基金市場帶來一些不同的想法。基於國內對公平評價的相關研究稀少，本文藉由淺顯易懂的文句闡述公平評價之意涵，希望增加投資人與業者對公平評價的認知。在研究方法上採取內容分析法(content analysis) ，以Who、What、Whom、How、With what effect、Why、When，此七大要項解釋公平評價的內容與應用。目前國內並無相關法規對於公平評價有任何的具體的規定，但隨著國外基金業者的實際運作以及考慮一些市場變數，與國際接軌勢必是金融管理長期要發展的方向，因法規面，制度面，業者態度，投資人想法等諸多因素，讓此議題存在與國際間的差距。文中以實際的案例說明公平評價之訂定與測試，舉例解釋採用公平評價之影響，透過國際實務與基金公司運作概況使公平評價的概念更具體，最終轉化成對國內基金業者與投資人的啟發。

關鍵字

共同基金；內容分析法；公平評價；金融管理；國際接軌

並列摘要

Fair evaluation of the mutual fund is endowed with the principle of equity, and to protect the interests of long-term holders. However, just a few enterprises put it into practice. Because of communication with investors is not easy. On the other hand, domestic enterprises feel strange about this mechanism. Hopefully, this research will be able to bring in a number of different ideas on the domestic mutual fund market. In order to increases the awareness of investors and enterprises. This article is easy to understand and base on research method- content analysis that including seven items (Who, What, Whom, How, with what effect, Why, When). At present, there are no relevant laws and regulations for the fair evaluation of any specific provisions. With actual operation of the foreign enterprises and to consider a number of market variables, in line with international standards is bound to develop the financial management of long-term direction. The existence of the international gap, there are the regulations, the system, the attitude of the enterprises and investors. This article uses the actual cases to explain that how to set a fair evaluation process and testing. It also takes some examples to descript the impact of fair evaluation by international practice. Finally, there are some points to inspire the domestic enterprises and investors.