多元ETF商品對臺灣證券市場影響之研究

隨著經濟全球化的趨勢與日新月異的科技發展，帶動資金運用與科技密不可分，當市場動盪加劇、高度連動、低利率甚至負利率已成全球金融大環境新常態，屬被動式投資，兼具股票與基金優點及買賣方便、低交易成本及管理費、流動性高、多樣化、投資組合透明度高等特色的指數股票型基金（Exchange Traded Funds, ETFs），已廣泛被各類型投資人運用在資產配置的核心投資組合中；透過多元ETF商品，投資人得以較低成本，單一投資便可獲得多角化的綜效，從2015年全球ETF掛牌檔數及總資產規模，雙雙創下歷史新高，顯示ETF已是投資人資產配置中不可或缺的金融工具。本研究以實務角度，藉由探討全球及歐美、亞洲主要國家ETF市場現況及其可供借鏡之處，分析我國整體證券市場現況及面臨的挑戰，再就我國證券集中市場之ETF商品發展予以歸納分析，研究結果發現：多元ETF商品對我國證券市場具有二項主要正向影響： 1. 落實金融進口替代。 2. 提昇市場動能。

關鍵字

被動式投資；指數股票型基金；金融進口替代

並列摘要

With the trend of economic globalization and rapid technological development, the use of technology is necessary for capital management, especially while volatility and low interest rates, even negative interest rates have become new normal of today’s global capital markets. Exchange Traded Funds (ETFs), a kind of passive investment strategies that trades like a stock with low cost, good market liquidity and a tax efficient way to manage the assets, have been an essential core portfolio of asset allocation for various types of investors. The diversified ETFs also enable investors to obtain investment synergy with lower-cost. The overall assets and numbers of ETFs worldwide both hit record high in 2015, indicating that ETFs are indispensable financial instruments for asset allocation. At first, this study explores the status of global, American, European and the major Asian countries’ ETF markets to find insights and experiences to learn from. Secondly, this study analyses the current situation and challenges encountered of the Taiwan stock market as a whole and then summarizes the influence of diversified ETFs. It is shown that there are two major positive effects from diversified ETF products on Taiwan stock market: 1. To carry out financial import substitution policy. 2. To enhance the market momentum.