投信公司市佔率影響因素之研析

An Investigation of the Market Share in the Taiwan Mutual Fund Industry

楊雅婷(Ya-Ting Yang)

指導教授 ： 林美珍

國立臺北大學/商學院/企業管理學系/碩士(2013年)

摘要

本研究探討1988 年至2012 年台灣共同基金產業中，影響投信公司市佔率的原因，台灣共同基金產業經過20 餘年的發展已日趨飽和，在此期間國內共同基金的數量增加了78 倍，淨資產總額增加了64 倍，投信公司也由原本的4 家增加至近年來的38 家，使得投信公司之間的競爭變得更加激烈，平均的市佔率由1988 年的25%降至2012 年的2.63%。
本研究針對價格競爭及非價格競爭兩個面向來討論影響投信公司市佔率之因素，利用最一般動差法迴歸分析 (GMM) 方法，來分析基金市佔率與基金各項變數之間的關係。
研究結果發現在價格競爭方面，投信公司無法透過降低手續費及其他費用來吸引投資者投資該檔基金，進而產生較高的市佔率。
在非價格競爭方面，則存在影響市佔率的因素。投信公司如果擁有績效前5%的基金，對其市佔率提升有顯著的正向影響；基金產業存在規模經濟的現象，基金規模較大的投信公司市佔率較高；而投信公司的創新程度與市佔率呈現正向關係，但過度的創新反而對市佔率
帶來負面影響，反應市佔率與創新程度呈現倒U 型的關係；其次投信公司的年資與媒體的關注程度，對於投信公司市佔率的提升都有顯著的正向關係；週轉率與投信公司市佔率呈現顯著的負向關係，表示投信公司過度的來回買賣操作基金對市佔率並無提升效果，反而會產生
交易稅及手續費用，使得報酬率降低，進而降低投資者的投資意願及市佔率；而投信公司流通在外的基金檔數越多也會對市佔率造成負向影響，似乎反映投信公司應該聚焦於特定風格之投資，較易提升績效、吸引投資人之資金流入。

關鍵字

共同基金 ； 投信公司 ； 市佔率 ； 價格競爭 ； 非價格競爭

並列摘要

This study investigates the competition in the mutual fund industry of Taiwan during 1988 to 2012. Over this period, assets under management in the fund industry have grown from NT$29 billion to NT$1,847 billion, while the number of offering funds has increased from nine to seven hundred, and the funds companies increased from four to thirty-eight. Therefore, the competition between companies appears to have intensified during this period. We study the impact of price competition and non-price competition of fund companies’ ability to attract market share.
The results show that, in terms of price competition, fund companies cannot reduce the expense fee to attract fund inflows and then improve the market share. On the other hand, non-price competition is affecting market share. If a company with a top-performing fund has a positive and significant impact on its market share. The
mutual fund industry has economies of scale phenomenon; that is, the bigger the company, the higher the market share. There is a positive relationship between moderate innovation and market share. Furthermore, the experience and media attention of a fund company also benefit the increase in market share. However, turnover ratio exhibits the opposite direction. It implies that excessive trading would be accompanied by larger transaction charges and tax, which in turn reduce the fund performance and market share. Interestingly, the numbers of outstanding funds by a fund company is negatively associated with market share. It which reflects investors prefer a fund company to specialize its investing in a particular industry, instead of diversification, since fund performance can be better for a more industry-concentrated company and investors can diversify their risk themselves.

並列關鍵字

Mutual fund industry ； Funds company ； Market share ； Price competition ； Non-price competition

參考文獻

吳靖儀、鍾益仔（2010）。股票型基金最適股票數目之研究。臺灣企

李存修、林榕芳、黃思綺、蔡維哲（2011）。Can fund investors benefit from momentum and herding strategies in Taiwan market? 管理學報，28(2)，191-218。

林美珍、陳妙珍、陳有佾（2013）。有限注意與新聞資訊對基金投資

張志宏（1996）。台灣共同基金投資績效評估之研究。台南市：國立

傅英芬、康信鴻、劉海清（2010）。基金的廣告效果－申購與贖回之