如同經濟學所言,隨著商品價格上漲,消費者對於該商品的需求就會下降,而基金申購似乎亦有相同的現象,Barber, Odean and Zheng (2005)即發現手續費越高的基金較不受基金投資人的青睞,然而,基金費用直接從基金淨值中扣除,使得基金投資人對於基金費用較無明顯感受,造成基金費用與基金流量具有正向關係。 為此,本篇研究欲探討基金費用與手續費對基金流量之影響,另外亦探討金融危機下,基金費用與手續費對基金流量之影響,檢視投資人在總體環境的變遷下,對於基金費用及手續費的感受是否有所不同。本篇研究以臺灣境內基金做為研究對象,觀察2000 年至2012 年4 月基金費用及基金手續費對基金流量之影響,此外,並以2008 年9 月的金融海嘯以及2010 年5 月的歐債危機,檢視金融危機下,基金費用與手續費對基金流量造成的變化。研究發現基金費用以及基金手續費與基金流量確實具有顯著之負向關係,然而,在金融危機期間,基金費用卻與基金流量具有顯著之正向關係,顯示在總體環境的變遷下,基金費用會影響基金投資人的投資決策。
As Economics refer, the demand for goods will decrease as the goods price increases. Investors who purchase the funds take the same behavior. Barber, Odean and Zheng (2005) found front-end loads and fund flows have negative relationship. However, fund expense is deducted directly from net worth that makes investors unaware. Because of investors’ lack of this perception, expense ratio and fund flows have positive relationship. Therefore, this study not only discusses the relationship between front-end loads and fund flows but also the relationship between expense ratio and fund flows. Moreover, we also analyze this relationship in the financial crisis period to examine whether investors make different decisions as the macro economy changes. This sample covers the domestic funds from 2000 to 2011. This period includes two financial crisis events: 2008 Financial Tsunami and 2010 European Debt Crisis. We found both expense ratio and front-end loads are negatively associated with fund flows. However, in the financial crisis period, expense ratios are positively with fund flows. The result shows that fund flows are influenced by the fluctuations of macro economy.