證券投資信託業倫理議題的探討

A Study of Ethical Issues in the Securities Investment Trust Industry

邱謙清(Chien-Ching Chiu)

指導教授 ： 邱慈觀

國立中央大學/管理學院/財務金融學系碩士在職專班/碩士(2006年)

摘要

摘要
共同基金起源於歐洲，發達於美國，歷經一百多年的發展，即使是在美國，也發生一連串的弊端。台灣共同基金產業發展只不過23年，為了業務競爭，也發生許多弊端。諸如為凸顯基金績效，刊登不實廣告、延遲交易(late trading)、時機交易(market timing)及基金經理人(fund manager)的道德操守，若缺乏完善的法律規範、基金業者自律規範，最後權益受損的都是基金的投資大眾(受益人)。
過往，台灣的基金公司發生弊端，雖然時有所聞，但主管機關及司法部門鮮有主動調查或嚴懲不法業者。直到聯合投信事件發生後，主管機關才開始警覺事態嚴重，採取一連串的防範措施，所幸整個金融市場終於平安度過危機，並未釀成金融市場重大災難。
主管機關於民國93年制定新法，同年6月30日公佈之證券投資信託及顧問法。主管機關並授權投信投顧公會訂定自律公約，要求會員採取自律作為，各會員制定證券投資信託事業經理守則。實施兩年以來，雖然期間不夠長，但已見成效，整體基金產業朝良性競爭，以投資人的權益為優先考量的方向發展，最後才能去除投資人對基金產業的負面形象，整體基金產業得以健康發展。

關鍵字

倫理議題 ； 證券投資信託業

並列摘要

Abstract
The mutual fund originated from Europe and boomed in the United States where a-hundred-year development nevertheless has produced a series of scandals. In Taiwan during these 23 years some drawbacks happen yet in strong business competition, including overstating fund performances, fictitious advertisements, late trading, market timing, and fund manager’s ethical problems, and absence of completed legal controls and industrial self regulations, and the one eventually suffering losses is the fund investor(principal).
Although scandals among mutual fund companies in Taiwan were often heard, the supervising institutes and judicial departments conducted less active investigations or penalties. The responsible administrative institute did not become alert until United Investment Trust event, and thus took a number of preventive measures. The lucky thing is that the financial market finally gets rid of risks without inducing significant disasters.
In 2004 the supervising institute enacted new regulations and promulgated Securities Investment Trust and Consulting Act on June 30th, and required the investment association to organize self regulations to ask for members’ self disciplines and enactment of Manager Principles for Securities Investment Trust. During 2 years for legal enhancement, it appears effective in the relatively short period that investor’s benefits are primarily considered, the negative image of the fund industry is removed, and the robust development for the overall industry initiates.

並列關鍵字

securities investment trust industry ； ethical issues

參考文獻

John R. Boatright, “Ethical Issues in Financial Services”.

www.nytimes.com, November 16, 2003.

The Economist, November 14 ,2003, p66.

Riva Atlas, “More fallout in the mutual fund industry”, www.nytimes.com, December 3, 2003.

Jensen & Mackling(1976)