高淨值客戶風險屬性與共同基金投資報酬率之實證研究

The Empirical Study for Risk Attribute of High-net-worth Clients and Investment Return Rate of Mutual Fund

劉真綺(Chen-chi Liu)

指導教授 ： 陳忠榮 ； 陳禮潭

國立中央大學/管理學院/產業經濟研究所碩士在職專班/碩士(2011年)

摘要

近年來，國人對於共同基金的瞭解與接受度是日趨增加，回顧以往國內相關銀行業文獻，對於財富管理或私人銀行業務的相關探討並不多。本論文之主要目的在探討投資共同基金之高淨值客戶，其個人特性變項、理財偏好變項與風險屬性之關聯性；其個人特性變項、理財偏好變項、風險屬性變項與共同基金資產占銀行總資產比例、共同基金投資報酬率之關聯性等三個研究主題，利用彙集H銀行新開戶KYC問卷、銀行往來總資產、投資共同基金金額、共同基金投資報酬率等資料，依據研究目的加以實證分析後提出研究結論，進而對金融機構及投資人提供實務上的建議。
藉由三個部分的迴歸模型實證分析而得到下列結果：第一部分以教育、個人/家庭年收入、投資經驗、期望報酬、預計投資期限、每年交易次數等變數較具有解釋能力，投資風險屬性愈趨向積極型。第二部分以性別、個人/家庭年收入、風險承受度等變數較具有解釋能力，對共同基金占總銀行資產之比例愈提高。第三部分以年齡、教育及投資經驗等變數較具有解釋能力，對共同基金投資報酬率愈提高。
最後，投資共同基金是現行投資人理財工具的選擇之一，如何評估自己的風險屬性作有效率的基金資產配置，以達到最佳投資報酬率將是一門重要的課題。

關鍵字

投資報酬率 ； 共同基金 ； 風險承受度 ； 高淨值客戶 ； 財富管理

並列摘要

In recent years, compatriots increase to the understanding of mutual fund and acceptance degree day by day, review our country''s relevant banking''s literature in the past, it is actually few as to wealth management or relevant discussions of private banking. The main purpose of this thesis is to probe into the high net value customer of investment mutual fund, its personal characteristic changes one, financing and has a partiality for changing one that is with risk attribute relatedly; Its personal characteristic changes one, the financing has a partiality for changing one, risk and affording degree and changing one and taking the total assets proportion of the bank, related three research themes of the rate of returns of common fund investment with mutual fund assets, utilize, gather H bank open an account KYC questionnaire, cash in bank total assets, investment mutual fund amount of money, mutual fund investment rate of returns,etc. materials newly, propose studying the conclusion after the real example is analyzed according to the purpose of studying, and then offer the suggestion on the practice financial institution and investor.
Analyze and receive the following results with the regression model real example of three components: Part one With education, individual / family annual income, investment experience, expect remuneration, expect, invest in time limit, annual trade number of times,etc. parameter for ability of explaining, the attribute of investment risk tends to the positive type. Part two Affording parameters such as degree,etc. with sex, individual / family''s annual income, risk relatively has ability of explaining, improve to the proportion of taking the assets of chief bank of mutual fund. Part three Relatively have ability of explaining in parameters such as age, education and investment experience,etc., raise the rate of returns of the investment of mutual fund.
Finally, investment mutual fund is one of the choices of the current investor''s tool for managing money matters, how to assess one''s own risk attribute to do efficient fund assets to dispose, in order to achieve the rate of returns of best investment it will be an important subject.

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並列關鍵字

Investment Return Rate ； Mutual Fund ； Wealth Management ； Risk Tolerance ； High-net-worth Clients

參考文獻

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