- 學位論文
以配息基金與非配息基金之績效差異探討配息狂熱之合理性-以境外債券型基金為例
Is “Dividend Mania” Rational? A Performance Comparison of Distribution and Non-income Distribution Funds
摘要
自金融海嘯以來，政府的低利政策造就了多樣化的配息型基金熱銷；而在投資人追逐高配息的同時，也不斷有配息是否影響績效的討論產生，本文研究主要以數種主流配息型基金類別為樣本，搭配幾種常用的績效分析方式來釐清配息與否對於績效可能的影響。 分析結果顯示，累積級別或是配息頻率較不頻繁的級別相對而且績效表現較佳，且不論何種績效分析方式皆呈現出類似結果，主要原因可能在於為了兼顧配息的頻率及水準，基金經理人勢必需要犧牲部份操作上的彈性，進而影響對於市場變化的因應能力，故於績效上相對不易有突出的表現。 最後，本文的研究受限於樣本數及取樣期間，無法透過多種類型以及不同期間進行顯著性的確認，後續研究如能配合更為完整的樣本，相信更能夠釐清配息對於績效的影響。
並列摘要
Since the financial crisis, low interest policy has resulted in the hot sale of various kinds of distribution funds. The popularity increase of distribution funds has also lead to the increase in discussion of the correlation between fund performance and dividend policy. Through different evaluation methods, the essay takes several kinds of mainstream distribution funds as sample and looks at the potential impacts of dividend policy towards fund performance. Regardless of the evaluation method used, we found that the funds with no dividend payout or less frequent dividend payout had generated better fund performance. However, to maintain the dividend payout mechanism, the fund manager must sacrifice some flexibility of asset allocation, which would then influence the ability to respond to the market volatility and the possibility of getting better performance. Due to sample size and observation period limitations, this essay was not able to provide a statistically significant result. For further research, the increase of sample population and observation period may provide a more detailed examination on the influence of dividend policy on fund performance.