近年來高收益債?基金因為具有高配息的特性,在低利率環境下,經理專介紹及投資人口耳相傳之後深受投資人青睞。許多投顧公司紛紛引進高收益債?基金,並為了迎合台灣投資人,將在海外一年配息一次之基金包裝成為一月配息一次之基金。投資人認為只要配息高就好,但高收益債?基金的波動介於股票與債?之間。本研究的目的是在找出影響高收益債?基金報酬率之因素,利用迴歸模型來分析高收益債?基金和主要總體經濟變數之相關性。得到結論是高收益債?指數、美國實質GDP經濟成長率、美國ISM製造業指數PMI、美國消費者信心指數及美國10期公債殖利率顯著正向影響高收益債?基金報酬率,但VIX恐慌指數、美元指數及美國CPI年增率卻是呈現負向的影響。
Under the low interest rate economic environment, high-yield bond funds are popular to investors. In Taiwan, many investment advisory companies always cater to investors by changing dividend payout policy from yearly to monthly. Most of the investors are interested in high yield rate but ignored the risk that might be incurred. The purpose in this study is trying to identify the determinants of high-yield bond fund’s return by analyzing the relationship between high-yield bond fund’s return and macroeconomic variables with a regression analysis. The empirical results indicate that High Yield Bond index, U.S. real GDP, U.S. ISM manufacturing index (PMI), U.S. consumer confidence index and 10 U.S. bond yield are positively related to high-yield bonds fund’s return, whereas the VIX panic index, the US dollar index, and U.S. CPI annual rate perform an opposite relations.