本篇論文探討基金流量與其影響因素之關係,並探討此影響因素是否改變投資人面對過去績效的不對稱反應。 過去文獻提出高報酬基金和低費用基金吸引較高基金流量,本研究和之前結論符合。本研究亦探討基金流量是否受投資人申購時所面對的資訊搜尋成本影響,在此搜尋成本是以基金公司規模和基金外溢效果以及基金品牌來源國來評估。實證發現,大型基金公司和外資基金公司的基金和基金流量成正向關係,而外溢效果與基金流量成負向關係。 接著本文將績效等級分類,實證結果顯示台灣共同基金投資人之申購贖回行為,根據基金過去績效之不同,存在不對稱反應現象,即投資人在面對較差的基金績效時,其贖回金額小於較好的基金績效之申購金額。而其中若是持有大型基金公司和含外資管理之基金公司之基金的投資人,當面對基金績效較差時,贖回基金的更小。 本研究之實證結果發現台灣基金投資人申購的考量因素,而且得知投資人對過去績效的不對稱反應會因為發行公司而改變,此發現可提供基金公司、基金經理人作為參考。
This paper investigates the relationships between mutual fund flows and various determinants, and whether these determinants will influence the investors’ asymmetric response of flow-performance. High past performance funds and low fee funds enjoy high fund flows, and these finding are consistent with previous literature results. This paper also explores the impacts of search costs on fund flows using fund company size, the non-local country-of-origin(COO), and spillover effect as proxies. We find that funds in larger fund companies and non-local COO are positively related to fund flows, while the funds with spillover effect are negatively related to fund flows. After classifying fund past performance, we find that the flow-performance relationship of mutual funds is asymmetric in Taiwan. Fund investors in Taiwan will redeem less fund contrary to they purchase more fund with good performance. While the funds are issued by larger or non-local companies, the redemption will be even smaller. Our results shed light on the behavior of fund investors and discover the asymmetric response will be influenced according to fund companies. This provides insights for fund managers and fund companies to make strategies.