國內開放式基金交易平台推行效益之探討

A Study on the Implementation of Transaction Platform for Domestic Listed Open-End Fund

程玫君(MEI-CHUN CHENG)

指導教授 ： 鎮明常

國立中正大學/管理學院/企業管理學系/碩士(2016年)

摘要

國內投信事業發展至今已逾三十年，隨著國內法令規範的鬆綁與全球經濟情勢的變化，產業發展已步入成熟階段。國內自1983年成立第一家投信後，至今已有三十七家國內投信公司，七十八家境外基金業者，總計核准在國內銷售的基金數高達1,696檔基金，國內基金市場已進入百家爭鳴的高度競爭環境，從國內基金規模的成長趨勢來看，也有停滯性成長的現象，在面臨基金規模不易成長的障礙上，國內產業在發展金融創新與產品多元化有其必要性。
本研究係以國內「開放式基金受益憑證交易平台」為個案探討之對象，透過文獻探討與個案上市後實際執行效益進行探討，提供個案未來發展之建議與未來相關研究的延續參考。
本研究結果發現，個案自2014年10月27日基金掛牌以來，總體成交量並不活絡且其獲利交易模式也尚未被市場重視，本研究也觀察到，個案較不具交易成本競爭力，建議可免除或調降其交易費用；另外也須加強與投資人的溝通方式，可透過建立上架審查機制，系統化推出商品，使投資人更易聚焦；最後，透過建立獲利模式，使相關業者自發性肩負起共同推廣的責任，進而使更多人了解且願意使用平台交易，達到投資人、投信、個案共贏的局面。

關鍵字

開放式基金交易平台 ； 共同基金 ； 基金交易模式

並列摘要

Development of domestic investment trust has more than three decades, and it has entered a maturity with deregulation of domestic legal and the change of the global economic situation. There are thirty seven investment trust companies, seventy eight oversea fund industry and up to 1,696 funds are approved in the domestic after established the first investment trust, since 1983. The market of domestic fund has entered contending a highly competitive environment, but it seems to fund the phenomenon of stagnated from the growth trend of domestic fund. Because the obstacles of growth, it is necessity to develop more diversification and innovation production in the domestic industry.
In the research, we take the Department of the domestic "open-end fund beneficiary certificates trading platform" as example to provide advice and the reference of future development by discussing through literature review and case studies of the practical implementation of post-market benefits.
The result of the research found that the overall volume of this case is not active and the trading patterns is not attention by the market since the found listed at the October 27,2014. We also found that the case has less competitive with transaction costs, it is recommended to waive or cut their transaction costs; There is also need to strengthen communication with investors through establishing review mechanism and systematic introduction of goods, so that investors are more focused. Finally, creating a profit model, so that the related industries that will have the responsibility of promotion spontaneity and make more people to understand and willing to use the trading platform to reach the win-win situation among investors, investment trust and case.

並列關鍵字

Transaction Platform of Listed Open-End Fund ； Mutual Fund ； Trading patterns of fund

參考文獻

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一、 中文參考文獻