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選股能力與基金績效持續性研究 – 以台灣國內股票型基金為例 / Stock Picking Ability & Fund Performance Persistence鍾亦強 Unknown Date (has links)
在資產管理公司的全球化浪潮下,國內資產管理的規模大幅成長,其商品種類也不斷地推陳出新,而投資人再選取商品上,經由過去的文獻發現投資人自身在判斷一檔基金投資與否通常會看其過去的績效,在近期有較高績效的共同基金較會受到投資人青睞。故在投資人有這種追求過去歷史績效的現象時,如何選擇有績效持續性的共同基金就變成一個重要的議題。
而一直以來,基金績效持續性的探討所找到的結果各家看法不一,部分文獻顯示出基金績效的持續性非來自於基金經理人的強調選股特徵,而亦有學者認為基金經理人可能會有能力上或是訊息上的優勢。經由歸納,常發現已發展國家的股票型基金持續性是不顯著的,而新興國家可能由於經理人的資訊程度較大眾的消息取得容易且迅速。
本文經由探討台灣股票型基金發現擁有較好強調選股特徵(1-R2)的基金其在未來績效較有持續性,若再搭配當期α來考量,則短期,投資強調選股特徵弱但α大的群組或是投資強調選股特徵強但α小的群組,績效表現較好;然而,若放眼長期,擇投資強調選股特徵強的基金,績效表現會較為出色,尤其是α落在較大群族的基金。整體而言,淨資產對於持續性的影響是顯著負向的,可能原因為規模不經濟導致;週轉率越高代表其績效持續性較強。另外新資金湧入導致基金績效持續性較不佳,原因可能為其淨資金流入會造成基金操作管理上效率的問題。 / Under the globalization tide of the asset management company, the asset managed in Taiwan has been grown dramatically, and much more various products have been launched. Empirical evidence found that investors tend to take past performance into consideration before they invest in funds. As a consequence, funds with recent outstanding performance are more popular than others. So performance persistence becomes an important issue.
Empirical researches did not reach consensus on whether funds have performance persistence, some paper shows that performance persistence does not stem from stock picking ability, however, some evidence show that fund managers might have some information or ability advantages. And performance persistence is more likely happened in emerging countries than developed countries due to fund managers have more efficient and latest information than general investors.
This paper finds that Taiwanese stock fund which emphasize more on stock picking ability (higher 1-R2) tend to persist. If analyzed with current α, funds with less emphasis on stock picking and bigger current α in the short run, or funds with more emphasis and weaker α will have better performance in the future. In the long run, more emphasis on stock picking, better performance in the future,especially those with strongerα. Greater asset under management and net sales rate might cause worse performance persistence due to inefficiency in management. And higher turnover help performance persistence.
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房地產行銷策略研究~以代銷業銷售成功影響因素之探討 / A study of real estate marketing strategy- investigate of real estate agency marketing success influential factors洪承, Hung, Cheng Unknown Date (has links)
房地產行業俗稱「火車頭工業」,房市的熱絡能帶動上中游非常多的產業蓬勃發展,而房地產代銷業在整體產業鏈當中至關重要,在房價居高不下及政策打房等背景因素下,房市交易轉趨清淡,買賣移轉件數創下近年新低,因此房地產關鍵且重要的行銷策略相形重要。而過去文獻中,多分別探討行銷策略、銷售率、銷售期間,而銷售期間之文獻更多以仲介觀點探討。本研究目的為找出代銷業銷售成功與有利的行銷策略模式、主客觀影響因素,提供房地產業者,成功銷售房地產個案。房地產主要之行銷策略為STP分析、7P理論、4C理論、整合行銷,而規劃合宜的產品定位,制定完善的行銷策略則是銷售成功的主要方程式。銷售成功主客觀因素之研究實證結果顯示,主觀影響因素,依序為地段條件、推案時機、產品條件、品牌因素,但地段條件是先天因素,無法改變,銷售要成功,銷售期間要短,銷售率要高,代銷業者需制定完善的行銷計劃,掌握天時、地利、人和等因素,天時就是推案時機等因素,地利就是地段條件等因素,人合就是產品條件、品牌因素等因素。由銷售期間與銷售率形成銷售成功的實證結果顯示,最重要的因素為產品條件及行銷策略;產品條件的數量、金額,對銷售期間影響較顯著,產品條件的質量如主力產品則對銷售率影響較顯著;行銷策略的成交均價對銷售期間及銷售率影響皆顯著,行銷策略的合作方式則對銷售期間影響較顯著;就區域而言,台北市個案銷售成功,首要因素為行銷策略之成交均價,而新北市個案銷售成功,則著重於產品條件之主力產品。 / The real estate industry, commonly known as "locomotive industry", can up bring many growths in industry development. While in recent years, the housing market becomes dull, and the sales number declining, it’s critical and important for real estate marketing to deliberate strategies at its key point. The real estate agency in the whole industry chain plays an essential part in setting the high prices and policies and other background factors in the market. From the past references, most explored the marketing strategy, sales rate, selling duration, while references on selling duration are more from the real estate agency’s perspective. The objective of this research is to investigate successful marketing and beneficial sales tactics, objective and subjective influential factors, the real estate producers, and the successful real estate selling cases. The STP analysis, the 7P Theory, the 4C Theory, integrated marketing are the main real estate strategies, whereas products positioning planed adequately, and well developed marketing strategy are the fundamental formulation for marketing success.The marketing success objective and subjective influential factors research shown, the objective influential factors are as listed: location attribution, selling timing, product conditions and brand factors. However, location attribution is congenital factor, inevitable, in order to sell successfully, selling duration must be brief, and selling rate must be high, real estate agencies must develop a complete marketing proposal, take control of the right time, the right place, the right social connections and so on. The right time is the selling timing and other factors, the right place is the location attribution and other circumstances, and the right social connections is the product conditions, the brand factors and other elements.From the selling duration and selling rate form subjective influential factors of marketing success, research shown,the product condition and marketing strategy are the most important subjective influential components,product condition quantity and price influences are more indisputable on the selling time, the quality of the product condition as the main product then impact more significantly on the sales rate.Marketing strategy price influences are more indisputable on the selling duration and sales rate, Marketing strategy cooperation influences are more indisputable on the selling duration.About area factors ,taipei City’s success on selling primarily is the price of marketing strategies; as for New Taipei City’s on successful selling is particularly focusing on the main product condition’s square footage.
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