最近十幾年，共同基金在世界各國迅速發展，在美國與歐洲已經成為一般大眾的主要理財工具，全世界共同基金規模於2003年第3季達到12.8兆美元。中國在1998年設立第一家基金公司以來，基金業仍屬產業之初期，隨著經濟持續高速成長，國民平均所得逐漸提高，未來經濟發展潛力可觀。基金投資，漸成趨勢，基金市場整體發展，潛力無限。 本研究著重於中國基金市場發展與資訊策略運用之探討，分析現況與未來發展方向。同時經由對中國基金產業發展與個案公司的研究，探討分析基金業在國際上之發展過程，可否推展到中國，並且分析資訊策略與資訊系統在產業快速成長過程中所扮演的角色及其重要性。 本研究主要研究結果及發現如下： 一、在本研究中綜合歸納出基金公司可著重的主要經營策略，其中以投資管理能力為最重要核心能力。 二、與全球共同基金大本營美國相比，中國共同基金業仍在起步階段。在法令逐漸放寬，新基金公司紛紛設立，競爭加劇的情況下，可以預見這個產業將會更為蓬勃發展。 三、中國成為世界貿易組織(WTO)第143位正式會員後，根據入世承諾對外資開放基金業股權限制，目前外資已可投資基金公司股權33％，中國國內基金公司已面臨來自國際大型專業投資機構激烈競爭。 四、中國基金市場的整體市場滲透率還很低，未來隨著中國整體經濟成長，投資人財富增加，市場規模將可快速成長，投資人數也會呈幾何倍數成長。面對商機與挑戰，中國基金業應做好長遠規劃，迎接商機來臨，未來中國有很大潛力出現世界級的大型基金公司。 五、在業務方面，貨幣型基金及全權委託投資業務，在中國仍在起步階段，可以大力發展。同時，應掌握電子商務發展的契機，積極推展網路交易。 六、中國人口眾多，在龐大的潛在客戶群背後，需要高效能的後台電腦系統支援，其中以註冊登記系統與網路交易系統最為重要。基金公司可預先做好準備，迎接未來業務高速成長的時刻。 七、在面對產業競爭越來越激烈，應擬定完善資訊發展策略，將資訊技術充份運用於開發新產品，創新服務，取得競爭優勢，充分把握後發先至的契機。 八、中國基金公司的發展過程，企業經營策略與資訊策略尤其重要，在大市場經營，必須要有大格局，各項基礎建設，必須在早期規劃清楚，才可為未來長遠發展奠定穩固基石。 / In the past decade, the mutual fund industry developed very fast. It has already become a very popular investment tool in U.S.A. and Europe. In the third quarter of 2003, the global total asset under this industry’s management was US$12.8 trillion. China set up the first fund company in 1998. Although China is still at the early stage of this industry, accompanying with the fast economic growth rate and the strength of its economy, mutual funds will gain popularity in China. This research focuses on the China mutual fund market development and IT strategies. From the research and case study, it not only analyzed whether the experiences of other markets can be applied in China but also analyzed the importance of IT systems and IT strategies to the Chinese mutual fund industry. The outcomes of this research are as follows: 1. Several core competences are identified and the investment management ability is the most important one. 2. Compared to the U.S.A. mutual fund industry, China’s market is smaller. However, after regulations are more open about setting up new fund companies, many new fund companies were set up. We can foresee that the mutual fund industry in China will commence an era of rapid growth. 3. After China becoming a member of WTO, foreign institutions have been allowed to set up joint venture. Now local fund companies are encountering global competition from joint venture fund companies. 4. In China, with the low market penetration rate, the high economic growth and the increasing individual personal income, the market will grow very fast in the future. Facing this business opportunity and challenge, all fund companies should prepare for long-term strategic planning. 5. Money market funds and discretionary account business are at an emerging stage. All fund companies in China should input more resources to develop this market. 6. China has a population of 1.3 billion, so the potential customer database will be huge in order to cater for the future business growth. Fund companies should pay more attention to this area, especially to the Transfer Agency system and EC system. 7. To be competitive, China’s fund companies must set up IT strategies and adopt IT technologies for designing new products and new services to pave the way for future business growth. 8. In a kind of market with such huge potential, business vision and IT strategies are the most important factors to a company’s future success. The infrastructure must be ready before the market is booming.

本論文是研究在台灣開放型的股票型共同基金，並且利用資料採掘的技術加以分析並分類所謂優異績效及劣質績效的共同基金。我們使用分類決策樹(Classification and regression trees, CART)的方法來進行共同基金績效的分析及預測。本篇論文，我們採用了13種重要的變數來建構樹並找出優質基金，此外更驗證CART對於我們進行台灣共同基金績效的分析是穩定且有效的。最後，我們利用cross-validation test進行兩個月的基金的選取及持有，並各透過一個月的持有來視其績效。我們特別發現利用此方法選取出來的基金，其平均績效將優於所有共同基金的績效，並且其中有一個月的平均報酬率高於僅投資於高科技股的共同基金平均報酬率。 / We study the performance of open-end mutual funds in Taiwan, and use the technology of data mining to classify the outperforming and underperforming mutual funds. Classification and regression tree (CART) is the method to evaluate and predict the performance of mutual funds. In this paper, we utilize thirteen crucial factors to build trees and pick mutual funds by its classification rules. Moreover, we will verify precision of each tree. We find that the CART is a good tool to evaluate the performance of mutual funds in Taiwan because of its stability in outperforming - underperforming spreads. Moreover, we use two kinds of learning sample to build two trees and pick mutual funds to compose of them into the fund of funds. The results are better than the total average returns monthly, and one of them is better than the mutual funds that its investing target is high-tech stocks.

台灣投資人在股票市場的投資行為有明顯的短線進出現象，且在股票有獲利時就急著把手上的獲利實現，若是股票呈現虧損，則一直不肯實現損失，此行為即是行為財務學中所探討的「處分效果」。個人在投信公司任職期間發現，基金投資人的投資行為也出現相同的現象，為了驗證處分效果是否亦存在於基金投資人身上，個人以匯豐中華投信系列基金之投資人為研究對象，並選定發行日期在2000年以前並存續至今的七檔基金為研究的目標基金，欲驗證處分效果是否存在於基金投資人的投資行為中。 在以整體投資人為研究對象下發現，台灣的共同基金投資人存在處分效果，且當持有期間以月份為單位時的處分效果比以半年為單位時的處分效果強烈。若將基金投資人依屬性分類為自然人與法人，分別探討其處分效果發現，自然人與法人均存在處分效果。 一般認為，法人比自然人有更專業的投資評斷與投資理性，處分行為應該比自然人輕微，但實證結果發現，自然人的處分效果只有在持有間以月份為單位時達到顯著；持有期間以半年為單位時則沒有觀察到處分現象。法人則不論持有期間的單位為月份或是半年，均存在處分效果。原因可能是法人在季底或是月底，有將會計帳上的壓力，導致法人所表現出的處分效果高於自然人的處分效果。 市場行情可能也會影響處分效果，本研究依據台灣經濟新報資料庫的台灣大盤加權指數資料，將2000年至2003年6月定義為空頭，2003年7月至2006年底定義為多頭，進行處分效果的驗證。研究結果顯示，基金投資人在多頭時期的處分效果比空頭時期的處分效果顯著，推究其原因可能是投資人在空頭時對獲利的基金會想立即實現獲利，把賺到的前穩當的放到口袋。在多頭時則因為心裡預期手中虧損的基金一定會有獲利的一天，而不願損失將兌現。 投資人應該對自己的投資組合設定停損與停利點，以減少因為心理因素驅動的投資行為減少投資獲利。

Bakgrund: I Sverige har 76 % av befolkningen innehav i fonder och den totala fondförmögenheten uppgår till 1 925 miljarder. Kapitalvinstskatten ligger på 30 % och utlöses endast vid en realisation av vinsten. Många svenskar undviker gärna att aktivera denna skatteeffekt och blir därmed inlåsta i sina fonder. Syfte: Syftet med denna uppsats är att utifrån intervjuer med privata fondsparare och aktörer inom branschen förklara hur kapitalvinstskatten påverkar privatpersoners resonerande och agerande. Detta beteende kommer sedan att analyseras utifrån befintliga teorier inom beteendeekonomi. Metod: För att nå studiens syfte har vi använt oss av en abduktiv metod. Det empiriska materialet har samlats in med hjälp av semistrukturerade intervjuer. Totalt har vi intervjuat 10 fondsparare och 6 personer inom branschen. Materialet från intervjuerna har sedan förklarats med hjälp av de teorier vi valt ut. Slutsats: I vår studie har vi kommit fram till att inlåsningseffekten varierar beroende på fondspararens ålder. Den yngre gruppen ställde sig mer likgiltig inför kapitalvinstskatten, med anledning av en kort placeringshorisont. Den äldre gruppen hade en mer ospecificerad placeringshorisont och baserade sina investeringsbeslut utefter skattekonsekvensen. Kapitalvinstskatten hade då en bromsande effekt, eftersom det skulle minska den totala förmögenheten. / Background: In Sweden 76 % of the population has savings in mutual funds, with a combined wealth of 1 925 billion SEK. The tax on capital gains is 30 % and is activated when the profit is realized. Many Swedes avoid triggering this tax effect and is therefore locked-in in their mutual funds. Purpose The purpose of this study is, from interviews with private fund investors and industry players, to explain how the capital gains tax affects individuals’ reasoning and actions. This behavior will then be analyzed in terms of existing theories in the field. Method: We have used an abductive method to achieve the purpose of this study. The empirical material has been collected through semi-structured interviews.  We have conducted 10 interviews with private fund investors and 6 people in the fund industry. The material from the interviews was then explained by means of the theories we have selected. Conclusion: In our study we came to the conclusion that the lock-in effect varies depending on the fund savers age. The younger group was more indifferent to the capital gains tax, due to a shorter investment horizon. The older group had a more unspecified investment horizon and based their investment decisions along the tax consequence. Capital gains tax then had a braking effect, as it would reduce the total wealth.

Social responsibility has gained popularity during the past few years, and one aspect of it is what benefits and costs it brings to a socially responsible investor. The purpose of this study is to examine whether different SRI strategies used by mutual funds are related to financial performance. By using multiple regression analysis and a sample of 88 Swedish SRI mutual funds over the period from 2014 to 2018, we find that using SRI screens first reduces the financial performance, but then gains a slight rebound as the screening intensity increases, indicating a U-shaped relationship. Further, we find that environmental screens impact the financial performance positively, and engagement and voting in sustainability matters is also positively related to performance.

Mutual fund portfolio managers do not always meet risk-adjusted performance expectations, resulting in loss of capital reserves. Out of 3,612 U.S. based open-ended mutual funds, the risk-adjusted performance of 2,890 (80%) failed to meet or beat the S&P 500 (index fund) performance between the year 2006 to 2016. Grounded in Markowitz's modern portfolio theory, the purpose of this correlational study was to examine the relationship between mutual fund class type, portfolio turnover, fund longevity, management turnover, and annual fund risk-adjusted performance. Archival data were collected from 88 U.S. based equity mutual funds companies. The results of the multiple regression analysis indicated the model as a whole was able to significantly predict annual fund risk-adjusted performance for the 5-year period ending 2016, F (4, 83) = 3.581, p =.043, R2 = .147. In the final model, mutual fund class type and portfolio turnover were statistically significant with mutual fund class type (Ã?= .249, t = 2.302, p = .024) accounting for a higher contribution to the model than portfolio turnover (Ã? = .238, t = 2.312, p = .023). Mutual fund longevity and management turnover did not explain any significant variance in annual fund risk-adjusted performance. Society can benefit from the results of this doctoral study because investors and mutual fund managers could better predict the return based on the information from the study, which may lead to higher families' confidence in the positive contribution of the mutual fund in their portfolio.

由於國內股市具有濃厚的投機性質，因此政府於民國八十一年一舉核准十一家新投信成立，使國內的投信家數擴充至十五家，基金數目及種類亦呈快速成長。共同基金具有分散風險及專業操作的優點，對一般投資大眾而言為一良好的投資管道，但究竟應如何選擇操作績效優異之基金亦深深困擾投資人。 　　本文主要探討三個主題：1、評估國內共同基金的績效；2、探討投資決策、市場擇時及選股能力三者對基金績效之影響；3、檢定基金績效是否具有持續性。由於以往國內有關基金績效的研究主要是採用傳統的Treynor、Sharpe、Jensen等績效指標，或Treynor & Mazuy法、Fama法、M.C.V績效指標、Fabozzi Francis法，較少利用基金持股的資料，因此本研究主要參考Gary P. Brindon, L. Randolph, and Gilbert L. Beebower(1986)及Grinblatt and Titman(1993)之模式，利用基金每月的持股明細來評估國內共同基金的報酬率及影響基金績效最重要的投資決策。 　　本研究係以在國內募集並投資於國內證券市場的共同基金為研究對象，包括二十一個基金，其中十六個為封閉型股票基金，五個為開放型股票基金。研究期間為民國82年5月至民國84年12月，以月資料為研究單位，共計32期。 　　經由實證分析獲致以下幾點結論： 　　1、國內的基金績效雖有差異，卻不具備統計上之顯著性。 　　2、影響基金績效最大的因素為投資政策，其次為擇時與選股能力。 　　3、在選股能力及擇時能力的評估方面，國內基金普遍具有正的選股能力，卻不具備擇時能力。 　　4、國內共同基金績效具持續性，因此過去的績效應可作為未來績效的參考。進一步檢定基金投資政策績效及擇時與選股能力則發現，基金的投資政策績效與選股能力具持續性，但擇時能力則不具持續性。

本文利用投信公司公佈之基金持股比例及持股內容明細，分析基金經理人的操作行為以及和股市股價指數的互動關係。研究主題有二： 　　一、群集效果的研究，從持股內容的分析來研究「基金經理人在操作基金時是否有群集行為」。 　　二、研究共同基金對國內股市的影響，探討「共同基金平均持股比例和股價指數間的因果關係及相關性」。 　　實證結果如下： 　　一、國內的基金經理人在操作時有明顯的群集行為（效果）。 　　二、台灣證券交易所股價指數和基金平均持股比例兩者間，不論是當期對當期，或是股價指數落後一週至十週的檢定，皆為顯著的正相關。 　　三、若以八個分類股價指數及對應之基金平均持股來看，塑化、機電、紡織、造紙、營建、金融股的11個檢定值皆為顯著正相關。水泥股及食品股的11個值則皆為顯著負相關。

在工商社會當中，一方面由於一般大眾缺乏專業素養，另一方面由於時間的不足，因此將資金交由專業理財專家代為操作的投資觀念，在投資大眾的心目中逐漸形成；由專業經理人代為管理的共同基金也因此成為投資人的投資標的之一。 　　由於目前市場上共同基金的數目逐漸增多，因此各種不同型態的基金也逐漸出現，而不同型態的基金其所強調的風險性與報酬率的高低也有所不同。本研究主要目的在於對投資於國內的不同型態的開放型共同基金，投資績效差異性與持續性等方面進行探討。 　　本研究所使用的績效評估指標主要以學術界常用的Sharpe績效指標、Treynor績效指標、Jensen績效指標，與M、C、V績效指標為主。統計方法則分別以t_D檢定、變異數分析，及Spearman等級相關係數作為檢定的輔助工具。 　　基金樣本為投資於國內證券市場的開放型基金，包括有積極成長型、成長型、平衡型，與債券型四大類型，共計有二十四個基金；研究期間為自民國八十三年四月十四日至八十四年四月二十七日，以週為研究單位共計有五十四週，同時將研究期間分為二期，每期有二十七週，以利於相關研究的進行。 　　經過實證研究結果得到以下結論： 　　1. 部分共同基金的投資報酬率優於市場投資組合報酬率。 　　2. 在第一期不同型態基金間，以Sharpe指標評估的投資績效具差異性；而在第二期不同形態基金間以Treynor指標評估的投資績效具差異性。 　　3. 在基金樣本當中成長型基金的投資績效具持續性，而其他型態基金持續性則不顯著。

Morningstar is an independent provider of investment research and provide information on approximately 380 000 investment offerings about mutual funds. Morningstar are most known for their “star” rating system, which rates funds from the lowest 1-star to the highest 5-stars. Since investors frequently use fund data provided by Morningstar, we will evaluate whether investing in funds with higher fees and higher ratings would end up with higher returns. Examinations will be made if there is a relationship between mutual fund performance and the management fees within top-rated (5-star) funds and bottom-rated (1-&2-star). The mutual funds which are included in this thesis are United Kingdom (UK) managed and invested in three different markets; Asia-Pacific except-Japan, Europe except UK-Large Cap, and the United States (US) Market. This allows us to compare different markets at different stages of maturity. The results clearly show that the top-rated funds within all three markets outperformed the bottom-rated funds. Furthermore, the results demonstrate that the investor in general will earn a higher return by paying a higher management fee (TER) for the top-rated funds in all regions. The results also show that the TER for the bottom-rated funds in Europe and US market is higher compared to the top-rated funds. This means that the investor will pay higher fees for funds that do not perform well.