由於基金已經成為國人主要的投資工具，投資人投資國內或國外共同基金係在可容忍的最大風險內，以獲得最大報酬（或超過無風險利率報酬）為目標。本研究係以國內外12支基金作為研究個案，來分析何者類型基金報酬率較高，其原因是以何者因素居多；而長期績效不佳之基金其原因以何者因素居多，作為投資人投資基金決策的參考。
依本研究結果，影響共同基金報酬率之最大因素，主要係總體經濟因素，如：台灣景氣循環、景氣對策訊號燈、台灣加權股價指數水準、台灣利率水準，美國道瓊工業指數、那斯達克指數、美國fed利率、代表全球景氣榮枯的OECD全球領先指標、代表外資匯入增加本國資金動能的MSCI新興市場指數，是否調高或降低該國權重，皆會影響該國股票指數；基金經理人研究團隊的操作策略、選股能力、基金規模等次之；而基金週轉率及基金費用率因素則影響較少。
依本研究結果，購買單一國家股票型基金的報酬率是最高的，風險性也最高，必須嚴設停損。而區域國家股票型基金卻能夠分散僅投資於單一國家所需承擔的政治、經濟等系統風險，其報酬率並不輸於單一國家股票型基金，適合喜歡高報酬低風險之投資人，且較具基金績效持續性。
產業型基金係指投資特定領域的各式基金，因投資的範圍越小，其風險越高，利潤也越高，基金投資人投資該產業，須有很深入的研究，且嚴設停損。
全球型股票基金的投資標的遍佈全球型，是穩健投資人最佳選擇，全球型股票基金的特色在於可充分掌握各國股市上升的潛力，而且能夠達到分散風險的目的。一般說來，績效良好的全球型基金的平均年報酬率可達15%左右，而績效良好全球債劵型基金平均年報酬率可達10%左右，適合保守投資人。 / Managed funds are becoming an important investment vehicle in Taiwan, with investors investing in local as well as international mutual funds. Their main objective is to achieve highest return while proportionally having a lower than average risk.
By studying 12 mutual funds in this case study, my investigation would like to explore the reasoning behind why some of the funds achieve higher than average return, while others do not. By doing so I can identify the characteristics of these funds, which could beneficial to investors.
According to our research, In Taiwan, the rate of return from managed funds appear to be directly associated with both local and international economic factors (Macro economy). Local factors included Taiwan’s business economic cycle, Taiwan stock weighted index performance, as well as local interest/cash rates. While International factors, mainly from the US included Dow Jones & Nastaque indicies performance, Us Federal Bank’s decisions on it’s interest rates, OECD index, MSCI new market index. Furthermore, the rate of return from Managed fund can also differ according to the funds management style, investment strategy, the ability of the fund manager to recognize/ select particular stock to invest as well as the size of the fund. While its management fee structure and cash liquidity appears to be less relevant.
According to our research, investing within a specific country can achieve highest return, however, it also bears the highest risk, thus must set as sell stop order. region specific fund on the other hand, can limit such political and economical risks of one specific country, while at the same time achieve similar great return as a fund that invest within one country. This fund is recommended to investors wanting higher return with lower risks.
Sector specific funds invest in particular sector. The more specific the sector is, the greater risk there is, coupled with greater return. This fund should only be invested by experienced investors, must also set up sell stop order.
In our opinion, global stock funds are the best choice for most investors. The advantages include its ability to experience increase exposure of rising markets in different country, at the same time spread its risk. Generally, in a good year, the global funds could achieve a rate of return of 15%, while investors should expect net return of 10%. This fund in our opinion is suited to conservative investors.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0094932226 |
| Creators | 李美玲, Lee, Mei Ling |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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