共同基金投資行為影響因素之研究

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题名:	共同基金投資行為影響因素之研究 Factors affecting the Behavior of Mutual Fund Investments
作者:	温麗香
贡献者:	國際企業管理學系碩士在職專班
关键词:	共同基金投資行為因素層級分析法德菲法
日期:	2014
上传时间:	2014-09-25 16:22:58 (UTC+8)
摘要:	由於台灣金融環境開放與投資人選擇共同基金為主流金融投資產品之趨勢，基金投資人為多項別投資考量因素進行投資，基金經理公司必須明確了解共同基金投資人選擇投資目的與考量因素，以利金融投資產品設計，及投資過程中選擇符合市場需求之共同基金。本研究之目的在於探討影響投資人之共同基金投資行為影響因素。運用層級程序分析法(AHP)以及德菲法訪談專家，分為三個主準則及九個次準則，探索不同類型共同基金投資人，在面臨投資行為之主要考量因素及評估權重做為實務界一般投資人在投資決策準則之依據，提供投信公司了解哪些是主要影響投資人投資行為因素，作為商品設計之參考。本研究結果發現，股票型基金、海外債券基金、股債搭配組合基金之三類型投資人因素權重分析結果，顯示三類型投資人之投資行為影響因素各所屬相對重要因素如下：1. 股票型基金投資人重視「資產配置」分散投資風險，2. 海外債券基金投資人重視「基金研究資源」海外市場研究訊息，3. 股債搭配組合基金投資人重視「市場流動性」資金自由流通轉換在股債市場。因此，本文實證價值與意涵，投信公司可依不同類型基金投資人之因素，發展共同基金，以增加基金投資效益。 Due to the opening of Taiwan's financial environment and mutual fund investors choosing the trend of mainstream financial investment products, investment funds do not invest more human considerations for investment, fund managers need to understand clearly of the company who choose to invest in a mutual fund investment objectives and considerations to facilitate financial investment in product design, and the investment processions to select the mutual fund which market demand. This paper intends to explore the factors that influence investment behavioral of mutual fund investors by applying Analytic Hierarchy Process (AHP) and Delphi Method for interviewing experts. The research structure consists of three major crite-ria and nine sub-criteria in the exploration of different types of mutual fund investors. It is hoped that the research findings concerning major considerations for investment and the weightings of various factors can serve as a reference to practitioners and general public in investment decisions. Such insight can help investment trust com-panies in product design with an understanding of the key factors that influence in-vestment behavioral. The research analyses the factor weightings of investment behaviour for the in-vestors of equity funds, overseas bond funds and balance funds. The results suggest as the following: (1) the investors of equity funds focus on asset allocations and risk diversifications; (2) the investors of overseas bond funds emphasize research re-sources, particularly regarding overseas markets; (3) the investors of balance bonds aim for market liquidity so as to move capital in and out of equity/bond markets. The empirical value and implication of this paper is that investment trust companies may develop mutual fund products catering to key concerns of investors for different types of funds in order to enhance investment benefits for their investor clients.
显示于类别:	[企業管理學系暨國際企業管理研究所] 博碩士論文

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