两岸共同基金市场发展比较研究

发布时间：2019-03-27 07:37

【摘要】：台湾共同基金发展始于1983年、大陆始于1993年，过去两岸基金产业同样历经快速成长，惟近年两岸经济环境都发生重大变化，基金经营面临更多挑战，面对未来的发展与机会，台湾及大陆的基金产业如何由过去营运成果中吸取经验与教训，做为未来之参考？如何藉由台湾与大陆市场基金市场发展之比较，，以有助于两岸金融市场及整体经济长期稳定发展。本研究采用「文献比较法」以及「实证分析法」两大研究方法，以全面性比较过去针对台湾及大陆有关基金产业发展之文献重要结论与发现，比较重点涵盖：基金业发展背景沿革、基金及总体市场、法令环境、产业营运、基金规模、基金绩效、ECFA对两岸基金业影响等。整体来看，大陆文献较多以宏观角度」由上而下进行产业未来发展策略分析，可看出大陆做为未来亚洲经济龙头，做为一个崛起中的大国，其所展现的是更大格局的思考态度。在共同基金的相关文献中，共同基金绩效」是一个非常典型的重要议题，占两岸共同基金研究议题比重最高。本论文通过实证分析比较台湾及大陆基金整体绩效差异、择时能力、选股能力差异，并试图探讨造成差异之原因，以及提出未来之建议。大陆基金业虽起步晚于台湾，但法律规范具备较高弹性，并且对基金及投资人的定位较明确，对台湾反而起了一些示范作用。针对两岸基金产业营运重点，本文提出以下建议：产品创新、经理人绩效佣金制、积极发展固定收益商品、长期退休基金、全面采用基金绩效评等。以及ECFA对两岸基金市场之影响及提出相关政策建议。台湾与大陆的基金市场，发展至今均面临规模再突破之挑战。两岸产业发展的轨迹及过去成功经验，可做为彼此未来发展参考。
[Abstract]:The development of Taiwan's mutual funds began in 1983 and the mainland began in 1993. In the past, the cross-strait fund industry also experienced rapid growth, but in recent years there have been major changes in the economic environment on both sides of the strait, and the operation of the funds has faced more challenges and faced with future development and opportunities. How can the fund industries in Taiwan and the mainland learn their experiences and lessons from their past operations as a reference for the future? How to compare the development of the fund market between Taiwan and the mainland is helpful to the long-term stable development of the cross-strait financial market and the whole economy. This study adopts two major research methods, "document comparison method" and "empirical analysis method", and makes a comprehensive comparison of the important conclusions and findings of the past literature on the development of fund industry in Taiwan and the mainland. The comparison focuses on the development background of fund industry, fund and general market, statutory environment, industry operation, fund size, fund performance, and the impact of ECFA on cross-strait fund industry. On the whole, the mainland literature is more from the macro point of view "from the top to the bottom of the industrial development strategy analysis, can be seen that the mainland as the future Asian economic leader, as a rising large country, it shows a larger pattern of thinking attitude." -. In the literature of mutual funds, mutual fund performance "is a very typical important issue, accounting for the highest proportion of mutual fund research issues on both sides of the strait." Through empirical analysis, this paper compares the overall performance difference, timing ability and stock selection ability between Taiwan and mainland funds, and tries to explore the causes of the differences and put forward some suggestions for the future. Although the mainland fund industry started later than Taiwan, but the legal norms are more flexible, and the positioning of funds and investors is clearer, but it has played some exemplary role for Taiwan. In view of the key points of cross-strait fund industry operation, this paper puts forward the following suggestions: product innovation, manager performance commission system, active development of fixed income commodities, long-term retirement funds, comprehensive use of fund performance evaluation, and so on. And the impact of ECFA on the cross-strait fund market and put forward relevant policy recommendations. Taiwan and the mainland fund market, the development of up-to-date scale of the challenge of re-breakthrough. The track of cross-strait industrial development and past successful experience can serve as a reference for each other's future development.
【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.51;F224

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