臺灣博碩士論文加值系統

共同基金一直是投資人所喜愛的工具之一，然而購買基金時都需要有手續費，因此本研究會探討基金手續費(申購手續費、管理費)對績效的關係。目前台灣有兩支無申購手續費股票型的基金(富達台灣成長基金及富邦基金)，所以會想研究無申購手續費的基金是否會比有申購手續費的基金績效好。而研究重點則是想看基金手續費哪些細項費用跟基金績效是有關係。本資料研究期間是在2004年到2008年，研究樣本為國內股票型基金及跨國投資型基金。研究結果顯示收取較高申購手續費股票基金比無申購手續費股票基金好。管理費用越高的國內股票基金其基金績效是呈現負相關。管理費高的跨國投資基金績效整體比管理費低的國內股票型基金績效低。

One of the most popular tools of investment is mutual fund, however when we buy mutual fund, we need pay some fee for fund company. Our research will explore between the relationship of fee (Front-End Load, Management Fee) and fund performance. There are two no-load equity mutual funds in Taiwan; therefore we will compare with no load equity mutual funds and load equity mutual funds. Also, another important of this paper is to see the detailed of mutual finds fee are impact on fund performance. This empirical result implies the high load mutual funds performances are better than no load mutual funds performance. The low management fee of mutual funds is better than the high management fee of mutual funds.

目錄
摘 要 I
ABSTRACT II
圖目錄 IV
表目錄 V
第一章　緒論 1
第一節　研究背景與動機 1
第二節 研究目的 2
第三節　研究流程 3
第二章　文獻探討 5
第一節 基金市場介紹 5
第二節 基金手續費介紹、基金手續費相關文獻 7
第三節 指數型基金 9
第四節 基金績效衡量 12
第三章 研究方法 16
第一節 研究假說 16
第二節 統計方法 18
第三節資料選取與來源 21
第四章 實證結果與分析 23
第一節 基本敘述性統計分析 23
第二節 國內股票基金手續費占基金總額比例之越高對其績效影響 25
第三節 股票型基金之手續費高低對基金績效之影響 27
第四節 四類型基金績效衡量 35
第五章　結論與建議 39
第一節 結論 39
第二節 研究限制與後續研究建議 40
參考文獻 42
附錄 46

圖目錄
圖1-1 研究流程 ..................................... 4

表目錄
《表1》樣本基金2004-2008年度分類統計表 ..................... 22
《表2》國內股票型基金手續費及跨國投資基金之申購手續費分類。 .. 24
《表3》顯示國內股票型基金及跨國投資基金手續費之管理費分類 .... 24
《表4》國內股票及跨國投資基金手續費之管理費及保管費加總分類 .. 24
《表5》指數型基金寶來台灣卓越50之基金手續費相關費用 ........ 24
《表6》13支基金5年的平均報酬率及幾何報酬率，並與指數型基金績效作一比較。 .................................................. 26
《表7》顯示國內股票基金手續費占基金總額比例之越高對其績效之迴歸分析 ...................................... 26
《表8》以中位數做為分界看申購手續費與基金績效 ............... 27
《表9-A》細分手續費跟基金績效對應。 ......................... 28
《表9-B》PEARSON申購手續費與績效相關 ....................... 28
《表10》顯示國內股票型基金手續費之管理費對基金績效關連 ...... 29
《表11》細分管理費跟基金績效對應 ......................... 29
《表12》PEARSON管理費跟績效相關 ........................... 29
《表13-1》非成對T檢定值(管理費) ............................ 31
《表13-2》非成對T檢定值(申購手續費) ........................ 31
《表13-3》非成對T檢定值(申購手續費) ........................ 31
《表13-4》非成對T檢定值(申購手續費) ........................ 32
《表14-A》顯示跨國投資基金手續費之管理費對基金績效關連 ...... 33
《表15》非成對T檢定值(管理費) .............................. 33
《表16-A》國內股票型基金與跨國投資基金績效前五名檢視(管理費) . 33
《表16-B》管理費之國內股票型基金與跨國投資基金績效前五名檢視非成對T檢定 .................................................... 34
《表17》顯示JENSEN INDEX比較 ............................ 37
《表18》顯示SHARP INDEX比較 .............................. 37
《表19》顯示TREYNOR INDEX比較 ............................ 38
《表20》五年報酬率比較比較 ................................ 38

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