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研究生:周訓東
研究生(外文):CHOU, HSUN-TUNG
論文名稱:基金為什麼是今天的基金?-機構投資人與代理理論共構下的發展
論文名稱(外文):Why Funds Became What They Are Today?-Developments of Funds under the Co-construction of Institutional Investors and Agency Theory
指導教授:陳介玄 博士
口試委員:翟本瑞 博士陳介英 博士陳介玄 博士
口試日期:2017-06-16
學位類別:碩士
校院名稱:東海大學
系所名稱:社會學系
學門:社會及行為科學學門
學類:社會學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:中文
論文頁數:65
中文關鍵詞:共同基金投資人資本主義機構投資人代理理論
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本研究探討國人接受共同基金的原因,和基金公司的行銷策略,推廣國際化
的投資布局,特別強調國內投資人能夠學習美國家庭使用共同基金理財的經驗。
關於教育、退休金的投資計劃,相信藉由基金公司機構投資人的專業可以幫助個
別投資人,集合大眾資金產生的資本力量,成為被投資公司的股東,參與公司的
監管治理,發揮投資的影響力,達成每個人的財務目標計劃。截至 2017 年 2 月
投信投顧公會的統計,國人境外基金持有的資產金額高達 3兆1000億台幣以上,
這數字也引起主管機關的重視。事實上,基金公司在共同基金的推廣,喜歡強調
先進國家的作法,特別是美國家庭藉由共同基金理財的經驗。所以本研究嘗試從
金融社會學的理論觀點,分析美國基金產業的發展路徑,如何建構出個人與家庭
接受共同基金的過程,梳理當時全球經濟環境、國家政策、社會條件和公司制度
使共同基金快速發展的原因。
投資人資本主義時代,機構投資人集合大眾資金的受託需求,持有大量股份
變成股市新貴,積極要求公司改善經營績效,重塑企業管理的面貌,1970 年代全
球經濟發展停滯,企業面對高通膨低成長環境下,受雇員工選擇退休金計畫的因
應方法,面對國家法案的規範要求,非預期的造成基金產業的快速發展。代理理
論家提出的治理方法,讓機構投資人、代理理論與管理階層三者關係,找到彼此
共同的利益,因此,本研究探討基金公司、企業管理高層以及仰賴機構投資人代
表其權益的投資大眾三者之間,藉由美國家庭和個人的經驗,釐清共同基金產業
發展的初衷與結果,能否真正幫助投資大眾,完成財務目標理想的省思。

關鍵字:共同基金、投資人資本主義、機構投資人、代理理論
This research aims to explore why mutual funds are overwhelmingly accepted
by domestic investors in Taiwan. To be more specific, in terms of retirement plans, financial management, or investment plans, mutual funds seem to be ubiquitously treated as the best instrument by the public; it is deeply believed that mutual fund companies and institutional investors will help the public reach the goals of making profits via collecting the money for the public and making collaborative investments.
According to the record from Securities Investment Trust & Consulting
Association, by February of 2017, the amount of off-shore funds invested by domestic
investors has been over NT$3.1 trillion. It can also be found that mutual fund
companies tend to emphasize how investors in developed countries make the best use
of funds to carry out their financial management so as to educate and encourage
domestic investors to follow their manners.
Given this, the research reviews the experiences from the American fund
industry and analyzes the process by which individuals and families accept and use mutual funds for their financial investments. Accordingly, the research purpose is to unveil the global economic environment, the national policies, the social context and
the company policies under which mutual funds have quickly developed. This research also targets at, for a sociological perspective, how institutional investors reshape their management of businesses in the era of investor capitalism while the global economic has suffered from recession coupled with high inflation and slow economic growth.
Researchers of the agency theory argued that institutional investors and people
of bureaucratic organizations have found the mutual benefits and thus influence a huge amount of employees and retiree, which is to be examined in this research as well. It is expected that this research reveals whether the fund companies and the high-ranking officers in organizations are truly helping the public, which has been heavily relying on institutional investors, to fulfill their needs of financial management.

Key words: mutual funds, investor capitalism, institutional investors,
the agency theory
目錄
第一章導論 .................................................... 1
第一節研究緣起 ................................................ 2
第二節研究問題 ................................................ 4
第三節研究架構 ................................................ 10
第二章文獻回顧 ................................................ 12
第三章投資人資本主義的發展.......................................20
第一節投資人資本主義時代來臨 ................................... 20
第二節機構投資人的挑戰,管理階層的因應 .......................... 23
第三節基金公司的成長 .......................................... 25
第四章機構投資人與代理理論共構下的發展 ...........................32
第一節 1970 年經濟停滯的年代 ...................................36
面對退休問題的因應 ............................................ 36
第二節串聯組織的外部控制 .......................................38
第三節追求提高股票價格為首要指標下的結果 ........................ 43
第五章結論 ................................................... 55
第一節研究結論 ................................................ 56
第二節研究限制與反思 .......................................... 59
參考文獻 ..................................................... 61


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