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海外基金與境外基金之績效評估-以金磚四國相關系列基金為例

Performance evaluation of onshore funds versus offshore funds- A study of the funds which invest in the BRICs related area

作者:馬榮昌
畢業學校:東吳大學
出版單位:東吳大學
核准日期:2012-11-22
類型:Electronic Thesis or Dissertation
權限:Copyright information available at source archive--scu....

中文摘要

近十年來因科技發展日新月異,網路應用的普及提供了過往從未有過的絕佳投資環境。全球經濟的發展,也因資訊的傳遞而更加快速。再加上台灣金融市場而日漸開放,投資標的也日趨多樣化、複雜化。民眾對理財的觀念逐漸盛行,對投資標的更是需求若渴。
本研究主要針對台灣投信發行之海外基金與台灣核備境外基金,投資金磚四國相關基金之績效探討。一、分析台灣投信發行之海外基金與台灣核備境外基金以金磚四國相關國家為投資區域之績效表現。二、台灣境內、外發行之基金績效是否比其所對應之股市為佳。
實證結果得出,一、在此研究期間印度基金績效優於其標竿指數。其他市場的基金在研究期間的績效並沒有比標竿市場的投資組合來的有投資效率。二、長期和短期的績效皆會跟隨著市場的變化而有所不同。應以投資期的長短不同,用同樣長度期間的基金績效衡量指標值當作衡量基金的依據。三、境內、外基金在同一投資區域,以每個月的報酬率而言並無不同,表示以月報酬率而言,在研究樣本中,境外基金表現沒有優於境內基金。

英文摘要

It has become a great investment environment due to the rapid development of science and technology over the last decade. The development of the global economy and the transfer of information more quickly.
Regarding the Taiwan securities investment trust companies issued overseas funds and the registered offshore fund in Taiwan, researching the Fund Performance which Invest in the BRIC related area explore two themes.
(1).Analysis of the funds performance of the BRIC related area for the on-shore funds and off-shore funds in Taiwan. Whether the off-shore funds were better than the on-shore funds (2).Whether the funds performance better than the performance of benchmarks index.
The results of the study period, (1). The India funds outperform its benchmark index. Other markets, the performance of the Funds during the study period, all can t beat the benchmark. (2). There are fluctuations in the long-term performance and short-term performance. They will follow as the market changes. Therefore, investors should use the similar time length indicators of fund performance to measure the funds performance. (3). In monthly return basis, the fund performance were no difference between the on-shore funds and off-shore funds in those samples.


指導教授 - 張光文

口試委員 - 詹乾隆

口試委員 - 王雍智


 

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