【摘要】：臺(tái)灣共同基金發(fā)展始于1983年、大陸始于1993年，過(guò)去兩岸基金產(chǎn)業(yè)同樣歷經(jīng)快速成長(zhǎng)，惟近年兩岸經(jīng)濟(jì)環(huán)境都發(fā)生重大變化，基金經(jīng)營(yíng)面臨更多挑戰(zhàn)，面對(duì)未來(lái)的發(fā)展與機(jī)會(huì)，臺(tái)灣及大陸的基金產(chǎn)業(yè)如何由過(guò)去營(yíng)運(yùn)成果中吸取經(jīng)驗(yàn)與教訓(xùn)，做為未來(lái)之參考？如何藉由臺(tái)灣與大陸市場(chǎng)基金市場(chǎng)發(fā)展之比較，，以有助于兩岸金融市場(chǎng)及整體經(jīng)濟(jì)長(zhǎng)期穩(wěn)定發(fā)展。 本研究采用「文獻(xiàn)比較法」以及「實(shí)證分析法」兩大研究方法，以全面性比較過(guò)去針對(duì)臺(tái)灣及大陸有關(guān)基金產(chǎn)業(yè)發(fā)展之文獻(xiàn)重要結(jié)論與發(fā)現(xiàn)，比較重點(diǎn)涵蓋：基金業(yè)發(fā)展背景沿革、基金及總體市場(chǎng)、法令環(huán)境、產(chǎn)業(yè)營(yíng)運(yùn)、基金規(guī)模、基金績(jī)效、ECFA對(duì)兩岸基金業(yè)影響等。 整體來(lái)看，大陸文獻(xiàn)較多以宏觀角度」由上而下進(jìn)行產(chǎn)業(yè)未來(lái)發(fā)展策略分析，可看出大陸做為未來(lái)亞洲經(jīng)濟(jì)龍頭，做為一個(gè)崛起中的大國(guó)，其所展現(xiàn)的是更大格局的思考態(tài)度。在共同基金的相關(guān)文獻(xiàn)中，共同基金績(jī)效」是一個(gè)非常典型的重要議題，占兩岸共同基金研究議題比重最高。本論文通過(guò)實(shí)證分析比較臺(tái)灣及大陸基金整體績(jī)效差異、擇時(shí)能力、選股能力差異，并試圖探討造成差異之原因，以及提出未來(lái)之建議。 大陸基金業(yè)雖起步晚于臺(tái)灣，但法律規(guī)范具備較高彈性，并且對(duì)基金及投資人的定位較明確，對(duì)臺(tái)灣反而起了一些示范作用。針對(duì)兩岸基金產(chǎn)業(yè)營(yíng)運(yùn)重點(diǎn)，本文提出以下建議：產(chǎn)品創(chuàng)新、經(jīng)理人績(jī)效傭金制、積極發(fā)展固定收益商品、長(zhǎng)期退休基金、全面采用基金績(jī)效評(píng)等。以及ECFA對(duì)兩岸基金市場(chǎng)之影響及提出相關(guān)政策建議。 臺(tái)灣與大陸的基金市場(chǎng)，發(fā)展至今均面臨規(guī)模再突破之挑戰(zhàn)。兩岸產(chǎn)業(yè)發(fā)展的軌跡及過(guò)去成功經(jīng)驗(yàn)，可做為彼此未來(lái)發(fā)展參考。
[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.
【學(xué)位授予單位】：南開(kāi)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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