|Abstract: || 隨著老年人口比例上升，預期退休人口也不斷增加，對於勞工退休基金（以下簡稱勞退基金）的管理也更加被重視，期望有更好的績效，而伴隨著諸多優點，國內政府開始採取「委外代操」的方式管理國內勞退基金，但效果不如預期，需要一個更佳的評選代操機構標準。本研究採用的MCDM法能找出各項因素的相對關係，並計算出各項因子權重，找出關鍵評選準則，並根據各項因子權重排列出方案的優劣順序，並做出最佳的決策，很適用於需要考量各項因素的委外代操評選決策。|
With the increase in the proportion of the elderly population,the population who expected to retire is also continue to increase,and also the Labor Pension Fund management is more valued.Expect to have better performance,the domestic government began to take "Outsourcing Fiduciary "approach in the management of domestic labor pension fund with many advantages. However,the effect is not as good as expected.We need a better standard whitch selection the fiduciary agency. MCDM method used in this study can identify the relative relationship between the factors,calculate the weight of each factor,identify the key selection criteria,and according to the factor weights to array the sequence of the programs.Finally,choose the best decisions.It is applicable to the outsourcing selection decisions that need various factors to be considered.
First,through past literature to find out which of several facets has been studied by scholars that based on the performance of mutual funds.We find out the "Trustee overview", "Manager capability and investment strategies", "Corporate governance" three dimensions,and further in-depth discussion to find out the "Internal resources", "Past fund performance","Financial performance", "Manager ability", "Investment strategy", "Ethics", "Risk management mechanism", seven minor factors. Subsequently,recover 16 valid questionnaires by expert questionnaire interviews,and application DEMATEL method to calculate the relevance of the criterions.We found that "Manager capability " has the highest influence, if you want to improve other criteria,you can priority to improve this criterion."Investment strategy" has the largest association, which represents the experts believe this is a more important selection criterion.Next,use the DANP method to calculate the weights of the criterions,found"Investment Strategy" and "Risk management mechanisms" have higher weights,and "Financial Review" has not being taken seriously which relatives other criterion.Finally,use the VIKOR method to evaluation performance of the three investment trusts.We found the C Investment Trust has both the highest value and the lowest average total performance gaps,which is the optimal decision relatively.
The results of this study inferences,when government selection the fund’s fiduciary agency should pay more attention to the implementation of strategies and management in investment trust, rather than the financial statements or the size of the scale themselves,such as the level of operating conditions. Because a good strategy is sufficient to compensate the unfavorable conditions of internal resources; Meanwhile,the study confirmed the MCDM method can used in the selection of fiduciary trust effectively.This is a good decision-making tools, and can be used as a reference index to improve performance.