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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/31471

    Title: 聯合投信事件後對台灣債券共同基金報酬與結構之影響
    Other Titles: The consequences of the United Securities Investment Trust Co. event on the returns and structure of the Taiwanese fixed income funds
    Authors: 莊秋智;Chuang, Chiu-chih
    Contributors: 淡江大學財務金融學系碩士在職專班
    林允永;Lin, Yun-yung
    Keywords: 債券型基金;報酬;績效;Bond Funds;Return;Performance
    Date: 2007
    Issue Date: 2010-01-11 00:46:55 (UTC+8)
    Abstract: 於2004年6月下旬爆發博達、衛道等公司財務周轉不靈事件,致使聯合投信為調整債券型基金債券投資部位,造成債券型基金淨值下跌,引爆整體債券型基金市場的恐慌性贖回,形成債券型基金流動性風險,也挑起長久以來隱藏在債券型基金「掛帳」、「作價」之弊端,並觸動結構式債券所產生的利率性風險。
    In July of 2006, the United Securities Investment Trust Co. was forced to adjust their bond positions ;generating a series of negative effects starting from an immediate raise in redemptions, a big decline in bond fund prices and at the same time exposing to the public many questionable trading, accounting and pricing processes.
    Domestic authorities intervened in this crisis ending up with a solution based on “three analysis processes and seven defensive barriers’, to prevent the liquidation of bond funds and minimize the liquidity risks. The authorities encouraged the market to clear the positions in structured notes and forced the bond funds to turn into money market to diminish the liquidity risks.
    After the United Securities Investment Trust Co. scandal, the bond fund returns declined because of the following reasons:
    1.High amount of redemptions caused the sell off of the bonds, limiting the income from interests.
    2.The bond funds at that time held structure notes and reverse floaters, where in an increasing rate situation caused loss of the price of the positions.
    3.Many bond prices were not registered at market prices, reflecting a questionable trading and accounting processes.
    4.The authorities determined that the scandal was caused by a series of irregular practices of trading, account splitting, accounting, pricing and others.
    The United Securities Investment Trust Co. scandal not only affected the bond funds performance, but deepened the changes of the structure of bond funds in Taiwan, leading the domestic bond market into a healthier path and improving the management of the fixed income funds.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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