共同基金的交易存在許多風險，阻礙了共同基金的銷售，為了克服這些交易風險並創造交易利益，投資人與投信間必須存在某種形式的社會資本，尤其是信任與互惠，而雙方直接或間接的互動有助於信任與互惠關係的建立。 我們用Logistic模型研究分析，以2002-2004年間，台灣上市上櫃公司與投信公司間申購共同基金的交易共12,809筆為樣本，檢定各種直接或間接互動關係對共同基金銷售之影響。觀察投信公司在銷售共同基金時及客戶在選擇投信公司的共同基金時如何受到社會資本之影響，投信的管理者可從本研究中發現如何改善共同基金之銷售方式以增加投信公司的營運績效。本研究發現： 一、 顧客與投信間存在長期、重複的交易關係。這是因為長期持續的直接互動可以使顧客對投信產生信任，降低對交易風險的知覺，因此提升雙方交易的可能性。 二、 投信的網路地位對雙方建立交易的機率有顯著的影響，這是因為網路地位高的投信容易獲得顧客信任。 三、 網路關係是可以移轉的，投信可以將債券型基金的顧客關係移轉給非債券型基金。 四、 投信與顧客間存在一種互惠的關係，若投信的共同基金曾持有過顧客公司發行的股票或債券，則顧客公司申購該投信共同基金的機率就明顯提高。即投信的共同基金曾持有顧客發行的股票或債券，基於互惠原則，該顧客就會申購該投信的共同基金。 For declining business transaction risks which might hinder mutual funds market and to creating market interests, there must being some shape of social capital between investors and funds management company -- especially to trust and reciprocal each other, and interaction will make for establish their relationship. This research analysis by Logistic model, according to Stock Listing in the Taiwan Security Exchange and funds management companies offering mutual funds for 12,809 samples from 2002 to 2004, to examine the effects on direct or oblique interaction relationships for market mutual funds. To observe how social capital will effect upon both funds management companies and investors’ behavior, then to come of how to improve a market way whether the performance will be significant higher. 1. To keep the persistence in performance and reiterate relationships on Taiwan’s mutual funds. As will result trusts between customers and the funds management companies, and then will reduce their sensation to trading risks, even to promote more possibility of marketing. 2. The position on internet will effect market notable, because of customers realize that superior grade position should be trust usually. 3. The relationship on internet could be transferred –funds management companies can transfer their bund debenture foundation to non-debenture. 4. Mutually beneficial relations always exist in between funds management companies and their customers. – That is, take reciprocal action for the institutional investors may exhibit more herding behavior what there are more incentives for the individual investors to herd in their trading.
