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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/94089

    Title: 影響境外高收益債券基金績效之探討
    Other Titles: Investigating the performance of offshore high yield bond funds
    Authors: 方英哲;Fang, Ying-Che
    Contributors: 淡江大學管理科學學系企業經營碩士在職專班
    Keywords: 財富管理;高收益債券基金;資產配置;基金績效;wealth management;High-Yield Bond Funds;Asset Allocation;Mutual Fund Performance
    Date: 2013
    Issue Date: 2014-01-23 13:58:04 (UTC+8)
    Abstract: 基金投資是國內目前最普遍且經常被使用的投資工具,但基金商品類別繁多且複雜,且各自面臨著不同的投資報酬與風險,因此投資人進行投資時必須審慎評估與考量,以求立於不敗之地,然由於國內金融機構為突破存、放款利差縮小所造成經營上的瓶頸,紛紛將財富管理業務列為重要發展業務項目之一,惟國內金融機構過度競爭(Overbanking)現象依舊存在,爰金融機構為提高經營績效,經由其通路銷售基金已為競逐的兵家必爭之地。準此,金融機構通路所提供的投資建議是否為最適投資選擇與資產配置,仍尚存諸多討論空間,因此投資人若要規避潛在投資風險並獲取較高投資報酬,在基金標的選擇,必須多下工夫,以做出適合其本身投資屬性與預期報酬率之投資決策。
    Mutual fund investment is one of the most common financial instruments for investors; however, there are various mutual fund categories accompanied with expected returns and risks sold in the markets. Therefore, investors should assesse with care in order to make profits even avoid losses while investing mutual funds. Nowadays, the financial institutions face the bottleneck resulting from the overbanking, which lowers down the spread between the deposits and loans. Thus, the sales of mutual funds are more and more paid attention by these institutions. However, whether the funds suggested by these institutions would be beneficial for asset allocations seem not to reach the consistent conclusion. Therefore, investors had better endeavor to find the funds with the higher rewards and lower risks according to investors’ preference.
    In this study, we selects the high-yield bond funds as our samples, The results reveal that investors had better select bond funds as short-term investments instead of long-term investments. In addition, the funds with higher standard deviation might not perform well resulting from unsystematic risks occurred in these bond funds. However, the bond funds with higher betas have the better performance, since these funds with the higher systematic risks might enhance the expected returns of these fund funds. Furthermore, investors might take the funds with higher Morningstar rating and the time lasted in the markets into accounts, since these funds exhibit the superior performance. Thus, market participants might take the evidences revealed in this study into accounts while investing high-yield bond funds.
    Appears in Collections:[管理科學學系暨研究所] 學位論文

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