| Summary: | 碩士 === 國立臺北大學 === 會計學系 === 94 === Recently the trading of financial derivatives increasingly grows as the mutual funds are utilizing the financial derivatives for hedging or to increase the fund performance. This research is to focus on the development and status of the Security Trust Companies whose investment portfolio contain financial derivatives in their public-traded open-ended funds, and to discover whether the financial derivatives attract more purchase of the funds from the investors, and the impact on different sales kits and making any differences among groups. Furthermore, this research also tried to gain more understanding on the status of the fund managers who have traded the financial derivatives, the effects to the funds scale and performance. After analyzing by SAS statistics software and the views from individual investors and corporate investors, this research has summarized the following results:
The purchase from fund investors
1. Mutual funds with financial derivatives in the investment portfolio can attract the investors. Different promoting approach reach different result and the one with “using derivatives to hedge” attract the best feed-back.
2. After compared the results of different groups, the corporate investor emphasis more on effect of financial derivatives and the related risk management. When the financial derivatives are used to promote the fund, it is less concerned on the arbitrage by the corporate investor.
3. The individual investor with high discretionary but with less investment knowledge has more interest on purchasing the fund with financial derivatives transactions, especially the funds using financial derivatives to hedge or arbitrage, individual investor with less discretionary but with more investment knowledge is tending to believe that “financial derivatives have positive impact on the investment portfolio” comparing to those individual investors with less discretionary and investment knowledge when analyzed by the distinction of discretionary and investment knowledge of the individual investor.
The impact to the fund performance and fund size as the fund managers invest financial derivatives in the portfolio.
1. The main purpose for the fund managers to include financial derivatives in the portfolio is to do hedging.
2. There is positive impact to the fund performance and size when the portfolio including financial derivatives.
Key words: financial derivative, fund size
|
|---|
