Exploring the Mutual Fund Survival from the Perspective of Manager of Securities Investment Trust CO. In Taiwan

• Main Authors: Wang-Ding Kuo, 郭萬定
• Other Authors: Chin-Shien Lin
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/91374607404466721004

碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 103 === Today, Taiwan''s mutual fund industry is flourishing. There are intense competitions in investment trust companies. A lot of resources were placed into the development of new product lines, while accompanied by the fund management, sales, marketing and financial ability, hoping to gain a foothold in Taiwan''s mutual fund market. Issuance of new mutual funds is a very important mission in the mutual fund industry. When managers develop a new product strategy, always hoping to get public support and sustainable survival in future. However, what are based on the managers to make a decision about product strategy ? Look past literature, which discussed the fund''s survival mostly from the investor point. Rarely discussed from the perspective of manager. Thus, this present research will to explore the mutual funds survival from the perspective of managers. Looking after the results of this research, provide the reference for managers to develop new product strategy, but also give a little contribution to Taiwan''s mutual fund industry. This research have found the following empirical results. In a continuous variable, when the company''s EPS, manager fees, NAV, β coefficient, Jensen α index higher, the chance of mutual fund survival is higher. When nearly a year ROI, standard deviation, Sharpe index higher, the chance of mutual fund survival is lower. Three indicators contain the asset of fund established, custodial fees, and Treynor index had no effect on mutual fund survival. In terms of categories of variables, the survival rate is higher when issuance balanced funds. Foreign shareholders may increase the chances of funds have been liquidated and merged. Bond funds and fund-of-funds with respect to the low survival rate of stock funds. The companies have or not configured direct sales staffs and fund investse in other asset classes, there are no influence on mutual fund survival.