【作者】 汪志远；

【导师】 周立群；

【作者基本信息】 南开大学 ， 政治经济学， 2012， 博士

【摘要】 台湾共同基金发展始于1983年、大陆始于1993年，过去两岸基金产业同样历经快速成长，惟近年两岸经济环境都发生重大变化，基金经营面临更多挑战，面对未来的发展与机会，台湾及大陆的基金产业如何由过去营运成果中吸取经验与教训，做为未来之参考？如何藉由台湾与大陆市场基金市场发展之比较，以有助于两岸金融市场及整体经济长期稳定发展。本研究采用「文献比较法」以及「实证分析法」两大研究方法，以全面性比较过去针对台湾及大陆有关基金产业发展之文献重要结论与发现，比较重点涵盖：基金业发展背景沿革、基金及总体市场、法令环境、产业营运、基金规模、基金绩效、ECFA对两岸基金业影响等。整体来看，大陆文献较多以宏观角度」由上而下进行产业未来发展策略分析，可看出大陆做为未来亚洲经济龙头，做为一个崛起中的大国，其所展现的是更大格局的思考态度。在共同基金的相关文献中，共同基金绩效」是一个非常典型的重要议题，占两岸共同基金研究议题比重最高。本论文通过实证分析比较台湾及大陆基金整体绩效差异、择时能力、选股能力差异，并试图探讨造成差异之原因，以及提出未来之建议。大陆基金业虽起步晚于台湾，但法律规范具备较高弹性，并且对基金及投资人的定位较明确，对台湾反而起了一些示范作用。针对两岸基金产业营运重点，本文提出以下建议：产品创新、经理人绩效佣金制、积极发展固定收益商品、长期退休基金、全面采用基金绩效评等。以及ECFA对两岸基金市场之影响及提出相关政策建议。台湾与大陆的基金市场，发展至今均面临规模再突破之挑战。两岸产业发展的轨迹及过去成功经验，可做为彼此未来发展参考。更多还原

【Abstract】 The development of mutual fund industry in Taiwan began in1983, and1993inChina. Both sides experienced rapid growth in past decades but recent economicenvironment change brought more challenges to prospect of the fund Industry. It’simportant to learn from the past to make a change in the future, mutual fund businessis no exception. Through comparative analysis we expect to come up with realisticsuggestions for environment change and solutions for policy making so that the longterm economic stability for both sides could be achieved through a well developedmutual fund industry.The study utilizes two main approaches to compare and analysis the differencesbetween Taiwan and China fund industry development–the comparative analysis andempirical study. Topics include: fund industry history and milestones, fund marketand financial market, legal environment, business operation, fund size growth, fundperformance, influence on mutual fund industry for both sides under ECFA structure.Overall, China took a “top-down approach” as strategic thinking structure inmost mutual fund research papers. This Shows China’s ambition to continue itsleading role among Asian countries in economic development.“Fund performance” isa typical topic, and ranked on top in terms of research paper numbers among allmutual fund related research topics. By comparing the overall performance, thetiming ability, and stock selection ability, we come up with suggestions for futureimprovement.Though China is lagging behind in mutual fund development, it catches up veryquickly and more flexible in some aspects. The study also come up with severalsuggestions for mutual fund industry’s future operations. They are product innovation,performance commissions for fund managers, developing fixed income products,credit rating introduction, retirement fund and risk control.After20,30years of development, both China and Taiwan has gone beyond therapid growing period when fund size could easily grow. At this critical moment, hopefully through this study, researchers will find it useful for more realistic fundindusty development plan.更多还原