台灣類全委保單代理績效探討__臺灣人文及社會科學引文索引資料庫

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題名：	台灣類全委保單代理績效探討
作者：	陳鴻文
作者(外文)：	CHEN,HUNG-WEN
校院名稱：	國立高雄科技大學
系所名稱：	財務金融學院博士班
指導教授：	林英星
學位類別：	博士
出版日期：	2019
主題關鍵詞：	投資型保單；類全委投資帳戶；績效持續性；聰明錢效果；Investment-oriented policy；Discretionary；Performance Persistence；Smart Money Effect
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:0 共同引用:0 點閱:0

投資型保單從2007年開始類全權委託帳戶業務，並於2013年開始業績大幅成長，目前累績的類全帳戶超過新台幣6000億，並佔台灣2017年新增投資型保單規模的三分之一。然而學術界對一般基金研究甚多，但對全權委託績效評估的研究仍相當稀少，本文主要目的乃是對類全委投資帳戶進行系統性的研究。
本研究發現，在保險公司代理機構效應下，全權委託投資帳戶的經理人會被要求定期至保險公司報告，因此藉對經理人產生較大的操作壓力，而能提供更好的投資績效，研究發現類全委投資帳戶的績效會優於一般組合型基金，因此代理機構效用下而產生更好績效的逆代理效應。
本研究發現，因為類全委投資帳戶的費用由保險公司收取而非由投信，所以當費用率越高，保險公司可運用資金及佣金變多增加業務員銷售意願，因此研究發現規模及淨流量和費用率呈正相關且顯著。
本研究還發現，美元計價的類全委投資帳戶的績效因素和經理人選擇ETF的支數和淨流量及選取自家的基金三個變數成正相關且顯著。台幣類全委投資帳戶的績效因素和選自家基金成正相關、和淨流量二個變數成正相關且顯著。
本研究還發現，類全委投資帳戶持續性的實證發現，績效不管是正向或負向皆有持續性，正向持續戶數高於負向持續戶數，因此正向比率高於負向比率。且類全委投資帳戶動能與聰明錢策略存在。

以文找文

Discretionary investment-oriented insurance policy started in 2007, grew substantially after 2013, and accounted for one–third of total insurance revenue of more than 600 billion NTD as of 2017 in Taiwan. Yet, there is few research ever conducted on this important subject. The main purpose of this paper is to conduct a systematic study of institutional agency effect on the discretionary investment-oriented insurance policy account.
This study finds a reverse institutional agency effect since the performance of discretionary account is better than the general fund of funds with relatively smaller risk. The study finds that discretionary accounts mandate mutual fund manager to report periodical performance, put pressure on mutual fund manger to provide better investment target and thus result a reverse agency effect of better investment performance.
This study also finds that fund scale and net flow are positively correlated with mutual fund managerial expense due to a reverse agency effect that managerial expense is not collected by the fund itself but, instead by the insurance company to promote more sales of discretionary insurance policy.
This study also finds that dollar-denominated discretionary account performance is
positively correlated with fund net inflow, fund manager's choice of passive ETF products and family funds for lower monitoring cost, while Taiwanese currency-denominated discretionary account is positively correlated only with fund net inflow, and the selection of their own family funds because few Taiwanese ETF products are available. The empirical evidence shows smart money and momentum effect significantly exist because of continuity either in positive or negative performance with a majority of positive trend.

以文找文

中文參考文獻
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