共同基金費用、流量及投資者敏感度之關係

Abstract

本文研究主題主要分為三部分，首先，探討基金的行銷費用(12b-1費用)變動是否會影響基金流量，其次，探討基金行銷費用的改變與基金流量的關係是否會因為投資者對基金報酬率敏感度高低不同而有所差異，最後，探討外控型投資者對於基金報酬率的敏感度反應如何。實證結果發現基金的行銷費用變動增加，會使得基金流量增加。而對基金績效敏感度較差的投資者，會因為基金行銷費用的改變增加，使得基金流量增加。最後，實證結果顯示外控型的投資者對於基金績效敏感度較低。There are three purposes of this study. First, this study examines whether any change in 12b-1 fees (marketing fees) will influence mutual fund cash inflows. Second, this study examines whether the sensitivity of fund inflows to change in 12b-1 fees will be influenced by investors with different degrees of sophistication. Investors with high degree of sensitivity to performance are deemed as sophisticated investors in this study. Third, this study investigates whether flow-to-performance sensitivity will be influenced by investors’ personality traits that is, investors with external locus of control versus investors with internal locus of control. The empirical results show that any positive change in 12b-1 will lead to a significant increase in fund flows. In addition, the sensitivity of fund inflows to change in 12b-1 fees will be lower for sophisticated investors, which is proxy by investors with high degree of sensitivity to fund return performance. Finally, this study finds that investors with external locus of control tend to have lower sensitivity to mutual fund performance.