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| Title: | 指?股票型基?(ETF)與開放型股票基?(OEF)替代關係之探討 A Study of Substitutability between Exchange Traded Funds and Open-End |
| Authors: | ?昭顯, 譚慧芳,吳佩盈 |
| Contributors: | 南台科技大學會計資訊系,逢甲大學,南台科技大學企業管?系 |
| Keywords: | 指?股票型基?（ETF）,開放型股票基?（OEF）,替代關係,互補關係,Exchanged Traded Fund (ETF), Open-end Mutual Fund (OEF),Substitution Effect, Complement Effects |
| Date: | 2010 |
| Issue Date: | 2013-08-07 01:26:04 (UTC+0) |
| Publisher: | 南台科技大學會計資訊系,逢甲大學,南台科技大學企業管?系 |
| Abstract: | Exchanged Traded Funds（ETF）稱為「指?股票型證券投資信託基?」，
通常簡稱「指?股票型基?」，乃是追蹤標的指?變化並在證券交?所上市交?
的基?。ETF 性質上兼具基?及股票特性，且有「指?證券化」與「實物申購、
實物買回」的創新機制。由於ETF 與開放型股票基?（Open-End Mutual Funds；
OEF）投資方式?似，對投資人而言均具有分散風險之特性，故本研究探討ETF
與OEF ?者之間是否具有替代或互補關係。因ETF 漲跌趨近於大盤或產業走
勢，對於個股具有抗跌性，ETF 在股市多頭或空頭時還可?用多樣化投資標的，
兼具可多、可空、可槓桿的交?優勢，因此研究中亦檢視在股市多頭與空頭期間，
二者之間的替代或互補關係是否有所變化。此外，由於寶?台灣卓越50 證券投
資信託基?（Polaris Taiwan Top 50 Tracker Fund；TTT）為國內第一檔且規模顯
著較大之ETF，因此分別研究以寶?台灣卓越50 與其他十檔ETF 對於OEF 替
代或互補關係是否有差?。
“Exchanged Traded Funds (ETFs)” are referred to as “Exchange-traded
Securities Investment Trust Funds” which track the underlying index changes, and are
traded on the Stock Exchange. ETFs combine the feathers of funds and stocks, and
have the innovation mechanisms of “Index Securitization” and “In-kind Creations and
In-kind Redemptions”.
This study examines the substitution effect between the two similar investment
vehicles: exchange-traded funds (ETFs) and open-end mutual funds (OEFs). The
changes of ETFs are close to the market or industry trends, leading to the defensive
for individual stocks. In addition, during bull market or bear market periods, ETFs can
use the diversification of investment objectives with trading advantages, which can be
long, can be short, and can be leveraged. Therefore, this study investigates whether
the substitution/complement relations between ETFs and OEFs are changed during
bull market and bear market. Furthermore, the Polaris Taiwan Top 50 Tracker Fund
(TTT) is an ETF with top rank in terms of market capitalization in Taiwan. The
substitution/complement effects for TTT and other 10 ETFs in Taiwan with OEFs were also investigated, respectively. |
| Relation: | 2010中部學術財金研討會 論文發表 |
| Appears in Collections: | [財務金融學系] 會議論文
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