The Growth Trajectory for the Sales of Securities Investment Trust Funds after Global Financial Crisis
|關鍵字:||金融海嘯;基金;銷售量;潛在成長模型;Global Financial Crisis;Fund;Sales;Latent Growth Model|
The global financial crisis that started from 2008 damaged global economies severely. Governments have utilized a variety of intervention policies to restore their financial systems. This study investigates the sales tendency of securities investment trust funds by analyzing the latent growth model applying domestic sales data of securities investment trust funds and sales trends in various types of funds published by subscription amounts collected from Securities Investment Trust & Consulting Association of the R. O. C. during the seven-year period from 2008 to 2014. The empirical results of this study indicate that the sales trend follows the path of a parabola which opens upward rather than a linear growth during the observed period. This may be influenced by the continuously released negative news all over the world during this period, and thus the undermined confidence of investors had not yet been restored. Furthermore, analysis on various types of funds shows that only the sales of money market funds follow the path of a parabola opening upward significantly, while other types of funds do not differ significantly. One of the possible reasons could be the relatively low risk of money market funds in the unstable investment market, so that investors often adjust their asset allocations according to market fluctuations. Consequently, the investors prefer to park their funds rather than long-term investment for capital gains. Nevertheless, the authorities’ regulations have improved the liquidity of money market funds in Taiwan by end of 2010. The anticipated lower return of the restructured money market funds has leaded to the sales declined than ever before. On the other hand, other types of the funds do not show obvious trends due to the frequent changes in the market. This study investigates the management implications in three dimensions: sales channels (including securities investment trust enterprises and their appointed sales agents), investors and authorities.
|Appears in Collections:||Thesis|