結構債對台灣債券型基金影響之探討

Abstract

我國共同基金產業自民國89年以來快速成長，期間債券型基金因其特有之性質及誘因，使其規模迅速成長至93年5月之最高峰2.4兆元。債券型基金規模成長如此快速自有其背景因素。過去國內債券型基金是一種很特殊的產品，結合了貨幣型的高流動性，以及高於定存的收益率之雙重優勢，加上又不配息，無課稅疑慮，讓債券型基金具有擋不住的投資魅力，而過去幾年的低利率環境更造就其成為低利率時代的寵兒。然而隨著利率市場利率的升高，以往部分基金過度投資結構債券及分券作價操控淨值等問題逐漸浮現，終至民國93年7月12日爆發了聯合投信事件，市場才逐漸重視結構債對於債券型基金的嚴重性，及可能引發的金融風暴。 美國曾於1994年利率快速上揚，因貨幣市場基金投資過多結構債導致失敗之案例。若能從美國處理結構債的過程得到啟發，相信有助於未來國內債券型基金發展。外可從結構債危機發生與處理個案中，尋找國內債券型基金中之潛在問題，進而評估解決方案。因為投信旗下債券型基金若持有較高部位逆浮動利率結構債，當市場利率逐步走升時，這批債券將面臨極大市場風險及流動性風險。在處理的步驟上，首先為最具迫切性的處理結構式債券及提高流動性機制，然而這終究只是治標而非治本。在治本上還需要健全的評價制度，以及合理的分流政策來導引。最後來檢視改善後之現況，以及未來規劃措施。 歷史不能遺忘，經驗必須記取。聯合投信事件引發債券型基金贖回風暴，該事件給了投信業及投資人一個當頭棒喝，而主管機關力圖多管齊下，趁此事件順勢將債券型基金導回正途。對投資人而言，能充分了解所購買的商品報酬率及風險範圍，有助於實施資產配置。在這次結構債風暴中，投信業界吸收所有的損失，展現投信事業最基本的誠信價值與信託精神。雖然因此面臨轉型、蛻變的過程是艱辛的，但也等於在資產管理發展上邁進一大步。

The Taiwan’s industry of mutual fund has boomed since the year 2000. Due to the special features and incentives of bond fund, its scope reaches the peak in May 2004 with the amount of 2.4 trillion NTD. There’s reason behind the fast growth of bond fund. In the past, bond fund is an unique product that combines the advantage of monetary fund’s high liquidity and higher return rate than saving deposit. In addition, there isn’t dividend distribution and taxation. All these factors made it an irresistible product. Nevertheless, as the market’s interest rate increase, the over-investment of structure notes and the problems of splitting the notes and manipulating the net value of funds, leads to the Union Security Investment Trust incident in July 12, 2004. This incident made the market emphasize more on the issue regarding structure notes. In 1994, America also suffered from the sudden growth of interest rate due to over-investment of structure notes by MMF (Monetary Market Funds). We can learn from their process of overcoming the failure. Since the bond fund under Security Investment Trust holds higher levels of inverse floating interest structure notes, they are exposed to great amount of market risk when interest became high. The first step to handle it is to instantly increase liquidity. But we still need to solve it fundamentally. There should be a complete evaluation system and reasonable split-off policy. And finally review what improvements have been done, and plan the future measures accordingly. History can’t be forgotten, lessons need to be learned. The Union Security Investment Trust incident evokes the bond fund redemption crisis. This incident gave the industry and investors a timely sharp warning. The regulators tried to adjust the development of bond fund into the correct path. According to investors, knowing comprehensively the ROI and risk exposure of the purchased product will help them on capital allocation. The Security Investment Trust absorbed all the loss of the crisis, revealing the industry’s basic credibility and their spirit. Even though the transforming process is hard, but it made a major leap for the wealth management.