境外ETF跨境上市研究：恆中國、恆香港與寶滬深之個案分析

Abstract

指數股票型基金成為近年來發展最快與最熱門的投資產品，其資產規模每年快速成長，尤其自2008年次貸風暴引發全球金融海嘯衝擊之下，金融市場充滿不確定性、市場波動劇烈，以及金融商品普遍流動性不足時，其市場需求反而達到高峰，凸顯出在投資風險升高時，ETF反而開始為投資市場所重視，各個新興股市也以擴大ETF市場為市場規模發展主要策略，因此越來越多的ETF以跨境上市方式開拓新市場。本論文以實務角度探討境外ETF來台跨境上市的發展，針對恆中國、恆香港與寶滬深此三檔境外ETF作個案分析，著重於探討ETF的發行狀況、成交量、折溢價、單位數及追蹤誤差等市場數據表現，並從法人資產管理觀點分析其成為法人資金投資標的之可能性中得出結論：在台灣現行的投資環境及法規制度下，考量台灣基金公司及參與證券商的獲利性，境外ETF跨境上市採連結形式較為適合，並需慎選對台灣投資人較具吸引力之標的，否則可能因流動性不足，失去跨境上市促使台灣的金融市場日益國際化的用意。

Exchange Traded Funds has recently developed into one of the fastest and hottest investment products. The scale of ETFs is growing rapidly since 2008. As the subprime storm generated the global financial tsunami and made the global market a drastically instable one, where products are lack of liquidity, the market demand of ETFs reached its peak instead. This phenomenon reveals a fact: as the investment risk rises, ETFs are placed much emphasis by the investment market. More and more emerging stock markets treat a broadening market scale on ETFs as a main strategy. Thus, the cross listing of oversea ETFs began to launch into a new prospect for ordinary competitors. This thesis aims to explore the cross listing of oversea ETFs with a case study of Hang Seng H-Share Index ETF, Hang Seng Index ETF, and W.I.S.E. Polaris CSI 300 Securities Investment Trust Fund from a practice-oriented perspective. It focuses on issue, turnover, premium/discount, units, and tracking error of ETFs and analyzes how such ETFs will be the very next investment goal for the juristic person on the basis of asset management. In so doing, this thesis concludes: under the current investment environment and regulations, the cross listing of oversea ETFs, involved with variations such as the profit from Taiwan fund companies and participating dealers, an evaluated investment end for investors, will benefit more from the form of Feeder Fund than that of Maser Agent.