影響法人委託投顧/投信業進行代客投資操作因素之探討-以台灣地區500大企業為例

Abstract

自從民國89年6月30日全權委託投資業務通過立法後，投資人有了另一新的理財工具。可是該業務開放一年半載後，其業務量並未如預期般理想。本研究採用Mark Bergen等三人於1992年所提之代理理論在行銷上運用一文之模式，以2001年台灣500大企業為例，透過問卷發放，藉以了解影響法人委託投顧/投信業進行代客投資操作之因素為何? 研究結果顯示，投資人在重視投顧/投信特質因素構面可分為「背景資料」、「嚴格控管」、「建立制度」、「服務親切」、「專業水準」及「量身訂作」六個，不同類型投資人其重視投顧/投信特質因素亦不同。 在考量委託環境因素方面，本國法人基本資料中，不同公司成立年數、資本額及員工人數在所有因素上皆有顯著差異;不同股票發行情形在委託金額及委託資產類別上有顯著差異; 不同產業類別在委託金額、委託資產類別、委託投資標的、委託時環境因素有顯著差異。而不同法人資本額與員工人數在採取委託行動方式上有顯著差異;而不同法人股票發行情形與員工人數在委託契約形式上有顯著差異。 最後，根據研究結果對企業提出建議。

When the Investment Discretion has been passed on June 30, 2000, Institutional Investor has a new kind of financial instrument. However, one and a half year later, transaction is not as good as prediction. The research applies the Agency and Related Theories in marketing by Mark Bergen etc in1992 as a basis. In terms of the surveys to 500 large institutional Investor ranked by enterprises in Taiwan, We can understand what are the factors affecting Institutional Investor to entrust Investment Advisory/ Investment Trust Company to Investment Discretion. The result shows that institutional investors pay attention to the characters of Investment Advisory/ Investment Trust Company, including of six factors “background” 、“seriously control” 、“establishing system” 、“kindly service” 、“profession” 、“taking investor measurement”. Then, which factors are dominant depends on different kind of investors. In the evaluation of several environment factors about entrusting agency to investment, from the basis data of institutional investor, the difference of age, capital and employee’s members in all factors is significant; the difference of public outstanding in the factor –the amount of entrusting and the kind of entrusting asset is significant; the difference of industry in the factor – the amount of entrusting, the kind of entrusting asset, the target of investment and the environment at entrusting is significant. At last, suggestions are proposed to institutional investors according to the result of the study.