台灣投信產業從1987年四家投信發展至今已有39家，所發行的共同基金至2007年底規模已超過台幣兩兆，在國內股市、債市扮演著重要的角色。同時投信為國人投資的重要管道之一。 然而，過去探討投信產業實證文獻較少，因此本研究將利用Panel Data之固定效果迴歸估計法，探討2002年至2007年間影響投信產業企業規模、成長及經營績效之因素，同時也依據迴歸結果提出建議予企業。 本研究於投信企業規模的實證結果發現金控投信相較其他類型投信規模大。此外，人力投入多的投信企業營收較佳。基金績效與基金規模呈正相關。國內與國際股市表現會影響投信業基金規模。投信企業成長的實證結果為企業規模較小的投信，成長率較佳。市佔率與成長呈正相關。投信企業經營績效的實證結果為基金規模愈大，經營效率愈高。外資型投信經營績效較其他類型投信佳。 ;Securities investment trust enterprises in Taiwan have developed from 4 firms to 39 now since1987. The size of mutual fund they issued has been over NT$2 trillion at the end of 2007. It plays an important role at stock and bond market in Taiwan. And it is also one of the important channels for investors. However, there were fewer studies to discuss the securities investment trust industry with empirical analysis methods in the past. For these reasons, this study will discuss what factors affect the firm size, the growth and performance of investment trust enterprises from 2002 to 2007 using panel data methods-fixed effects estimation. According to the empirical results of regression, we also provide suggestions to managers. The empirical results of my study indicated as follows: (1) the firms size model, we find the firm size is bigger than others as long as the enterprise is the type of holding company. Moreover,the more employees, the higher revenue the enterprise has. (2) The relationship between fund performance and fund size is positive. Stock market also affects fund size.(3) In the firm growth model, we find a smaller firm really growing faster than a larger firm and a positively relationship between market share and growth. (4) In the firm performance model, it’s beliebed that the bigger fund size surely has the higher performance. Moreover,a foreign capital company gets better performance than others.
