目標到期債基金：行為財務學觀點

NCU Institutional Repository > 管理學院 > 財務金融學系碩士在職專班 > 博碩士論文 > Item 987654321/83659

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题名:	目標到期債基金：行為財務學觀點
作者:	張棋富;Chang, Chi-Fu
贡献者:	財務金融學系在職專班
关键词:	行為財務;目標到期債基金;推力;Behavioral finance;Target maturity bond funds;NUDGES
日期:	2020-07-28
上传时间:	2020-09-02 16:49:44 (UTC+8)
出版者:	國立中央大學
摘要:	本文以台灣目標到期債基金為研究對象，以行為財務學角度觀察分析目標到期債基金的商品設計策略，是否可以提供投資人作為退休規劃配置的其中一項金融工具。回顧行為財務學相關文獻，歸納投資人常犯的行為偏誤，了解各類債券工具對退休規劃的差異。參考推力(NUDGES)並設計推力評估表。整理國內投信發行目標到期債基金，統計並觀察各家投信發行狀況及策略，對於債券篩選年期、幣別、配息邏輯加以解讀，挑選第一檔發行及第一檔到期的個案作研究，以推力評估表做分析。研究結果發現，投資人作出投資決策時常不理性，目標到期債基金可以有效降低作出情緒勒索的錯誤決策，由於退休導致經常性收入中止，創造一定的被動收入變得非常重要，以目前商品本身的特性，搭配政府機關的監督，目標到期債基金相對其他金融工具更能有效降低不確定因素，進而可拿來運用及配置規劃退休生活。;This paper takes Taiwan target maturity bond funds as the research object, and observes and analyzes the commodity design strategy of target maturity bond funds from the perspective of behavioral finance, whether it can provide investors as one of the financial tools of retirement planning configuration. Review the relevant literature of behavioral finance, summarize the behavioral errors that investors often make, understand the difference of various bond tools for retirement planning, refer to the thrust (NUDGES) and design the thrust evaluation table. Organize domestic investment credit issuance target maturity bond funds, count and observe the status and strategies of each investment credit issuance, interpret the bond screening period, currency, and coupon logic, and select the first-tier issuance and the first-tier maturity cases as Research and analyze with thrust evaluation table. The results of the study found that investors are often irrational in making investment decisions. The target maturity bond funds can effectively reduce the wrong decision to make emotional blackmail. Due to the suspension of regular income due to retirement, it is very important to create a certain amount of passive income. With the characteristics of government agencies, the target maturity bond fund can effectively reduce uncertainties compared with other financial instruments, and can then be used and configured to plan retirement life.
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