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台灣ETF市場發展趨勢與投資結構變化之研究;台灣ETF市場發展趨勢與投資結構變化之研究

Tue, 20 Oct 2026 08:12:01 GMT

title: 台灣ETF市場發展趨勢與投資結構變化之研究;台灣ETF市場發展趨勢與投資結構變化之研究 abstract: 近年來，ETF（Exchange Traded Fund， ETF）已成為全球資產管理產業中最具成長性的金融商品之一。ETF結合共同基金分散投資與股票盤中交易的特性，並以低成本、透明化與交易便利性吸引法人與散戶投資人。台灣ETF市場自2003年首檔商品掛牌後逐步發展，2014年以後在債券ETF、高股息ETF、定期定額投資與證券交易數位化的帶動下快速擴張，並由早期輔助性指數工具轉變為投資人資產配置與現金流規劃的重要理財工具。本研究採次級資料分析法，整合投信投顧公會、金融監督管理委員會、臺灣證券交易所及國內外學術文獻資料，分析2014年至2025年間台灣ETF市場的基金規模、商品檔數、受益人數、產品結構與監理議題。研究發現，台灣ETF基金規模由2014年底新台幣1，610億元增至2025年底新台幣75，382億元，成長約46.82倍；受益人數由14.65萬人增至1，655.99萬人，成長約113.03倍，顯示ETF已由少數投資人使用的工具轉為大眾化投資商品。研究亦指出，ETF市場雖呈現產品多元化，但資金與注意力仍可能集中於少數大型ETF及熱門策略，尤其高股息ETF、債券ETF與主動式ETF的擴張使投資人教育、資訊揭露、流動性管理與風險辨識更顯重要。本文建議監理機關持續完善ETF資訊平台、折溢價揭露、流動量提供制度與商品命名規範；投信業者則應強化長期績效、費用透明、風險控管與產品適合度；投資人則應以總報酬與資產配置觀點評估ETF，而非僅依配息率、短期績效或市場熱門程度進行決策。;In recent years， Exchange-Traded Funds (ETFs) have emerged as one of the fastest-growing financial instruments in the global asset management industry. By combining the diversification benefits of mutual funds with the intraday trading flexibility of equities， ETFs attract both institutional and retail investors through their low costs， high transparency， and trading convenience. Since the listing of its first product in 2003， Taiwan′s ETF market has expanded progressively. Post-2014， the market experienced accelerated growth， propelled by the rise of bond ETFs， high-dividend ETFs， regular savings plans (RSPs)， and the digitization of securities trading. Consequently， ETFs have transitioned from mere auxiliary indexing tools in the early stages to essential financial instruments for investors′ asset allocation and cash flow planning. Utilizing a secondary data analysis approach， this study integrates data from the Securities Investment Trust and Consulting Association (SITCA)， the Financial Supervisory Commission (FSC)， the Taiwan Stock Exchange (TWSE)， and various domestic and international academic literatures. It examines the fund size， number of products， number of beneficiaries， product structures， and regulatory issues within Taiwan′s ETF market from 2014 to 2025. The empirical findings reveal that the total assets under management (AUM) of Taiwan′s ETF market skyrocketed from NT$161 billion at the end of 2014 to NT$7，538.2 billion by the end of 2025， representing a 46.82-fold increase. Concurrently， the number of beneficiaries grew from 146，500 to 16.5599 million， a 113.03-fold increase. These metrics demonstrate that ETFs have evolved from niche instruments used by a minority into a mainstream， mass-market investment product. The study further notes that while the ETF market exhibits increasing product diversification， capital and market attention remain highly concentrated in a few large-scale ETFs and popular strategies. In particular， the rapid expansion of high-dividend ETFs， bond ETFs， and active ETFs underscores the growing importance of investor education， information disclosure， liquidity management， and risk identification. Accordingly， this paper suggests that regulatory authorities continuously enhance ETF information platforms， premium/discount disclosures， liquidity provision frameworks， and product naming conventions. Securities investment trust enterprises (SITEs) should reinforce their focus on long-term performance， fee transparency， risk control， and product suitability. Finally， investors are advised to evaluate ETFs from the perspectives of total return and asset allocation， rather than basing decisions solely on dividend yields， short-term performance， or prevailing market trends.

從 Caremark 標準論台灣 ESG 評鑑下董事之監督義務─以半導體晶圓製造業之治理為中心;從 Caremark 標準論台灣 ESG 評鑑下董事之監督義務─以半導體晶圓製造業之治理為中心

Tue, 20 Oct 2026 08:11:57 GMT

title: 從 Caremark 標準論台灣 ESG 評鑑下董事之監督義務─以半導體晶圓製造業之治理為中心;從 Caremark 標準論台灣 ESG 評鑑下董事之監督義務─以半導體晶圓製造業之治理為中心 abstract: 隨著國際永續準則（IFRS S1/S2）與金管會 ESG 評鑑之推行，非財務資訊的揭露已從道德倡議的「軟法」，逐步邁入牽動《公司法》與《證券交易法》民刑事受託義務與法律責任認定之「硬法」過渡期。在此脈絡下，永續報告書若涉有可能衍生之潛在永續資訊揭露不實（漂綠）風險，縱使目前尚非法定財務業務文件，惟若與有價證券之募集、發行、私募及買賣有關者，仍不排除有觸發《證券交易法》第 20 條第 1 項證券詐欺責任之虞；同時，依據美國德拉瓦州法院 Caremark 案與 Marchand 案之法理，董事會若對氣候變遷、資訊安全或供應鏈人權等攸關企業營運之重大風險事項，未建置適當之資訊通報機制，可能將面臨潛在之監督失靈法律責任風險。本研究以具備「高耗能、高耗水、高污染」特性之半導體矽晶圓製造業為研究對象。首先，結合 COSO 內部控制框架、ESG 評鑑指標與監督法理，建構出涵蓋「董事會實質治理與程序審慎、永續資訊可靠度與法定標準遵循、氣候相關風險財務化與績效薪酬結合機制、誠信經營與異常警訊通報機制、營運持續、永續人力資源與價值鏈韌性」之「永續治理五大評估構面」。其次，透過此客觀標準對台灣五大晶圓製造企業進行實證比較，具體析述出個案 A 公司目前正面臨「形式法遵合格，實質監督不足」之深層治理落差與潛在法律風險。為彌平法理與實務之斷層，本研究進一步將宏觀之監督義務具體轉化為微觀之管理實踐。透過對 A 公司之九大營運循環與內部稽核制度進行全盤重構，適度導入「內部碳定價」、「非財務數據資訊系統自動化控制」、「實質獨立之異常警訊通報機制」、「績效與薪酬結合機制」，妥善留存已踐行「程序審慎」與具備「善意信賴」之客觀紀錄，進而藉此向司法機關說明其已盡善良管理人之注意義務，並或有助於作為日後主張適用商業判斷法則時之客觀佐證。最後，本研究探討企業自律機制之先天侷限，將視角拉高至國家總體法制層次。針對現行規範之闕漏，建議宜落實「法律保留原則」以確立永續報告書之法源依據；同時，在課予法律責任之際，宜評估參考美國法制同步配套增訂「前瞻性永續聲明之安全港（Safe Harbor）條款」，以期避免過度限縮董事會之商業決策裁量空間，協助台灣半導體晶圓製造產業在國際供應鏈法規日益嚴格之趨勢中，建構兼具永續韌性與法規遵循之風險管控機制。;With the implementation of the International Sustainability Standards (IFRS S1/S2) and the ESG evaluation by the Financial Supervisory Commission (FSC)， the disclosure of non-financial information is transitioning from a "soft law" of moral advocacy to a "hard law" phase that affects the determination of civil and criminal fiduciary duties and legal liabilities under the Company Act and the Securities and Exchange Act. In this context， if a sustainability report involves a potential risk of misrepresentation in sustainability information (greenwashing)， even though it is not yet a statutory financial and business document， it may still trigger securities fraud liability under Article 20， Paragraph 1 of the Securities and Exchange Act if it is related to the public offering， issuance， private placement， or trading of securities. Meanwhile， based on the jurisprudence of the Caremark and Marchand cases in the Delaware courts of the United States， if the board of directors fails to establish an appropriate information reporting mechanism for mission-critical risk issues vital to the company′s operations—such as climate change， information security， or supply chain human rights—it may face a potential legal liability risk for oversight failure. This study focuses on the semiconductor silicon wafer manufacturing industry， which is characterized by "high energy consumption， high water consumption， and high pollution." First， integrating the COSO internal control framework， ESG evaluation indicators， and oversight jurisprudence， this study constructs the "Five Dimensions of Sustainable Governance Assessment." These dimensions encompass: "substantive board governance and objective evidence of the decision-making process (procedural diligence)，" "reliability， compliance， and systematic automated control of sustainability information，" "financialization of climate risk and performance-remuneration linkage mechanism，" "integrity management and abnormal warning (red flag) reporting mechanism，" and "business continuity， sustainable human resources， and value chain resilience." Next， through this objective standard， an empirical comparison of Taiwan′s top five wafer manufacturing companies is conducted. It specifically highlights that Company A currently faces a deep governance gap of "formal compliance but insufficient substantive oversight" and potential legal risks. To bridge the gap between jurisprudence and practice， this study further translates the macro-level duty of oversight into micro-level management practices. By comprehensively restructuring Company A′s nine operational cycles and internal audit systems， this study suggests moderately introducing internal control procedures such as "Internal Carbon Pricing (ICP)，" "systematic automated control of non-financial data，" a "substantially independent abnormal warning reporting mechanism，" and a "performance and remuneration linkage mechanism." The goal is to properly retain objective records demonstrating the fulfillment of "procedural diligence" and "good faith reliance." This allows the board to explain to the judiciary that it has fulfilled its duty of care as a good administrator， which may also help serve as objective evidence when asserting the application of the Business Judgment Rule (BJR) in the future. Finally， this study acknowledges the inherent limitations of corporate self-regulation mechanisms and elevates the perspective to the national legal system level. In response to the deficiencies of current regulations， it recommends implementing the "Principle of Legal Reservation" to establish the legal basis for sustainability reports. At the same time， when imposing legal liabilities， it advises evaluating and referencing the U.S. legal system to concurrently enact a "Safe Harbor" provision for forward-looking sustainability statements. This aims to avoid overly restricting the board′s discretionary space for business judgments and to assist Taiwan′s semiconductor wafer manufacturing industry in constructing a risk management mechanism that balances sustainable resilience and legal compliance amid the increasingly stringent trends of international supply chain regulations.

預測市場之法律定性與監管─以美國經驗的台灣法制研究;預測市場之法律定性與監管─以美國經驗的台灣法制研究

Tue, 20 Oct 2026 08:11:44 GMT

title: 預測市場之法律定性與監管─以美國經驗的台灣法制研究;預測市場之法律定性與監管─以美國經驗的台灣法制研究 abstract: 本論文在探討預測市場在金融科技與區塊鏈推動興起的背景下，針對其介於衍生性商品、非法賭博與資訊服務間的法律灰色地帶進行研究。系統性研究分析美國商品期貨交易委員會之行政執法與最新司法實務，解析美國法制中如何透過公共利益審查、釐定聯邦先占原則，以及確立政治選舉事件契約與嚴懲政府公職人員內線交易來落實聯邦專屬管轄。同時，回顧台灣司法實務，以國人跨境參與 Polymarket 涉及 2024 總統大選遭求刑為例，檢視現行《期貨交易法》、《刑法》賭博罪與選罷法等之法制適用衝突。最後，基於利弊分析與台美法制比較，提出台灣開放預測市場之三階段政策路徑芻議：短期引進金融創新監理沙盒、中期修訂期法增列事件契約與公共利益審查、長期落實洗錢防制、內線交易與市場操縱監管，為我國法制接軌國際金融科技提供具體可操作之修法參考與政策建議。;Driven by fintech and blockchain innovations， prediction markets occupy a complex legal grey area intersecting derivatives， gambling， and information services. This thesis systematically analyzes U.S. Commodity Futures Trading Commission (CFTC) enforcement and recent judicial precedents to dissect how U.S. jurisprudence asserts exclusive federal jurisdiction via public interest reviews， federal preemption， election event contracts， and insider trading prohibitions. Turning to Taiwan， the study evaluates recent cross-border prosecutions involving the 2024 presidential election on Polymarket， exposing critical statutory conflicts among the Futures Trading Act， criminal gambling provisions， and election laws. Based on a comparative cost-benefit analysis， this paper proposes a three-stage policy roadmap for Taiwan: a short-term rollout via the financial regulatory sandbox; a mid-term amendment to the Futures Trading Act incorporating event contracts and public interest reviews; and a long-term implementation of anti-money laundering， insider trading， and market manipulation oversight. Ultimately， this research provides concrete， actionable legislative and policy recommendations to align Taiwan’s legal framework with international fintech standards.

煉油產業以SAF作為永續轉型策略之分析─以C公司為例;煉油產業以SAF作為永續轉型策略之分析─以C公司為例

Tue, 20 Oct 2026 08:11:33 GMT

title: 煉油產業以SAF作為永續轉型策略之分析─以C公司為例;煉油產業以SAF作為永續轉型策略之分析─以C公司為例 abstract: 全球氣候變遷加劇與各國加速推動能源轉型，傳統煉油產業正面臨傳統運輸用油需求萎縮與淨零碳排的雙重壓力。同時，位處都會區的傳統煉油廠長期面臨周邊居民的「避鄰效應（NIMBY)」與遷廠抗爭，若採「覓地遷廠」將耗費龐大資本與漫長時間，且恐造成國家供油空窗期。因此，本研究探討煉油產業如何透過生產符合國際民航組織（ICAO)　CORSIA減碳規範的永續航空燃油（SAF)，實現「原地轉型」並邁向「新能源園區」的永續經營目標。本研究採用質性研究方法，透過文獻探討與專家深度訪談，進行實務資料蒐集與主題分析。研究結果顯示，面對我國預估至2030年高達約26.6萬公秉的SAF潛在需求，傳統煉油廠初期選擇「共煉技術（Co-processing)」為最具效益的轉型策略。透過將最高5%的廢食用油（UCO)摻入既有加氫製程，不僅可節省30%以上的資本支出，更能大幅縮短建廠時間，成為銜接市場的快速通道。惟實務導入上仍面臨嚴峻挑戰：在技術面，觸媒中毒、設備腐蝕與沉積阻塞；在供應鏈面，國內廢食用油回收量受限，無法滿足本土SAF生產需求；在市場面，SAF生產成本高，在缺乏政策誘因下，極大限制了業者的投資回收與市場推廣。基於上述研究發現，本研究提出實務與政策建議。對產業界，建議煉油產業應優化原料前處理單元與觸媒配置，以克服共煉技術瓶頸，並主動串聯上下游建立「閉環」的綠色供應鏈以鞏固料源。對政府機關，則建議跨部會協調開放廢食用油專案進口，並參考國際經驗提供明確的資本支出補助、稅賦抵免等政策激勵措施。期能藉此降低傳統煉油廠的轉型風險，加速本土SAF產業的商業化，最終達成國家能源安全、企業永續競爭力與地方共榮之三贏局面。;As global climate change intensifies and nations accelerate their energy transitions， the traditional refining industry faces dual pressures: the shrinking demand for conventional transportation fuels and the urgent mandate for net-zero emissions. Simultaneously， urban refineries have long contended with the "NIMBY"（Not In My Backyard) effect and persistent relocation protests from local residents. However， relocating to a new site requires massive capital investment and a lengthy timeline， potentially creating a gap in national fuel security. Therefore， this study explores how refineries can achieve "in-situ transformation" and advance toward the sustainable goal of becoming "New Energy Parks" by producing Sustainable Aviation Fuel（SAF)that complies with the ICAO CORSIA carbon reduction standards. This study adopts a qualitative research methodology， utilizing literature reviews and in-depth expert interviews for empirical data collection and thematic analysis. The findings indicate that， given Taiwan′s projected potential demand of approximately 26.6 thousand kiloliters of SAF by 2030， "Co-processing" is the most cost-effective initial transition strategy for traditional refineries. By blending up to 5% Used Cooking Oil（UCO)into existing hydro-processing units， refineries can save over 30% in capital expenditure（CAPEX)and significantly shorten construction lead times， establishing a fast track for market entry. Nevertheless， practical implementation still faces severe challenges. Technically， issues include catalyst poisoning， equipment corrosion， and deposition fouling. Regarding the supply chain， domestic UCO recovery volumes are limited and insufficient to meet local SAF production needs. Market-wise， the high production costs of SAF， coupled with a lack of policy incentives， severely restrict investors′ returns on investment and market promotion efforts. Based on these findings， this study offers both practical and policy recommendations. For the industry， refineries should optimize feedstock pre-treatment units and catalyst configurations to overcome the technical bottlenecks of co-processing， while actively integrating upstream and downstream partners to establish a "closed-loop" green supply chain to secure feedstock. For government agencies， the study calls for inter-ministerial coordination to allow project-based imports of UCO and suggests referring to international experiences to provide clear policy incentives， such as CAPEX subsidies and tax credits. These measures aim to mitigate transition risks for traditional refineries and accelerate the commercialization of the domestic SAF industry， ultimately achieving a triple-win outcome for national energy security， corporate sustainable competitiveness， and local community prosperity.