共同基金持股揭露頻率的優缺點一直是備受爭論的話題，贊成者基於「提供投資人更多資產配置的資訊」、「基金投資是否符合既定之投資目標」、「避免基金有粉飾(window dressing)被投資公司財務狀況及作價(portfolio pumping)情形」等因素，希望增加基金持股揭露之頻率，但反對者則認為此舉將增加基金成本、降低基金報酬率。 為探討共同基金持股揭露頻率的影響，本研究取樣台灣98檔開放式股票型基金，期間為民國89年到93年，實證台灣共同基金持股揭露頻率對基金績效及基金流量的影響。 結果顯示基金持股揭露頻率對於基金的超額報酬沒有顯著的影響，但是週轉率、基金規模及成立期間顯著影響基金績效，說明國內投資人較不重視基金持股揭露。 至於對基金流量的影響，整體而言，國內投資人對於持股揭露頻率由每月改為每季是肯定的，在揭露頻率降低後，基金的流量有顯著的增加。如果再將基金過去的績效考慮進來，結果顯示，基金過去表現愈好的，持股揭露頻率降低，基金流量明顯成長。這現象也說明國內投資人較重視基金過往之績效表現，對持股揭露較不重視。 The potential effects of frequent mutual fund portfolio disclosure have been the focus of a longstanding debate among practitioners, regulators, and academics. Some practitioners and researchers caution that, due to front-running, free-riding, and other speculative activities against mutual funds, more frequent portfolio disclosure reduces total investor returns. On the other hand, proponents of frequent disclosure argue that higher transparency benefits investors and, in turn, mutual funds. Frequent disclosure allows investors to monitor fund management more effectively and to improve their investment choices based on timely information. In addition, it enables investors and regulators to detect and deter any illegal or gaming activities by fund management. This study empirically examines the potential effects of the frequency of mutual fund portfolio disclosure in Taiwan. It examines two related questions: (1) How would disclosure frequency potentially affect mutual fund performance?; and (2) How does disclosure frequency affect mutual fund “new money” flow? The empirical evidence demonstrates that there is not significant asymmetric relation between disclosure frequency and future fund performance. Such phenomenon might due to fund investors in Taiwan did not value the portfolio disclosure or simply because that other factors such as the turnover, fund size and age are more relevant to the fund performance. This study also analyze the relation between disclosure frequency and fund “new money” to examine whether investors will reward frequent disclosure by increasing their investments on those funds. It turns out that investors reward frequent disclosure by investing more money into those funds that disclose less frequently. This phenomenon can be interpreted that investors are more concerned with mutual funds’ previous performance instead of the disclosure frequency.
