[[alternative]]THE INVESTMENT BEHAVIOR OF TAIWAN MUTUAL FUND ON-LINE INVESTORS

[[abstract]] 國內共同基金由於投資門檻低，以及法令的開放，近五年來資產規模增加的速度更勝以往。2004年6月，政府通過法令，允許投信、投顧及銀行信託業者可相互兼營，解除基金公司無法銷售海外基金的限制後，網路交易在成本較低、無需考量設定地點的雙重利基下，已成為基金公司重要經營策略之一。 而以往對共同基金投資人行為的相關研究，礙於無完整且公開的資訊，因此多以整體投資人為主，無法針對網路投資人進行研究。本研究則以基金公司實際投資人2003年1月1日至2003年12月31日止的交易資料，隨機抽樣500位網路交易戶為樣本，另外再隨機抽取500名未開立網路交易的受益人，做為對照組，並利用卡方分析、Mann-Whintney U檢定，將網路交易的投資人與傳統交易的投資人進行分析，發現兩個族群的投資人，不論在投資金額、投資筆數、年齡層、性別及與基金公司往來的時間上均有顯著的差異。此外，本研究亦發現共同基金主要投資人為22∼40歲的青年人，此一族群使用網路交易的比重，遠比利用傳統書面交易的投資人多，顯示未來網路交易極有可能成為基金公司發展基金業務的主要通路。[[abstract]] In the last 5 years, new government regulations and the low investment limit in the mutual fund market help the mutual funds absorb capital money faster than ever. In June 2004, government passed the laws to allow all the securities investment trust enterprise (SITE), securities investment consulting enterprise (SICE) and banks sell the mutual funds as well as open the door to sell offshore funds. Now with the help of broadband internet, many mutual fund companies have put a lot of focus in the internet business sector to take advantage in lowering transaction costs and no need to rent expensive office spaces. In the past no complete study focuses on how internet individual person invest in the mutual funds because information is not available to the general public. Most of the research is focusing on the general investments instead of internet investments. This research utilizes actual transaction data from the mutual fund company to analyze differences between internet investors and traditional investors. This study adoptes chi-square test of independence, Mann-Whitney U and cross-tabulation for analysis. The population is the trading records of the SICE in 2003. Random sampling is adopted for 500 internet investors and 500 traditional investors. We realize that these two different types of investors have huge differences no mater in transaction amount, transaction times, age, gender and the time spend with the mutual fund companies. This research also discovers that the majority mutual fund investors’ age are within 22-40 years old range. This majority group uses internet to invest mutual funds more than traditional ways of buying or selling the funds. This information can also support that, in the future, internet transaction will become one of the most important business sector for the mutual fund companies