| Summary: | 碩士 === 輔仁大學 === 金融研究所 === 93 === Investment trust business is about professional investment and risk diversification. This study aims for the use of derivatives for unit trust after the establishment for Taiwan Futures Exchange, and further investigation about the main reason and preferential selection of how fund managers choose derivatives.
The sample is from types of mutual funds launched by various companies and surveys have been distributed to those mutual fund companies. Those who makes decisions, e.g., managers from fund management and investment research departments and mutual fund managers, are selected as recipients and the data of whether derivatives are used or not has been collected. The purpose of the surveys is to have a clear picture of how those recipients use derivatives in real circumstances and what opinions and value those recipients have on derivatives.
According to the results of the essay, the conclusions are as follows:
1. The main cause to have impact on whether fund managers include derivatives in portfolios is fund types and regulations.
2. The most important factor to affect fund managers to perform derivatives is fund types. Among different types of funds, fund managers have more activities in derivatives for “technology” type of funds.
3. Due to the regulatory restrictions and inadequate of derivatives instruments, the most frequent instruments being used are domestic futures and domestic options. There still exists the gap between the openness of market and fund managers’ cognition and behavior of using derivatives.
4. Most fund managers think that derivatives are indispensable but risky to unit trusts.
5. Fund managers agree that small-sized bond funds and large-sized equity funds tend to have more derivatives investment.
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