The Development and Performance Evaluation of Cross-Border Mutual Funds in Taiwan and China
Date Issued
2009
Date
2009
Author(s)
Chiu, Chin-Yi
Abstract
Since the first offshore fund launching in 1988 by Taiwan’s asset management company, the demand of oversea investment of Taiwan investors is getting increasing. After continuous 20 years investment education and faced the hot oversea markets compared to local stock market, the investment amount of offshore funds is almost equal to onshore funds in Taiwan from Year 2004. In the mean time, the total number of funds and size of offshore funds increased hugely through lots of offshore funds launched by Taiwan fund companies. Besides that, adding on the registered offshore funds investment amount makes the oversea investment become the major area of Taiwan people’s investment.ompare to Taiwan, it’s just the beginning of oversea investment in China. The first QDII fund was launched in the second half of 2007. These funds were very popular in the very first period. After the market crash down by financial crisis, fund launching became harder and harder than ever. Even worse, most of NAV of the QDII funds are far below the initial price.or performance, the research shows that Taiwan’s offshore fund managers are better than China’s QDII funds in 2007. On contrast, China’s QDII fund managers have improved a lot in 2008. The result shows the possibility of better active market timing ability of China’s managers or the more dominant power of the local partner.ccording to the similar developing path of Taiwan’s offshore fund and China’s QDII fund, the research could be used to watch the next step of China’s QDII funds’ market development. Therefore, China’s QDII funds will have a huge growth in the future. On the other hand, whether the Taiwan’s asset management company could keep ahead of China’s company or not depends on the effort and cooperation with Taiwan authority.
Subjects
oversea investment funds
offshore funds
QDII
JV mutual fund company
China funds
foreign investment
Type
thesis
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