基金的廣告效果－－申購與贖回之觀點

THE MUTUAL FUND ADVERTISEMENT EFFECT AND THE PURCHASE AND REDEMPTION FLOWS

本文檢驗各種基金平面廣告策略對基金投資人投資行為之影響，過去的研究不曾以台灣之基金平面廣告作為樣本來探討基金的廣告效果，本文針對此一主題做深入的研究。本文驗證許多國內外文獻所沒有探討的議題，且研究結果與行為財務學有關聯。當投資人被基金廣告所吸引時，其風險意識會降低，其原因可能是投資人被廣告所吸引而被定錨在廣告所提及的績效及其他因素而忽略了風險的考量。而廣告次數的多寡則為重要的廣告策略，除非基金廣告刊登在頭版且同時版面夠大，否則不如採用多次刊登廣告的策略，即使廣告版面不大或不在頭版，透過相同資訊一再的刺激基金投資者，亦能達到廣告的成效。且不論在多頭或空頭時期，相較於沒有廣告的基金，投資人都會較關注有廣告的基金；也就是說即使在空頭時期有廣告仍較沒有廣告有用。本文驗證了台灣平面基金廣告對基金流量有顯著正向的影響，但須同時考慮申購與贖回因素，才能看出投資人對於廣告基金其申購與贖回決策的差別。

This study examines the influence of various print ad strategies of mutual funds on the investment behavior of fund investors. Past literature has never employed a sample of Taiwan’s fund’s print advertisements to investigate the effect of fund advertisement. This study examines many issues which were not investigated before. Our study is related to the behavioral finance. When the fund investors are attracted by the fund ads, they pay less attention to risk. The reason may come from the emphasis on performance by most of the fund ads. Thus investors are focused on the past performance, making them ignorant of risk. Moreover, ad frequency is an important strategy of fund print ads. It is better for fund companies to place the advertisement many times than to have their fund ads printed on the front page of the newspaper. Even though the advertisement size is not large, the repeated ads stimulate investors to invest in the advertisement funds. The results show that no matter whether in bull or bear markets, fund advertisements have significantly positive influence on fund flows. However, we should consider the purchase and redemption rates simultaneously to clarify the purchase and redemption decision differences when investors decide to make a transaction on advertised funds.