自1999年台灣法令開放共同基金可投資衍生性金融商品後，由於衍生性金融商品具成本低廉且流動性高之特性，使基金經理人使用衍生性金融商品蔚為風潮，然而由於基金經理人對衍生性金融商品專業知識之不足，故無法真正了解投資衍生性金融商品對共同基金之影響。
　本研究旨在了解國內投信業發行之公募開放式股票型基金的類型與衍生性金融商品的相關性；共同基金的特性與衍生性金融商品的使用是否有關？共同基金特性與基金公司使用衍生性金融商品的比列是否有關？並探討使用衍生性金融商品的共同基金相對於未使用衍生性金融商品的共同基金是否會降低風險或增加報酬？
　本研究結論顯示：國內投信業發行之公募開放型股票型使用衍生性金融商品的共同基金共有141支，大多為一般類型占了54﹪，其次是高科技類型占了22﹪，而最少的是中國概念型，只有占了不到1.5﹪。大多選擇使用期貨（約占87﹪左右），其次才是選擇權，最後是期貨與選擇權二者皆使用。共同基金類型與衍生性金融商品使用情形無顯著相關，因為基金型態乃決定於投資標的。共同基金在基金規模的特性上與是否使用衍生性金融商品呈正相關，月平均贖回金額的特性上與是否使用衍生性金融商品呈負相關。當三年報酬率越高時，各投信公司使用衍生性金融商品的可能性就降低；而當最佳三個月報酬率、最差三個月報酬率及交易稅越高時，各投信公司使用衍生性金融商品的可能性就會提高。至於使用衍生性金融商品與未使用衍生性金融商品之風險與報酬並無顯著差異。

　Since 1999, the regulation in Taiwan opened up derivatives use to the mutual fund industry; derivatives have become a popular investment tool. The liquidity and low trading cost of derivatives make fund managers prefer to use derivatives than before. Nevertheless, fund managers still lack the knowledge about derivatives markets and they also do not realize the influence on their funds when they invest in derivatives.
　The research is aim to understand the types of the public offering fund issued by SITE and the relationship of derivatives. We try to understand what characteristics of individual funds and fund families could affect derivatives use. Second, we want to realize whether using derivatives could decrease risk or increase return of funds.
　The conclusion of research shows that the number of public offering fund issued by SITE using derivatives is 141. 54% of the total are general funds and 22% of the total are high-tech funds. The proportion of the china-related funds is the least, only less than 1.5%. Most of these funds use futures (the proportion is roughly 87%). Next preference is options and then both futures and options.
　There is no relation between the type of mutual funds and derivatives use. This is because that te type of mutual funs are based on the investing equities. It means that there is positive relationship between the caractetistic of the fund size and derivatives use. On the other hand, here is negative relationship between the caractetistic of montly average redemption amount and derivatives use. In addition, the higher the three year return is, the lower the possibility of derivatives use. And if the best three month return, the worst three month return and the trading tax are higer, the possibility of derivatives use is higher as well. Finally, there is no significant difference of the risk and return between whether they use derivatives or not.

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三、網頁
1. 臺灣期貨交易所（http://www.taifex.com.tw/chinese/home.htm）。
2. 中華民國證券投資信託暨顧問商業同業公會（http://www.sitca.org.tw/）。
3. 基智網（http://www.funddj.com/y/yFund.htm）。
4. 公開資訊觀測站（http://newmops.tse.com.tw/）