基金流量對經理人換股操作行為之研究

The Effect of Fund Flows on Fund Managers' Trading Behavior

10.6545/JFS.2009.17(3).6

李春安(Chun-An Li)；賴弘程(Hung-Cheng Lai)

開放式基金 ； 基金流量 ； 基金經理人行為 ； open-end fund ； fund flows ； fund managers' behavior

財務金融學刊

17卷3期（2009 / 09 / 30）

157 - 182

繁體中文

本文檢視基金經理人於持股揭露期間內的換股操作內涵，並藉此分析基金流量的變化與經理人換股操作行為的關係。實證結果顯示，基金經理人因流動性動機所引發的交易，對其換股操作行為有明顯的負面干擾現象。此外，若在市場狀況與基金週轉率的區分下觀察，則可發現基金流量的變化對經理人的換股操作行為，會因而有不同程度上的影響。

This study examines the impact of fund flows on fund managers' trading behavior. The empirical results show that liquidity-motivated trading by fund managers has a statistically significant negative effect on fund portfolio. Besides, in the data sets grouped by market condition and turnover rate, the effect of fund flows on fund managers' behavior has different level in each group.

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