擁有擊敗大盤績效之優質基金管理團隊

The Outstanding Fund Management Teams with Performance Superior to the Market

10.6735/JAFD.201006_3(2).0003

林哲揚(Che-Yang Lin)；陳淑芬(Shu-Fen Chen)

共同基金 ； 投信公司 ； 基金經理人 ； 羅吉斯迴歸 ； Mutual fund ； Fund industry ； Fund manager ； Logistic regression

會計與財金研究

3卷2期（2010 / 06 / 01）

33 - 44

繁體中文

本研究探討基金管理團隊（包含：投信公司與基金經理人）如何影響其基金操作績效。台灣大多數投資國內之開放式股票型基金採主動式管理，以擊敗大盤獲取超額報酬為投資目標，所以，我們以集中市場加權指數報酬率作為比較標的，運用羅吉斯迴歸分析投資國內的開放式股票型基金資料，以發掘可擊敗大盤之優質基金管理團隊其所擁有之投信公司特性與基金經理人個人特質。研究結果發現:週轉率、基金經理人的工作負荷量、投信公司市佔率、投信公司成立年數、基金經理人的教育背景會使基金操作績效產生顯著差異。其中週轉率、基金經理人的工作負荷量與投信公司成立年數對於基金操作績效而言呈負向關係。然而，由市佔率較高的投信公司所管理之基金、或從公立大學或國外大學畢業之經理人所操作之基金，投資人可以預期該基金績效有較高「優於大盤」的勝算。此外，投資人也可利用本研究結果做為參考依據，用以選擇共同基金。

This paper investigates the fund management teams, which include the fund industries and fund managers, how influence their funds performance. Most of Taiwan open-end, domestic, equity fund are actively managed funds. The purpose of those funds is to generate the performance which is superior to the market. We use the return of TAIEX as the benchmark and apply logistic regression to analysis the data from those funds. The results show that the turnover, the workload of fund manager, the market share of fund industry, the age of fund industry, and the fund manager's education background can influence the fund performance significantly. The fund performance is negatively related to the turnover, the fund manager's workload, and the fund industry's age. However, if the fund is managed by a fund industry with higher market share, or by a manager graduated from domestic national university or overseas university, the investor can expect the fund performance with higher odds on beating the market. The investor can also use the result of this paper as a selection rule to select the candidate mutual funds.

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