基金經理公司之資產管理能力對基金績效之影響

國內的資產管理業務，隨著代客操作法令的鬆綁與委託經營業務的殷切需求已迅速擴展，凸顯出資產管理議題的重要性，不過截至目前為止對於資產管理領域的相關研究卻相當稀少。本文為彌補這項缺失，乃針對國內基金經理公司績效及共同基金績效表現進行驗證，並檢視基金經理公司是否具有資產管理能力，以及該資產管理能力是否會影響共同基金的超常績效表現。本文的實證結果不但顯示我國的基金經理公司的確具有資產管理能力，機構投資人採用委託經營管理的方式的確可提升其資產的投資績效，並且證實基金經理公司旗下的共同基金具有優越之績效表現，即使在考慮了手續費、經理費與保管費用後，國內共同基金仍是具有顯著的正向超常績效。本文進一步證實影響共同基金績效使其具有正向超常績效的影響因子，是基金經理公司的資產管理能力而非基金經理人的本身特質，此實證結果支持了本文認為我國基金之績效不受基金經理人影響，但會受基金經理公司影響之假說。本文的研究不但開創了對基金經理公司資產管理能力探討之先河，解決了如何正確直選擇受託對象之難題，更突破了過去對基金績效影響來源探討之不足，使得資產委外管理之研究成果更為豐碩，有助於整體基金產業發展之促進。

關鍵字

資產管理；契約制基金；基金績效；基金經理公司；基金經理人

並列摘要

Due to the liberalization of government regulation, the asset management business in Taiwan has expanded dramatic ally. Despite its importance, the performance evaluation and the relevant researches for related institutions are very limited. To fill the gap, this paper evaluates and examines the performances of mutual funds and their management companies in Taiwan respectively and extensively. It also investigates whether the management companies have asset management ability and whether that asset management ability affects the performances of mutual funds. The empirical results show that management companies in Taiwan do own excellent asset management ability. Investors could improve their investment performance by the way of outside-management conducted by those management companies. The study also shows that the talent of fund managers does not contribute to the performance of mutual funds. The asset management ability of management companies is the major affecting factors to the mutual funds performance instead.