- 學位論文
共同基金投資人是否具有選擇基金之能力？臺灣股票市場開放型共同基金之實證分析
Do Mutual Fund Investors Have Fund-Picking Abilities? An Analysis of Listed Open-Ended Funds in the Taiwan Stock Exchange
摘要
本研究以公開上市股票開放型基金為研究樣本，探討整體投資人基金流量與各類投資人基金成交量對基金績效之影響。進一步觀察，共同基金投資人所選擇的基金是否具有較高績效，即檢驗共同基金投資人是否具有選擇基金之能力。針對本文研究採用兩種方法：(1) 以整體投資人基金流量作為投資人資金流向交易行為 (2) 以各類投資人基金成交量作為買進賣出以及淨買進基金交易行為，對未來基金績效之影響。實證結果顯示，整體投資人基金流量高，未來基金績效佳，說明整體投資人是具有選擇基金之能力，而研究中也發現投資人也具有預測未來績效之能力；各類投資人在買進成交量中發現專投資人成交量高時，未來基金績效較佳，說明專業投資人是具有選擇基金之能力，尤其是投信投資人；賣出成交量及淨買進成交量中，不論是專業投資人或其他法人皆未具有選擇基金之能力。
並列摘要
This study uses publicly listed stock open funds as a research sample to explore the impact of overall investor fund flow and various investor fund trading volume on fund performance. To further observe whether the funds selected by mutual fund investors have high performance, that is, to test whether mutual fund investors have the ability to choose funds. Two methods are used for the research of this article: (1) The overall investor fund flow is used as the investor's capital flow transaction behavior (2) The transaction volume of various investor funds is used as the buying and selling and net buying fund transaction behaviors. The impact of future fund performance. The empirical results show that the overall investor fund flow is high and the future fund performance is good, indicating that the overall investor has the ability to choose funds, and the research also found that investors also have the ability to predict future performance; various investors are buying transactions It is found that when the trading volume of professional investors is high, the future performance of the fund will be better, indicating that professional investors have the ability to choose funds, especially investment trust investors; in both the selling volume and the net buying volume, whether it is a professional investment Neither persons nor other legal persons have the ability to choose funds.