基金是現代化的理財工具,其特色是投資人透過專業經理人與專業理財團隊的知識與技術代為投資,而且基金是集合眾多投資者的資金以投入各種投資組合,所以基金是有效降低投資人使用各種投資工具的門檻。本研究由台灣經濟新報資料庫蒐集近十年(2011~2020)的資料共 444筆進行分析,以月份作為時間變數的類型,基金報酬率作為依變數的基金績效,基金規模、基金費用、基金流量、基金週轉率為自變數,探討自變數對基金績效的影響關係。研究範圍設定為國內開放式股票一般型基金,以2020年的台股為評選標準。台股 2020年漲幅達22.8%,振幅為52%,以22.8%為大盤績效,以中華民國證券投資信託暨顧問商業同業公會所公布之2019年12月 「AA1國內投資股票型」 基金為研究樣本,「一年報酬率」為篩選基準,選出高於台股 2020年漲幅22.8%,且排名第一名與第二名的基金;在台股 2020年漲幅22.8%前後的基金各一檔;以及後端排名兩檔,分別代表優於大盤、與大盤持平以及落後大盤。 實證結果顯示,績效評比第一名的安聯台灣智慧基金(績效評比1名)以及落後大盤的路博邁AR台灣股票基金T月配級別(新臺幣)(績效名比128名),其基金規模、基金費用、基金流量以及基金週轉率對於基金績效(基金報酬率)是沒有影響的。而其餘的基金則受到不同的指標的影響。 過往的研究成果較少同時比較多種基金的特性、基金績效與基金指標的關係,所以藉由本研究的實證分析結果,初步驗證過往的實證研究指標並不一定可以適用於預測所有的基金績效,但需要未來有更多的實證研究結果,才可以更細分不同的基金種類,應該要採用那些指標會更適合。
The Mutual Fund is a most popular financial management tool in Taiwan because the investor is relying on the knowledge and technology of professional fund managers and professional financial management teams to invest in the financial markets, and the fund gathers the funds from many of investors to invest in various portfolios, so the fund effectively reduces the market risk and market threshold of various investment tools. In this research, there are 444 data collected from the database of Taiwan Economic News in the past ten years (2011~2020) were analyzed. Month was used as the type of time variable, and the fund return rate was used as the dependent variable. Fund performance, fund size, fund fee, fund flow rate and fund turnover rate are independent variables, to explore the influence of independent variables on fund performance. The scope of the research is set to be a domestic open-end stock general fund, with Taiwan stocks in 2020 as the selection criteria. Taiwan stocks rose by 22.8% in 2020, with an amplitude of 52%, with 22.8% as the overall performance. Taking the December 2019 "AA1 Domestic Investment Equity Fund" fund published by the Securities Investment Trust and Consulting Association of the R.O.C as a research sample, The "one-year rate of return" is the screening benchmark, and the funds that are higher than the Taiwan stocks' increase of 22.8% in 2020 and ranked first and second are selected; the funds before and after the Taiwan stocks' increase of 22.8% in 2020; and the back end The two rankings represent better than the broader market, equal to the broader market, and lagging behind the broader market. The empirical results show that the Allianz Taiwan Smart Fund (the rank of 1st in terms of fund performance) and Neuberger Berman AR Taiwan Equity Fund, which lags the Taiwan stock market, T monthly allocation level (NTD) (the rank of 128th in terms of fund performance). Fund size, fund fees, fund flow and fund turnover rate have no influence on fund performance (fund rate of return). The rest of the funds are affected by different indicators. There are few previous research results are showing that compare the characteristics of multiple funds and the relationship between fund performance and fund indicators. Therefore, based on the empirical analysis results of this research, it is preliminary verified that the past empirical research indicators are not necessarily suitable for predicting all fund performance, but More empirical research results are needed in the future, and different fund types can be more subdivided. Those indicators should be more suitable.