基金經理人特性與主動式管理之關係

經理人的性別、學歷、相關產業經歷，甚至所處投信公司的運作模式與組織文化，都會影響經理人採取主動式管理策略或是被動式管理策略。本研究以2004年至2022台灣的股票開放型基金為研究對象，探討基金經理人特性(性別、學歷、任期、年資)、基金特性(基金規模、基金年數、基金費用率、基金週轉率)與主動式管理(追蹤誤差與積極比例)之關係。六大類股票型基金中，開放式價值型有較大的積極比例，顯示經理人在其投組中選對了幾支績效表現不錯之股票，且以較高之權重持有這些股票，該類型基金聘用較多的女性經理人，且在學歷上以大學為主。至於不同投信公司在主動式管理是否有差異，我們發現台灣工銀投信及富邦投信等2間基金公司在積極比例大於其他基金公司。研究結果發現男性經理人追蹤誤差高於女性經理人，經理人擁有較高學歷，其追蹤誤差也較大。女性經理人積極比例高於男性經理人，此可能女性經理人會慎選股票，選定後會給予其較高的投資比重，因此與基準指數的權重差異會較大，而學歷與積極比例呈顯著負向關係。任期、年資與追蹤誤差及積極比例呈正向顯著關係，當任期、年資較長，經驗較豐富，其能較大承擔風險，因此追蹤誤差較大，同時又看準某些特定股票，因此給予這些股票較高權重，因此積極比例也較大。在基金特性部分，基金平均費用率愈大、週轉率越高，其追蹤誤差也愈大。週轉率與積極比例亦呈正向關係，其餘變數，包括費用率、基金規模及年數皆與積極比例呈負向關係，顯示費用率愈低、規模愈小和年數愈短的基金，積極比例會較大。關鍵字：主動式管理、積極比例、追蹤誤差、基金經理人特性

關鍵字

主動式管理；積極比例；追蹤誤差；基金經理人特性

並列摘要

The manager's gender, education, relevant industry experience, and even the operation mode and organizational culture of the investment credit company will affect the manager's active management strategy or passive management strategy. This study takes open-ended equity funds in Taiwan from 2004 to 2022 as the research sample, and explores the relationship between fund manager characteristics (gender, education, tenure, seniority), fund characteristics (fund size, fund years, fund expense ratio, fund turnover ratio) and active management (tracking error and positive ratio). Among the six major equity types of funds, open-end value has a large positive ratio, indicating that managers have selected the right few stocks with good performance in their investment group and hold these stocks with higher weighting, this type of fund employs more female managers, and is mainly university in terms of education. As for whether there are differences in active management between different investment companies, we found that 2 fund companies, such as ICBC Investment Trust and Fubon Investment Trust, are larger than other fund companies in terms of active ratio. The results found that the tracking error of male managers was higher than that of female managers, and managers with higher education and their tracking error was also larger. The positive ratio of female managers is higher than that of male managers, so it is possible that female managers will carefully select stocks and give them a higher investment proportion after selection, so the weight difference with the benchmark index will be large, and the education and positive ratio have a significant negative relationship. When the term of tenure and seniority are longer and more experienced, they can bear more risks, so the tracking error is larger, and at the same time they are looking at some specific stocks, so these stocks are given higher weight, so the positive ratio is also larger. In the fund characteristics section, the larger the average expense ratio and the higher the turnover rate of the fund, the greater the tracking error. The turnover ratio also had a positive relationship with the positive ratio, and the remaining variables, including expense ratio, fund size and fund years, were negatively correlated with the positive ratio, indicating that the lower the expense ratio, the smaller the size and the shorter the fund years, the positive ratio will be larger. Keywords: active management, active share, tracking error, fund manager’s characteristics