共同基金已經成為市場上熱門的投資工具,選擇投資共同基金為投資標的不但可以避免選擇股票的困擾而且有分散投資的效果及降低風險的優點。本研究的重點在於探討影響台灣股票型基金績效差異的主要因素,包括基金外顯的費用(手續費率、交易稅率、直接交易成本率)、基金隱含的費用(經理費率、保管費率、費用率)、基金週轉率(買入週轉率、賣出週轉率),希望能發現一些規則,提供投資人做決策之參考。 研究期間選擇的樣本為涵蓋2004年1月1日至2007年12月31日共四年時間,由35家投信所發行共計139支共同基金,採用傳統績效指標、夏普指標及崔勒指標作為績效衡量的指標,並利用線性結構方程模式來探討各因素與績效衡量指標的關係是否有顯著影響。 經實證結果發現:基金外顯的費用對基金績效無顯著的正向影響;基金隱含的費用對基金績效無顯著的負向影響;基金週轉率對基金績效有顯著的負向影響。
Mutual fund has become a popular investment tool in Taiwan. Investment in mutual funds not only saves the trouble of choosing stocks but also diversifies portfolio and reduces risks. This study is focused on major factors leading to performance in equity fund performance in Taiwan. Those factors include significant costs of funds(e.g. front-end load, transaction taxes, and direct transaction costs), implied costs of funds (e.g. manager fees, custodial fees, and expense ratios), and turnover (rates of buying and selling). The purpose is to find out some rules for investors to follow in making their investment decisions. We examine the performance of a total of 139 mutual funds-issued by 35 investment trusts from January 1, 2004 to December 31, 2007. The performance indicators include the traditional performance indicator, Sharp Index and Treynor Index. In addition, we use a Structural Equation Modeling to explore whether all the factors have significant impact on those performance indicators. The empirical results are follows: Significant costs of funds have no significant positive impact on the fund performance; Implied costs of funds have no significant negative impact on the fund performance; The fund turnover rate has significant negative impact on the fund performance.