| 摘要: | 本文針對2009年至2019年內共1,517筆基金資料為研究對象，探討基金績效及投資風格移轉是否會因基金經理人內在因素或外在因素而影響，經理人內在因素包含：性別、年齡、教育程度、薪資、工作經歷、性格及過去績效等；外在因素包含：基金規模、基金年數、及基金類型等，基金績效定義為基金年報酬率、投資風格移轉定義有Beta值、基金改名及基金淨值市值比等。本文利用SPSS線性迴歸及羅吉斯迴歸分析自變數對因變數之影響。 研究結果如下:第一，經理人過度自信及過去操作基金績效好壞會影響基金績效；第二，經理人操作基金年數較長者較不會影響風格移轉，而基金經理人過度自信、薪資較低之經理人、基金成立年數較長者及經理人過去操作基金績效較會影響風格移轉；第三，男性經理人、基金經理人年齡較長者、教育程度較高之經理人、基金成立年數較長者及基金類型較不會影響風格移轉；第四，經理人過去操作基金績效好壞較不會影響投資風格，而基金規模大小較會影響投資風格。
This article focuses on a total of 1,517 fund materials from 2009 to 2019 as research objects, and explores whether the transfer of fund performance and investment style will be affected by the internal factors or external factors of fund managers. The internal factors of managers include: gender, age, Education level, salary, work experience, personality and past performance, etc.; external factors include: fund size, fund years, and fund type, etc., fund performance is defined as the fund's annual return rate, investment style transfer is defined as Beta value, fund Rename and fund-to-market value ratio. This article uses SPSS linear regression and Logistic regression to analyze the effect of independent variables on dependent variables. The research results are as follows: first, managers' overconfidence and past performance of fund operations will affect fund performance; second, managers with longer years of operating funds will not affect style transfer, while fund managers are overconfident and salary Lower managers, those with long years of fund establishment, and managers who have operated funds in the past will have a greater impact on style transfer; third, male managers, fund managers with older ages, higher education managers, and fund establishment The longer the number of years and the type of fund will not affect the style transfer; fourth, the performance of the managers operating funds in the past will not affect the investment style, and the size of the fund will affect the investment style. |
