基金經理人替換之決定因素及效應分析

The Determinants and Effects for Mutual Fund Manager Change

國內基金經理人替換速度相當快，究竟是什麼因素造成此現象，而替換後又造成什麼影響，此相當值得我們探討。本研究以1996年至2009年台灣的股票開放型基金為樣本，探討基金經理人替換前後，包括基金績效、基金風險、基金經理人特性、基金規模、週轉率、費用率、基金成立年數是否有差異，以及哪些特性造成基金經理人被替換。研究發現基金經理人替換後報酬率高於替換前，但基金經理人替換後，風險並未降低。基金經理人替換後，傾向用學歷更高的經理人，但基金經理人的任期反而縮短。

There is high managerial turnover in the fund industry in Taiwan. Understanding the replacement effects in a mutual fund setting is useful for fund investors. Using a sample of 456 domestic equity fund managers replacements between1996-2009, this paper examines the pre and post differencesaround the replacements of mutual fund managers in performance, risk, characteristics of fund managers (manager's sex, education and tenure) and characteristics of fund (fund's size, turnover ratio, expense ratio and age). A logistic model is used to estimate the probability of each managerial turnover.