An Analysis of The Factors Affecting Mutual Fund’s Returns

• Main Authors: Chi-yu Tien, 田奇玉
• Other Authors: Shoiw-Mei Tseng
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/31345113156202354483

碩士 === 義守大學 === 管理研究所碩士班 === 93 === The mutual fund has recently become the people to like the investment tool. However actually how can choose the fund which is worth investing the investor was felt confuse. Fund performance is one of the important basis for investors to select fund. This research take Taiwan mutual fund market as research scope .Discussion influence domestic mutual fund reward factor.For research samples，a total of 12 domestic stock funds from 12 invest trust companies from 2002 to 2004 is selected and variables include the fund itself characteristic, the manager special characteristic, the overall economical surface and the market capital four aspects performs to discuss. correlation data and above four big variables material collection domestic fund. This research attempts to find out the factor that may affect fund performance so as to help investor to base on it as reference to select funds in the future. Real diagnosis of result discovery according to this research： 1.The market fund disposition and the current capacity and have the obvious influence to the mutual fund reward, all samples fund achievements performance with stock market displayed completely presents reveals is being connected, displays the market investment profolio reward rate was still one of influence mutual fund achievements most important factors, has echoed the CAPM model basic overhead construction. 2.Says regarding the individual fund, regardless of is from top to bottom or from bootom to top analyzes, in the overall economical variable, national income (essential factor cost) the growth rate, the central bank rate and the dollar exchange variable and so on US dollar exchange rate to invests the achievements to have obvious the influence, will be quite important to the future economical prospect forecast, also will be the investment mutual fund good norm for reference. 3.Moreover different formerly attempted quantification of material and the manager special characteristic angle by the mutual fund itself characteristic cuts into, the discussion fund the achievements, the fund held the stock proportion, the fund scale in the past, turnover rare, the fund standard difference and manager''s sex, the school record, holds the plate period of service and the fund holds the plate stability to of influence the fund achievements. Penetrates the different ponder construction surface, helps the investor to choose consideration direction the mutual fund. On the other hand appraised different achievements target, compared with it whether has the different result.