| Summary: | 碩士 === 國立臺灣大學 === 國際企業學研究所 === 104 === The focus of this research is on the behavior of mutual funds’ investors who invested in the domestic equity fund in Taiwan. The result shows that the investors will purchase more well-performance fund. It means that investors who purchased the domestic equity funds in Taiwan believe that the performance of fund is continuous and there is winner-picking effect in this market. The relationship between funds’ performance and flows is positive. It’s because investors always take profit when the performance is well and wait for good performance when it under-performs. Also, asset management company always cover up bad-performed funds and hope investors will ignore it. For the funds’ net inflow, the relationship between it and performance is negative which shows that this industry was facing outflow during this period. Whether natural and institutional investors have different investment strategies is included in this research. The following are the results,
1.No matter what’s the ratio of natural investors to funds’ size, the influence of performance to purchase, redemption and inflows is positive.
2.There is significantly negative relationship between the management fee and inflows when the fund’s natural beneficiaries are higher than average.
3.There is significantly positive relationship between fund family’s size and inflows when the fund’s natural beneficiaries are higher than average.
If separating funds to two group by their size, we can find that the fees, size of fund family, market share of fund family and the amount of fund in the fund family have significant positive impact on inflows in smaller size funds. However, there isn’t significant influence on inflows in larger size funds.
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