學歷是否重要？探討臺灣基金經理人特徵對基金績效的影響

Abstract

本研究探討了 2001 年至 2022 年臺灣共同基金經理人特質對基金績效的影響。本研究使用了兩種績效衡量方式：簡單平均超額月報酬率與三因子超額報酬率，並透過淨額法與毛額法進行分析。研究著重於幾個關鍵問題：共同基金經理人的教育品質如何影響所管理基金的績效，經理人的學位高低、國外教育背景、理工科背景與基金績效的相關性，以及畢業於臺灣頂尖大學的經理人對基金績效的影響。 研究結果顯示，教育品質對基金績效的影響不大，使用《QS 世界大學排名》和臺灣分科能力測驗的學校排名並未顯示出學校優劣對績效有顯著影響。然而，當單獨討論頂尖學府時，發現國立政治大學的經理人在各種衡量基準下的績效均表現較佳，而臺灣大學、清華大學、交通大學和成功大學的經理人績效則未顯示出顯著差異。本研究還發現，海外求學經驗在以三因子超額報酬率衡量時，對基金績效具有顯著正向影響。此外，最高學位為碩士的經理人在使用簡單平均超額月報酬率衡量時，顯著正向影響基金績效。相對而言，最高學位為博士、以及是否就讀過理工科學系則對基金績效無顯著影響。

This paper explores the impact of fund managers' characteristics on mutual fund performance in Taiwan from 2001 to 2022. It utilizes two metrics for performance analysis: average simple excess monthly returns and three-factor excess returns, analyzed through both net and gross methods. The research addresses key issues such as the effect of a mutual fund manager's educational quality, degree level, international educational background, STEM background, and the influence of graduating from Taiwan's top universities on fund performance. The results reveal that educational quality has little impact on fund performance, with rankings from the QS World University Rankings and Taiwan's Subject Competency Test showing no significant effects of institutional prestige on performance. However, when examining top-tier universities individually, managers from NCCU exhibited better performance across various benchmarks, while those from NTU, NTHU, NCTU, and NCKU did not show significant differences. The study also found that international educational experiences had a significant positive impact on fund performance when measured by three-factor excess returns. Additionally, managers with a master's degree significantly positively influenced fund performance when measured by average simple excess monthly returns. Notably, managers holding a master's degree positively influenced fund performance significantly, whereas those with a PhD or a STEM background did not demonstrate any significant effect.