基金的投資策略是主動式管理或被動式管理比較有效是本研究有興趣的 研究議題。本研究主要是在探討國內指數股票型基金與股票型基金的績效表 現差異。研究期間為2014 年01 月01 日起至2020 年12 月31 日止。第一部分是以單因子分析及三因子分析來進行相關績效評估。研究結果顯示在扣除投資成本後，被動式管理投資的表現優於主動式管理投資，且報酬隨著基金規模的增加而遞增。第二部分是以擇時擇股能力來進行相關績效評估。研究結果顯示股票型基金經理表現出一定的把握市場時機能力，且擇時能力隨著基金規模的減少而遞增。;The issue which this study concerned is the effectiveness of the active management and the passive management of the investment strategies of funds. The objective of my thesis is to investigate the performance difference between domestic equity index funds and domestic equity funds. The study period is from Jan 1, 2014 to December 31th, 2020.In the first part, the one-factor analysis and the three- factor analysis are utilized to assess fund performance.The research results show that the performance of the passive management investment is better than the active management investment after deducting investment costs. The results also show that returns increase as fund size increases. In the second part, market timing ability and selecting abilities are utilized to assess fund performance. The research results show that equity fund managers display some ability to time the market. The results also show that market timing ability increases as fund size decreases.
