管理學院: 國際企業學研究所指導教授: 洪茂蔚蔣佳家Chiang, Chia-ChiaChia-ChiaChiang2017-03-032018-06-292017-03-032018-06-292016http://ntur.lib.ntu.edu.tw//handle/246246/274841本研究主要探究產業集中程度與基金績效之關聯性,為更完整的衡量基金績效,採用資料包絡分析法衡量2010年初至2015年底國內開放式股票型基金之績效,並排除科技型與上櫃型基金以避免資料偏誤,於取得各基金各年效率值後,與產業集中度指標進行相關性分析。研究結果顯示,整體基金六年平均之產業集中度與基金效率呈顯著高度正相關,然而不同年份個別分析之結果並不顯著,此意味著利用資訊優勢將持股集中特定產業雖在短期內不一定可獲較高報酬,長期之下此操作方式為有效率的,投資人若短時間並無變現壓力,可考慮長期持有產業集中程度較高之境內股票型基金為投資標的。This paper examines how industry concentration is related to mutual fund performance using Data Envelopment Analysis and Spearman Rank Correlation with data from 2010 to 2015. The results indicate that there is a significant positive correlation between the six-year average of industry concentration index and fund performance. By contrast, if analyzed on an annual basis, the correlation turns out to be insignificant. The findings suggest that fund managers might attain better performance in the long term by concentrating holdings in industries where they have informational advantages.論文使用權限: 不同意授權共同基金相對效率值產業集中程度資料包絡分析相關性分析Mutual FundRelative EfficiencyIndustry Concentration IndexData Envelopment AnalysisSpearman Rank Correlation產業集中度與共同基金績效之關係The Relationship between Industry Concentration and Mutual Fund Performancethesis10.6342/NTU201600652