本篇論文的主要研究目的是將Busse, Jiang, and Tang (2017) 提出的基金績效衡量方式應用於台灣境內股票型基金市場。本文以台灣七大類股票型基金為例，包含科技類股票型、中小型股票型、價值型股票型、特殊型股票型、一般型股票型、上櫃股票型、中概型股票型。我們利用Busse et al. (2017) 進行基金經理人特質和雙重調整報酬及基金持股特性的關聯性探討，由本篇結果發現，基金持股特性確實可以有效解釋四因子超額報酬，且部分基金經理人特質確實和基金持股特性有顯著的關聯性。其中，男性基金經理人更傾向持有公司規模較小和市帳比較大的股票；教育程度較高的經理人更傾向持有公司市帳比較大的股票；管理某檔基金越長時間的經理人更傾向持有公司規模較大的股票；在基金產業年資較深的經理人更傾向持有公司規模較小、市帳比較小及過去六個月報酬相對較差的股票。最後，本研究亦發現基金經理人的性別及掌管該基金的年數對於雙重調整報酬有顯著的影響。女性或掌管該基金年數超過3.23年的經理人，在雙重調整報酬上顯著優於男性及掌管年數低於3.23年的經理人。

This thesis focuses on applying the method proposed by Busse, Jiang, and Tang (2017) to measure the fund performance of domestic equity mutual funds in Taiwan. In this study, we examine seven categories of equity mutual funds in Taiwan, including technology equity funds, mid- and small-cap equity funds, value equity funds, general equity funds, special purpose equity funds, China equity funds, OTC-listed equity funds. We follow Busse et al. (2017) and discuss the relationship among fund managers’ characteristics, double-adjusted returns, and stock holding characteristics. Basing on the empirical results of this study, we find that the stock holding characteristics can significantly explain the four-factor abnormal returns, and some of the fund managers' characteristics are significantly related to the stock holding characteristics. In particular, male fund managers are more inclined to have stock holdings of smaller companies and a greater market-to-book ratio. Managers who were better educated tend to hold stocks of a bigger market-to-book ratio. Furthermore, managers who manage their mutual funds for a longer period of time are more likely to hold larger-sized companies. More experienced managers in the mutual fund industry tend to hold stocks of smaller companies, a smaller market-to-book ratio, and relatively worse raw returns in the past six months. Last, we also find that gender and tenure of the fund manager are both significantly related to the double-adjusted returns. Female fund managers or managers who are in charge of the fund for more than 3.23 years, respectively, tend to generate a better double-adjusted return than the male competitors and those who manage the fund for less than 3.23 years.

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