本文探討基金經理人教育背景是否能作為非績效信任信號，影響投資人對共同基金之資金配置行為。過去共同基金資金流量相關研究多著重於基金績效、規模、風險與費用率等財務性因素，較少討論基金經理人個人特徵是否會影響投資人信任。本研究以台灣境內主動式股票型基金為研究對象，並以基金經理人更換事件作為實證切入點，檢驗後任經理人具備菁英學歷時，基金資金流量與報酬率是否產生不同變化。
本研究分別採用 QS 與 ARWU 2004 年至 2025 年之平均排名衡量國際聲望型菁英學歷，並於純本土學歷樣本中，依據台灣本土大學校系2004 年至 2025 年最低錄取分數建立 PR10、PR20 與 PR33 三種本土菁英學歷門檻。實證上，本文先以事件研究趨勢圖觀察經理人更換前後之資金流量與報酬率變化，再以雙重差分模型檢驗菁英學歷對基金資金流量與本月報酬率之影響，並進行識別檢定、排除接任後前三期之 PSM-DID 穩健性檢驗、通路異質性分析與 ETFflow 機制檢驗。
實證結果顯示，在純本土學歷樣本中，PR10、PR20 與 PR33 三種門檻下之 Post × Elite 交乘項皆對基金資金流量呈現顯著負向影響，表示後任經理人具備本土菁英學歷並未帶來較高資金流入，反而呈現較低之資金流量表現。同時，在本月報酬率模型中，Post × Elite 交乘項皆未達統計顯著水準，顯示本土菁英學歷亦未伴隨顯著短期績效改善。事件前狀態比較、動態事件研究與 PSM-DID 配對後檢定顯示，本文未發現菁英學歷能帶來穩定正向資金流入。配對後 PR10 與 PR20 門檻下之負向資金流量效果不再顯著，PR33 門檻下仍呈現負向，顯示主樣本負向結果可能部分受到事件前基金狀態或樣本組成影響。因此，本文不將負向係數解讀為菁英學歷造成投資人撤資，而是認為本土菁英學歷作為非績效信任信號之吸金效果有限。進一步於 PSM 配對後樣本排除接任後前三期後，報酬率模型於 PR20 與 PR33 門檻下呈現顯著正向效果，顯示學歷訊號雖未能穩定轉化為資金流入，但在部分設定下可能與後續績效改善有關。
通路異質性分析方面，低通路組之 Post × Elite 係數未呈現顯著正向效果，顯示在現有樣本下，本文未能檢出菁英學歷於低通路基金中具有較強吸金效果；惟低通路組樣本數較少，相關結果仍需保守解讀。ETFflow 機制檢驗顯示，ETF 商品整體吸金動能與主動式股票型基金資金流量呈正向關係，未支持 ETF 對主動式基金形成直接資金排擠之解釋。進一步之救援型任命檢定亦未發現事件前資金流出或績效轉弱會系統性提高聘任菁英學歷經理人之機率，顯示主結果並非明顯由可觀察之事件前弱勢狀態所驅動。整體而言，本研究發現基金經理人本土菁英學歷並未穩定轉化為投資人資金流入，但在部分配對後設定下可能與後續報酬改善有關。此結果顯示，教育背景雖可能具有一定績效意涵，卻未必能被投資人資金流向即時或充分反映，呈現出學歷訊號與資金反應不對稱之現象。

This study examines whether a fund manager’s educational background serves as a non-performance trust signal that influences investor fund allocation decisions in the Taiwanese mutual fund market. Unlike previous studies that primarily focus on fund performance and managerial ability, this study investigates whether investors respond to elite educational credentials during fund manager replacement events under conditions of information asymmetry.
Using monthly data on actively managed domestic equity mutual funds in Taiwan from 2004 to 2025, this study employs an event study combined with a difference-in-differences (DID) model to examine changes in fund flows following managerial transitions. Elite educational background is identified using international university rankings and a Taiwan-specific ranking based on historical university admission standards. Several robustness tests are conducted to ensure the reliability of the empirical results.
The results indicate that educational background functions as a meaningful trust signal in investor decision-making. Compared with international university rankings, the Taiwan-specific measure provides stronger evidence that domestic investors place greater importance on locally recognized educational credentials. Additional analyses further suggest that distribution channels and ETF fund flows influence the effectiveness of educational signals. Overall, this study contributes to the mutual fund literature by providing new evidence that educational background affects investor behavior beyond traditional performance-related factors.

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