Institutional Buying Behavior and Net Fund Inflow: Empirical Study on Taiwanese Equity Mutual Fund

本研究以2001至2014年所有台灣開放式股票型基金為樣本，觀察當基金經理人遇到資金淨流入時，傾向採取何種買進策略，及該策略對於基金績效與後續資金流的影響，即連結資金流-買進策略-績效三個構面，並以行為財務理論解釋所觀察到的現象。 本研究最主要的結論為，當面對資金淨流入時，基金經理人傾向加碼原有的持股，而非找尋新的標的，而這樣的行為有助於基金後續績效勝過其他基金，表示基金經理人因過去績效好而吸引資金流入，自信因而受到強化，因此相信自己原先的判斷而加碼原持股，且比起其他面對淨流出的競爭對手，更有餘裕地加碼持股中動能較差的股票，實證研究顯示這類被贏家基金選中、過去表現差的股票，對於基金長期績效有正面貢獻，此亦可歸因台股基金經理人之績效於選股能力之差異，即能力強的經理人本就持有潛在具上漲空間的股票，而資金流入則給予其等待市場調整股價的空間。本研究亦發現台股經理人無論在淨流入或流出時，皆不受處分效果的影響，與過去以台灣為樣本的實證結果不同。This study focuses on the fund managers’ buying decision following net fund inflow. Observations of the behavior of Taiwanese equity mutual fund managers are made within 2001-14 time frame. I demonstrate how the fund flows affect the fund managers’ buying behavior and how the behavior affects future performance and subsequent fund flows. The main finding of this study is fund managers tend to invest in the stocks they already have when facing net fund inflows, which increases the funds’ performance compared to other competitors’ and attract further inflows. This indicates fund inflows allow fund managers to gain confidence and provide them room to wait for the market to correct the undervalued stocks and enjoy persistent performance. Also, unlike previous studies, I found that Taiwanese fund managers do not show disposition effect