建議

1.本研究因為顧慮到台灣共同基金月資料數量有限(三年期實證)，故對兩市場皆未提 及存活偏誤(survivorship bias)的問題，這有可能會造成績效評估高估之情形。後 續學者宜在台灣共同基金發展時間較長後，加入此一考量。

2.本研究受限於資料取得，未從基金持股特徵著手進行兩國共同基金績效比較。後續 學者在資料允許下，可以運用這類模型來作實證研究。

3.本研究對兩國共同基金整體績效差異只提出了市場組成結構不同來作解釋，尚還有 其他股票市場特性如股價漲跌幅限制等會影響共同基金績效，後續學者可以針對這 部分多加酌墨。

4.本文只單純探討兩國股票型共同基金平均績效之差異，並未對兩國股票型基金再作 更細部分類之實證研究比較。後續研究可以朝這一個方向努力。

5.本文研究目標只涵蓋開放式股票型基金，尚不足以描繪出兩個市場之全貌。後續研 究可以再加入其餘類型基金之探討，如混合型基金與債券型基金等，可以發現台灣 與美國共同基金績效表現上更多的差異。

6.除了選股能力與市場擇時能力外，資產配置也是一個決定基金報酬之重要因素。後 續學者在加入其餘類型基金作為研究樣本後，對這因素可以多加探討。

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附錄一：台灣共同基金樣本明細

編號 基金名稱 編號 基金名稱

71 建弘台北 78 保德信元富店頭市場

72 匯豐中華台灣 79 匯豐店頭 50 73 荷銀福爾摩沙成長 80 元大店頭

74 富邦鳳凰 81 群益店頭市場

75 國際祥龍 82 富邦店頭

76 統一店頭市場 83 建弘店頭市場

77 保誠掌櫃 84 金鼎寶櫃

附錄二：美國共同基金樣本明細

編號 基金名稱 編號 基金名稱

1 Bear Stearns Small Cap Value Portfolio/C 36 Van Kampen Emerging Growth/B 2 Putnam Fund for Growth and Income/B 37 Nicholas II

3 Scudder Dreman Small Cap Value Fund/A 38 STI Classic Fds Growth & Income Fund/T 4 BlackRock Index Equity Fund/Inv A 39 Smith Barney Aggressive Growth Fund/B 5 BlackRock Small Cap Value Equity/Inv A 40 PBHG Growth Fund

6 PUTNAM VOYAGER FUND/B 41 Emerald Growth/A

7 ICM Small Company Portfolio 42 Eaton Vance Large-Cap Value/A 8 First Investors Series Special Situations/A 43 J Hancock Core Equity Fund/A 9 Franklin Small Mid Cap Growth Fund/A 44 BB&T Fds Grp Large Company Value/A 10 AMF Large Cap Equity Fund 45 Legg Mason Eq Tr:Special Investment/Prim 11 Fundamental Investors Fund/A 46 One Group Small Cap Growth/A

12 Scudder Growth & Income Fund/S 47 Wilshire Target Small Company Growth/Inv 13 Frontier Funds:Equity Fund Portfolio 48 Wilshire Target Small Company Value/Inv 14 Columbia Large Company Index Fund/Z 49 BB&T Fds Grp Large Company Value/Tr 15 Columbia Small Company Index Fund/Z 50 Accessor Funds:Small to Mid Cap/Adv 16 American Century Giftrust/Inv 51 Van Kampen Comstock/B

17 Selected American Shares 52 Vanguard Value Index/Inv

18 Preferred Value Fund 53 Northern Institutional Equity Index/A 19 Forum Fds:Payson Value Fund 54 Northern Institutional Small Company Index/A 20 Mosaic Equity Trust Mid-Cap Fund 55 Quant Small Cap Fund/Instl

21 Quant Small Cap Fund/Ordinary 56 Massachusetts Investors Trust Fund/A 22 Columbia Small Company Equity Fund/T 57 Fifth Third Small Cap Growth/Instl 23 Vanguard Total Stock Market Index/Inv 58 Fifth Third Equity Index/Instl

24 Seligman Frontier Fund/A 59 California Investment:S&P 500 Index Fund 25 ING Corporate Leaders Trust Fund/A 60 DFA Invest Grp US Large Cap Value Port 26 SEI Instl Managed Tr Small Cap Grth/A 61 Sentinel:Common Stock Fund/A

27 Evergreen Blue Chip/B 62 Fidelity Fund

28 Evergreen Emerging Growth/B 63 Goldman Sachs Small Cap Value/A

29 First American Small Cap Select/A 64 Lutheran Brotherhood Opport Grth Fund/A 30 First American Small Cap Select/Y 65 Integrity Equity Fund/N

31 Oppenheimer Discovery/A 66 Midas Special Equities Fund 32 J Hancock Sovereign Investors Fund/A 67 Columbia Large Cap Core Fund/T 33 Investment Company of America Fund/A 68 Columbia Small Cap Fund/T

34 Federated Mini-Cap Index Fund/Instl 69 Smith Barney Large Cap Value Fund/L 35 AllianceBernstein Growth & Income/A 70 Seligman Common Stock Fund/A

編號 基金名稱 編號 基金名稱

71 CDC Nvest Harris Associates Growth & Income/A 108 AllianceBernstein Growth & Income/C 72 Fifth Third Equity Index/Inv 109 Alliance Quasar Fund/C

73 Scudder Equity 500 Index/Premier 110 Putnam OTC Emerging Growth Fd/A 74 Scudder Equity 500 Index/Invest 111 MTB Grp of Funds:Balanced/Instl I 75 Brown Capital Management Small Company/Instl 112 SSgA S&P 500 Index Fund

76 First American Equity Index/A 113 PBHG Emerging Growth Fund

77 Sentinel:Small Company Fund/A 114 PIMCO Funds:CCM Emerging Companies/Ist 78 SAFECO Core Equity Fund/Inv 115 STI Classic Fds Growth & Income Fund/A 79 C&B Large Cap Value Portfolio 116 Munder Funds Index 500/K

80 Sirach Special Equity Portfolio 117 Munder Funds Index 500/A

81 Target Portfolio Trust:Small Cap Growth 118 Munder Funds Small Company Growth/K

82 Target Portfolio Trust:Small Cap Value 119 Munder Funds Trust:Small Company Growth Fd/A 83 Columbia Large Cap Core Fund/Z 120 SunAmerica Equity Fds New Century Fund/A 84 Columbia Small Cap Fund/Z 121 Gartmore Nationwide Fund/D

85 SB Growth & Income/Smith Barney 1 122 State Street Research:Emerging Growth Fund/S 86 AIM Mid Cap Core Equity Fund/B 123 Skyline Funds:Special Equities Portfolio 87 Excelsior Small Cap Fund/A 124 Massachusetts Investors Trust Fund/B 88 DFA Invest Grp US Small Cap Val Portfolio 125 Ariel Fund

89 Pacific Advisors:Small Cap Fund/A 126 Regions Morgan Keegan Select Growth Fund/B 90 Federated American Leaders/C 127 Federated American Leaders/F

91 State Street Research:Mid Cap Growth Fund/A 128 Van Kampen Emerging Growth/C 92 State Street Research:Mid Cap Growth Fund/B 129 MFS Managed Sectors Fund/A 93 State Street Research:Mid Cap Growth Fund/S 130 AIM Mid Cap Core Equity Fund/A 94 State Street Research:Mid Cap Growth Fund/C 131 Fidelity Small Cap Independence 95 USAA Mutual Fund:Growth & Income Fund 132 FMA Small Company Portfolio 96 Heritage Series Trust Small Cap Stock Fund/A 133 Putnam OTC Emerging Growth Fd/B 97 Stratton Small Cap Value Fund 134 TS&W Equity Portfolio

98 PIMCO Funds:PEA Opportunity Fund/C 135 Morgan Stanley Special Growth/B 99 Seligman Capital Fund/D 136 Federated Max-Cap Index Fund/Ins Sv 100 Seligman Common Stock Fund/D 137 Fidelity Fifty

101 Seligman Frontier Fund/D 138 Oppenheimer Equity Fund/A

102 Oppenheimer Equity Fund/B 139 Barclays Global Investors:S&P 500 Stock Fund 103 Dreyfus Founders Funds:Growth & Income/F 140 Goldman Sachs Growth & Income/A

104 AllianceBernstein Quasar/A 141 Provident Invmnt Counsel Small Cap Growth/I 105 Marshall Funds:Large Cap Growth & Income/Inv 142 Philadelphia Fund

106 FPA Perennial Fund 143 Nicholas-Applegate Emerging Growth/I 107 AAL Mid Cap Stock Fund/A 144 Legg Mason Eq Tr:American Leading Comp/Prim

編號 基金名稱 編號 基金名稱

145 Boston Company Small Capitalization Equity 182 AXP Equity Value Fund/B

146 Dreyfus Premier New Leaders Fund/A 183 AXP Strategy Aggressive Fund/B 147 Dreyfus Fund 184 SSgA Core Opportunities Fund 148 American Century Value/Inv 185 Matrix Advisors Value Fund 149 Burnham Fund/B 186 Evergreen Growth and Income/I 150 Trainer Wortham First Mutual Fund 187 Putnam Fund for Growth and Income/A 151 SunAmerica Equity Fds New Century Fund/B 188 Vanguard Windsor/Inv

152 Neuberger Berman Genesis/Trust 189 ING Large Company Value Fund/A

153 Victory Funds:Small Company Opportunity/R 190 BlackRock Small Cap Growth Equity/Instl 154 Neuberger Berman Guardian/Trust 191 T Rowe Price New Horizons Fund

155 GE Funds:Value Equity Fund/A 192 Burnham Fund/A

156 GE Funds:Value Equity Fund/B 193 BlackRock Small Cap Growth Equity/Inv A 157 Heartland Group:Value Fund 194 Babson Shadow Stock Fund

158 J Hancock Large Cap Equity Fund/A 195 Dreyfus Founders Funds:Mid Cap Growth/F 159 Credit Suisse Large Cap Value/A 196 Nicholas Limited Edition

160 WM Growth & Income/A 197 MainStay Funds Value/B 161 Value Line Emerging Opportunities Fund 198 Strong Discovery Fund

162 Schroder Capital US Opportunities Fund/Inv 199 Hotchkis & Wiley Small Cap Value Fund/I 163 Mutual Shares Fund/Z 200 Mutual Beacon Fund/Z

164 Neuberger Berman Guardian/Investor 201 Royce Fund Pennsylvania Mutual Fund/Inv 165 Janus Venture Fund 202 J Hancock Small Cap Growth Fund/B

166 Janus Twenty Fund 203 Wright Managed Eq Tr:Selected Blue Chip Eq 167 Oppenheimer Small Cap Value/C 204 Wright Managed Eq Tr:Major Blue Chip 168 CDC Nvest Harris Associates Growth & Income/B 205 Franklin Managed Tr:Rising Dividends Fund/A 169 Dreyfus BASIC S&P 500 Stock Index Fund 206 AIM Blue Chip Fund/A

170 JPMorgan US Small Company/Instl 207 Scudder Blue Chip Fund/A 171 JPMorgan US Equity/Instl 208 Sit Mid Cap Growth Fund

172 T Rowe Price Small Cap Stock Fund 209 Hartford SmallCap Growth Fund/L

173 Meridian Growth Fund 210 Harbor Funds Large Cap Value Fund/Instl 174 MFS Managed Sectors Fund/B 211 Vanguard Extended Market Index/Inv 175 Value Line Special Situations Fund 212 Dodge & Cox Stock Fund

176 Vanguard Growth & Income/Inv 213 Credit Suisse Emerging Growth/Cmn 177 Fairport Growth and Income Fund 214 Security:Mid Cap Growth Fund/A

178 Ameritor Investment Fund 215 Quant Growth and Income Fund/Ordinary 179 Columbia Small Cap Value Fund/A 216 Alger Fund:Small Capitalization Portfolio/B 180 AXP Discovery Fund/A

181 Rydex Srs Tr:Nova Fund/Inv