本章為本論文作總結。在第一節中，首先簡述本研究之樣本選取範圍及研究步 驟，最後彙整本研究之實證結果。第二節則敘述本研究所遇到的困難及限制，並 且對後續有興趣從事基金績效持續性之研究者提出研究建議。
第一節 研究結論
無論由單層或是雙層的排序分析，我們都可以看出擁有較好強調選股特徵 (1 − R )的基金其在未來績效較有持續性，若再搭配當期α來考量，則短期(1個月)，
投資強調選股特徵弱但 α 大的群組或是投資強調選股特徵強但 α 小的群組，績效 表現較好；然而，若放眼長期(大於 1 年)，擇投資強調選股特徵強的基金，績效表 現會較為出色，尤其是 α 落在較大群族的基金。而以羅吉斯迴歸分析基金選股特 徵對於其績效持續性的機率有顯著的貢獻，投資選股特徵強的基金在未來兩年、
三年及五年的績效持續的機率顯著比較高。
整體而言，淨資產對於持續性的影響是顯著負向的，意即當基金淨資產上升 時，較大的規模亦會降低基金的操作效率，導致規模不經濟，另外也由於法規方 面的限制造成其強調選股特徵受限，故當基金規模一上升，經理人於投資標的的 比重上受限之後，便會開始投資於其他相對次等標的股票。另外週轉率對於基金 績效持續性的影響同 Fu(2014)的結論相同，對台股基金而言，週轉率越高代表其 績效持續性較強。另外新的資金湧入導致基金績效持續性較不佳，原因可能為其 淨資金流入會造成基金操作管理上效率的問題。
第二節 研究限制
1. 本研究在計算基金報酬時，僅考慮普通股股票之報酬，期另外持有知換股權 利證書、可轉換公司債、特別股等，皆排除在報酬率的計算之外。
2. 由於各家基金業者的管理費、保管費、手續費等交易成本不盡相同，故站在 公平的角度，本研究所考慮之報酬率為基金的毛報酬率，而非投資人所考量
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之淨報酬率。
3. 由於跨國股票基金持股明細的蒐集僅有季前五大持股明細及半年完整持股明 細，與國內股票型基金的明細公布有時間及範圍上的差距。故本研究僅針對 國內股票型基金作績效持續性的研究。
4. 國內股票型基金持股的內容僅在每月底有公佈前五大持股明細，每季底才有 完整資料，此部份考慮到迴歸時間長度的適切性及持股資料的完整性，基金 持股資料的來源以每季完整持股為主，並假設下兩個月的持股資料一致。但 是以季持股來做資料收集有可能會忽略基金的績效來源可能為交易
5. 平衡型基金分散投資於股與債，其於股票的投資比重相對較低，故其持股明 細對於績效的衡量解釋能力也相對不足，故本研究平衡型基金排除在外。
第三節 後續研究建議
1. 本研究僅針對境內國內股票型基金作績效持續性的研究。建議未來研究可以 延伸到對於跨國股票型基金或是平衡型基金、及債券基金的績效可持續性做 研究，並做更全面性的比較分析。
2. 本研究受限於持股資料的完整性，對於國內股票型基金在非季底的持股明細 僅能以上季公佈的明細資料取代。但是僅以季持股來做資料收集有可能會忽 略基金的績效來源可能來自頻繁的交易，像是 Puckett & Yan (2011) 的研究就 有指出績效佳的基金有和績效差的基金相比有交易成本較高的跡象，未來的 研究可以就公布頻率較頻繁的明細資料做分析以達更精確的結果。
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