利率被視為景氣循環中的一項重要指標，在不同的利率水準下，投資人亦會去調整投資策略來應對共同基金市場。而共同基金流量的波動性，往往直接影響投資人對於投資的不確定因素及風險考量。本文研究期間自2003年3月至2020年12月，以國內開放式基金為研究對象，採用股票型及債券型共計255檔。過去文獻較多針對基金流量與績效間之關係作探討，本研究利用固定效果迴歸模型，分別就整體及股票型和債券型的分組，並以夏普指數和詹森指數作為基金績效指標，實證利率與流量波動性對共同基金績效的影響。
研究結果發現，利率對基金績效呈顯著且負向影響，尤其以債券型基金較為明顯，此符合本研究第一個假說，利率的變動會影響共同基金之績效。基金流量波動性則是和基金績效呈顯著的正向影響，其中以股票型基金較為明顯，此也符合第二個假說，基金流量的波動程度會影響基金績效。而基金流量、基金規模也與基金績效呈正向關係，基金手續費率和費用率和基金績效則呈負向關係。

Interest rates are regarded as an important indicator in the business cycle. Under different interest rate levels, investors will also adjust their investment strategies to cope with the mutual fund market. The volatility of mutual fund flows often directly affect investors' uncertain factors and risk considerations for investment. The research period of this article is from March 2003 to December 2020, with domestic open-end funds as the research object, using a total of 255 equity funds and bonds funds. In the past, the literature mostly focused on the relationship between fund flow and fund performance. This study uses fixed effect regression model to analyze the impact of interest rate and flow volatility on mutual fund performance by grouping the whole, equity fund and bond fund types, and using sharpe index and Jensen index as fund performance indicators.
The results of the study found that interest rates have a significant and negative impact on fund performance, especially for bond funds. Fund flow volatility has a significant positive impact on fund performance, among which equity funds are more obvious. Fund flow and fund size also have a positive relationship with fund performance, and fund handling fees and expense rates have a negative relationship with fund performance.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 6
第三節 研究架構 7
第二章 文獻探討及回顧 9
第一節 基金介紹 9
第二節 影響基金流量與績效的因素 11
第三節 台灣利率循環的探討 14
第四節 基金流量波動性探討 15
第五節 其他基金影響因素之相關文獻 16
第三章 研究方法 17
第一節 研究資料及來源 17
第二節 研究假說 17
第三節 變數定義 18
第四節 模型介紹 22
第四章 實證結果及分析 24
第一節 敘述性統計 24
第二節 相關係數 26
第三節 模型檢定 28
第四節 基金績效分析 32
第五章 結論與建議 37
第一節 結論 37
第二節 研究建議 38
參考文獻 39

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