基金獲利變異主要來源一直以來都是學者關注的議題之一，但影響基金績效之因素眾多，研究至今也尚未有定論。因此，本研究以2000-2014年台灣公開發行之股票型基金季資料為樣本，並藉由階層線性模型 (Hierarchical Linear Modeling, HLM)分析時間、經理人與投信公司間對於基金績效之影響力。實證結果顯示，當投資者欲將自己的財富配置於股票型基金時，時間變動效果為三者間影響績效最大之因素，在時間效果中又以金融事件所造成的變異最為明顯，且在金融事件的影響下，基金與投信公司間的跌幅並不存在顯著差異性。其次，在景氣不佳或行情不明朗時，經理人的操作能力與投信公司的管理效果將會為基金績效帶來可觀的差異。因此，在這樣的時期下，挑選一間表現優良的公司與傑出的基金經理人尤其重要。

The debate on sources of fund performance which are driven by temporal variation, fund managers or firms’ strategies is one of the most concerned issues by finance scholar. This study analyzes equity mutual fund’s performance from the years 2000 to 2014 by using hierarchical linear modeling method. The empirical results show that temporal variation is the biggest change in the effect of performance factors. Among them, financial events cause the greatest impact on it. In addition, the study also showed that when financial event occurs, managers and investment trust companies do not have a distinct on risk control ability. Secondly, in the poor economy, the ability of the fund manager and investment trust's management capacity will bring a big difference to fund performance. Therefore, in this period, choose an outstanding fund manager with an excellent company shall be a major issue .

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