本研究對象為174檔台灣國內股票開放型基金，將基金投信公司與基金經理人特徵等非財務面變數整理量化後，檢定其與174檔的基金績效與風險評估的影響性，並且配合本研究的交易策略，因證所稅政策宣示效果，故基金單筆購入時間點為2012年4月，分為一個月、三個月、六個月、一年做為基金出場時間點，以提供投資人短期或長期基金投資的參考依據。

一個月內，操作績效表現的部份，外資、金控以及小基金規模相對於大基金規模的基金投信公司皆有較好的表現。外資、持有碩士學歷的基金經理人以及小基金規模相對於大基金規模的基金投信公司皆有較好的選股能力。期間為三個月時，以非金控體系的基金公司有較好獲取風險溢酬的能力，基金經理人則以財金保險系所畢業的基金經理人或女性基金經理人為佳。六個月的操作績效以小基金規模的基金投信公司或財金保險系所畢業的基金經理人有較佳的表現，長期一年而言，中小基金規模的基金投信公司相對於大基金規模的基金投信公司皆有較好的績效表現以及選股能力，而非金控體系的基金公司或擁有國內學歷的基金經理人的也都有較好的表現。

The study examines the characteristics of fund managers and fund companies toward the evaluation of open-end equity fund performance and fund risk. The objectives are open-end equity funds in Taiwan mutual fund market. Investing in any open-end equity fund would be made for on April 2nd, 2012 because of announcement of the taxation of capital gains on securities. Therefore, the fund is held for four different periods, which are one month, three months, six months and one year.

In one month, foreign asset management companies and financial holdings companies owned better return on fund performance. Compared to the biggest fund size, the companies which held the smaller fund size were good at stock selection. During three months, financial holdings companies or male fund managers are not good at acquiring the risk premium. During six months, it is apparent that the fund company which owned smaller fund size had the better performance and stock selection. Besides, within a year, non-financial holdings fund companies or the fund managers with the local education owned the better performance and stock selection.

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