基金經理人更換對基金績效之影響對於投資者而言非常重要，不同於過去研究普遍將經理人更換視為同質事件。本研究嘗試將經理人更換事件區分成「優於大盤」與「劣於大盤」兩類，來探討經理人更換事件的發生對基金績效的影響，並透過基金流量了解投資者是否會受到經理人更換事件的影響而改變其投資行為。
研究樣本選取2000年1月至2004年12月國內開放式股票型基金，對這5年內存續之基金進行資料篩選，排除生存偏誤後，共取得298個經理人更換樣本。實證結果顯示，無論是利用t檢定或無母數檢定，在全體經理人更換前後的基金績效並無顯著的差異，但若將之區分為優於大盤與劣於大盤的更換型態，則基金前後期績效具有顯著差異。而投資者在面對基金經理人更換時，傾向將之視為同質事件，並未明確區分，以致基金流量在更換前後無顯著差異。因此，本研究的結果可提供投資人作為交易參考，即面對優於大盤的基金經理人更換時，應賣出該檔基金；相反的，面對劣於大盤的經理人更換時，則買進該檔基金。

This study examines the impact of mutual fund manager replacement on subsequent fund performance. It was different studies in the past manager changes generally regards as the homogeneity event. This research attempt fund manager replacement to differentiate “over performance” and “under performance” to probe into the influence of fund performance, and this study examines the impact of performance and fund-flow activity on management turnover in both the pre-and-post replacement period to understand whether the investor can receive the manager change event to change its investment behavior.
The research sample selects from 2000 to 2004 the domestic open-end equity fund, after removed the survivor bias, obtained 298 manager change events. The empirical findings described in the following: whether using t test or nonparametric test, this research documents significant improvements in post-replacement performance relative to past performance of the fund. On the other hand, the replacement of overperforming managers results in deterioration in post-replacement performance. But the investor when faces the fund manager replacement, the tendency regards as the homogeneity event.
Therefore, this research result may provide the investors to take the transaction reference, when fund manage change is over performance, should sell this fund; Opposite, when fund manage change is under performance, should buy this fund.

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