本研究以2010到2017年的國內基金作為研究樣本，探討影響基金費用差異的各種因素。實證發現，在5％的顯著水準之下，各類型基金費用受到不同的變數影響。平均而言，成本費用率受到總投資率、受益人數~法人與累計賣出週轉率負向顯著影響。究其原因可能是法人對於費用有較高的議價能力，可以降低費用。基金的績效不佳，導致累計賣出週轉率上升，降低基金費用。另外，總投資率越高，使得平均固定投資成本下降，因而降低成本費用率。相反地，買進的次數越多或是買回金額越高則會增加成本費用。基金的風險績效個別受到不同基金費用成本因素的影響，本研究結果並未發現基金費用對基金績效有顯著一致性的影響。
This study investigates the determinants on the components of mutual fund fees. We find out that different types of mutual fund fees are determined by different factors. On average, the cost ratio of mutual funds is negative correlated to the number of institutional beneficiary and turn over on accumulated selling orders. The mutual fund fees would reduce because institutional investors have more bargaining powers on cost than individual investors, the declining average of fixed cost and underperformance will enforce the mutual funds to sell out. On the contrary, the large number of buying trades or the huge amounts of buying trades would increase the mutual fund fees. The risk performance of the fund is individually affected by different fund fees. The results of this study did not find that fund fees have a significant consistency effect on fund performance.
