本研究探討外國機構投資人的持股比例與共同基金風險調整績效之間的相關性。樣本期間從2008年01月至2017年12月止。實證結果發現基金的績效與風險顯著影響外資持股。然而，外資持股對基金的績效與風險並無顯著影響。因此，我們建議投資人在投資基金時，應著重在基金成份股的風險績效與獲利能力而非追蹤外資的持股狀況。
This study examines the correlation between the stock shareholding of foreign institutional investors and the risk-adjusted performance of the mutual fund. The sample period is from January 2008 to December 2017
The empirical results show that he risk-adjusted performance of the mutual fund significantly affect the stock shareholding of foreign institutional investors. However, the stock shareholding of foreign institutional investors has no significant effect on the risk-adjusted performance of the mutual fund. Therefore, we suggest that investors should focus on the risk-adjusted performance and profitability of mutual fund components rather than tracking the shareholding of foreign institutional investors.
