長久以來，基金是人們進行投資時會選擇的一項重要投資型商品，然而各基金績效的優劣，仍然具有差異性，本研究探討台灣共同基金投資集中度與其績效、特性之關聯，樣本期間為2009年9月至2018年6月。實證結果有幾個發現：首先，在全時期，績效較優的基金，投資集中的程度越高。其次，不分時期，長期而言，投資集中度高的基金績效優於投資集中度低的組別。最後，總投資率、週轉率與基金規模和基金投資集中度是呈現正向關聯。總結來說：投資集中度為一個重要影響因子，長期而言，投資集中度高的基金，其績效較優。

For a long time, the fund is regarded as an important financial instrument when people consider investing. However, the difference between good and bad of the fund performance still exist. In this research, we discuss the relationship among investment concentration, performance and characteristics of Taiwan’s mutual fund. The sample period is from July 2009 to June 2018. There are some empirical findings. Firstly, high investment concentration groups have better performance than low investment concentration groups for entire time-period. Secondly, no matter which time-period, investment concentration has positive relationship to the fund performance in long term. Finally, turnover rate, size and total investment rate of fund have positive relationship to investment concentration. In conclusion, investment concentration is an important factor. In the long run, high investment concentration funds have better performance than low investment concentration groups.

目錄
論文審定書 i
誌謝 ii
摘要 iii
目錄 v
表目錄 vii
圖目錄 viii
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究流程與架構 4
第二章 文獻回顧 6
第一節 國內文獻 6
第二節 國外文獻 9
第三章 研究資料 11
第一節 資料來源 11
第二節 研究期間 12
第三節 分析方法 14
第四章實 證結果與分析 22
第一節 不同時期的報酬率、風險值與績效比較 22
第二節 投資集中率的比較與基金特性比較 29
第五章 結論與建議 32
第一節 結論 33
第二節 研究建議 34
參考文獻 35

中文部分
1.吳孟鑫(2009) ，基金持股集中度與其績效探討：臺灣實證。國立中正大學財務金融所未出版碩士學位論文。
2.李顯儀，李欣微，李亮君(2011)，共同基金投資集中度關聯性之研究，管理科學研究，7卷2期，頁49-62。
3.林文基(2013)，基金經理人的投資風格與基金績效關聯性之研究。銘傳大學財務金融所未出版碩士學位論文。
4.林汶宏(2017)，共同基金績效之影響因素分析－以台灣市場之股票型之開放式中小型共同基金為例。南華大學管理科學所未出版碩士學位論文。
5.邱麗珍(2010)，國內開放型共同基金規模與績效之關聯性探討。國立中山大學國際經營管理所未出版碩士學位論文。
6.張至中(2010)，共同基金持股數目、產業集中度與資訊含量對基金績效影響之研究。國立台灣科技大學財務金融所未出版碩士學位論文。
7.潘佳宏(2010)，國內股票型共同基金異常報酬之特徵研究。國立中央大學財務金融學所未出版碩士學位論文。
8.賴圳仁(2009)，台灣股票型共同基金之績效特性因素研究。國立雲林科技大學財務金融所未出版碩士學位論文。
9.顏嘉佑(2018)，探討共同基金績效與基金持股特性之關聯性-以臺灣股票型基金為例。國立成功大學財務金融所未出版碩士學位論文。
中文書目
1.李顯儀(2016)，基金管理。全華圖書。新北市。
2.林惠玲，陳正倉(2013)，統計學-方法與應用(下冊)。雙葉書廊。台北市。
中文網站
1.證券投資信託暨顧問商業同業公會。
參考網址: https://www.sitca.org.tw/ROC/Industry/IN2002.aspx?PGMID=IN0202
英文部分
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網路新聞
1.Cinthia M. (2017),“Index king Jack Bogle has a plan to save active managers,” CNBC,
retrieved from: https://www.cnbc.com/2017/05/03/jack-bogle-killed-active-managers-now-he-has-a-plan-to-save-them.html?&qsearchterm=Jack%20Bogle%20%20FUND