因為金管會宣布台灣保險業者預計在2026年與國際正式接軌全面採用 IFRS 17，致傳統型利率變動型保單優勢不再，取而代之則是由投信專家團隊代客操盤的類全權委託投資型保單，並於2021年創下保費收新高。委託具備擇時與擇股能力的經理人代為操作資金致關重要；銀行財富管理也須秉持優質服務，為客戶挑選具備抗波動與高績效的投資型保單。故本研究透過影響共同基金績效之探討文獻回顧，歸納相關研究變數，並運用獨立樣本 t 檢定、Pearson相關性分析及執行四次多元線性迴歸模型等方法進行帳戶績效影響之實證分析。結果發現經理人畢業學校等級並非影響績效之關鍵因素，此與許多文獻結論相左。但無留學經驗且具備財經科系學歷的男性經理人代操規模較大的高風險類全委投資型保單帳戶有充分證據能創造較高的績效表現 (一年夏普值)。研究期間資本環境剛好適逢多頭格局，納入三個月夏普值 (短期績效)、六個月夏普值 (中期績效) 兩項變數後並進行第四次回歸 (解釋力達84.3%)，實證結果顯示，擁有財經專業相關學歷之經理人代操較大規模的帳戶，如中期績效表現越好，便能夠創造績效持續性，對於帳戶長期動能是有助漲效應。

Due to the fact that Taiwan's insurance industry is expected to totally adopt IFRS 17 in 2026, the advantages of traditional interest sensitive policies are no longer available, and they were replaced by discretionary investment-linked policies (ILPs) that are managed by a team of investment experts in 2021. That’s why it’s important to appoint managers who have the perfect ability to operate our investment portfolios or investment account of ILPs in the right time. Therefore, we review the literature on the impact of mutual fund performance, summarizes the relevant research variables. After that, we conduct an empirical analysis of the impact of performance using independent sample t-testing, Pearson Correlation Coefficient Matrix, and the Multiple Linear Regression Model. The results show that the manager's school level was not a key factor affecting performance, which is contrary to many literature findings. However, there is strong evidence that male managers with no overseas diploma and a finance or economic degree can generate higher performance (1-year Sharpe Ratio), especially in larger -sized accounts. The fourth regression model whose coefficient of determination is 84.3% adds in the independent variable of 6-month Sharpe Ratio (medium-term performance). At this time, it shows that during the period of a bull market, managers with a finance-related degree who manage larger-sized accounts with better medium-term performance are able to create positive performance continuity and generate much better long-term performance.

摘要...............I
ABSTRACT..........II
誌謝..............III
目錄...............IV
表目錄..............VI
圖目錄...............VIII
1 前言...............9
2 文獻探討...............16
2.1 基金績效評估研究...............16
2.2 經理人影響投資組合績效相關研究 19
2.3 類全委投資型保險...............20
3. 研究方法...............26
3.1 樣本資料來源...............26
3.2 研究變數定義...............28
3.3 迴歸分析...............35
4. 實證結果...............39
4.1 敘述性統計分析...............39
4.2 操盤經理人個人屬性與帳戶風險績效之關聯...............45
4.3 帳戶、投信顧公司連續型變數與風險績效之關聯............... 51
4.4 多元線性回歸分析結果............... 56
5. 結論...............64
參考文獻...............67

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