本研究主要在探討台灣上市櫃公司的無控制權投資績效。由於過去沒有相關文獻的探討，因此，本文以基金投資的觀點切入，納入基金績效評估時常用的選股能力與擇時能力的分析技巧。首先，我們選擇以市場單因子模型(Black et al. (1972))來解釋無控制權投資市場，將此模型與Treynor and Mazuy {1966}所提出的模型做結合，分析公司經理人的選股與擇時能力。其次，進一步探討影響各公司選股能力與擇時能力差異的因素。研究結果發現，在樣本研究期間中，平均而言公司管理者不具備良好的選股能力，但其具備些微的擇時能力。The purpose of this paper is to access the non-controlling stock performance generatedby companies listed on the Taiwan stock market.We view firms' stock tradings as mutual fund investments.Using the same measurement of mutual fund performance,we analyze stock selectivity and timing ability of firm managers.First, we select one-factor model propose by Black et al. (1972) to explain the non-controlling stock market.We analyze selectivity and timing ability of firm managersby combining one-factor model with the model proposed by Treynor and Mazuy (1966).Second, we conduct regression tests to better understand factors that result invarious selectivity and timing ability among firms.On average, there is no evidence of selectivity performance by firm managers.The result exhibits slightly positive timing performance.
