| Summary: | 碩士 === 大葉大學 === 管理學院碩士在職專班 === 101 === The main purpose of this study was to investigate the determinants affecting the buying, selling and average turnover ratios of domestic stock funds from January 2003 to December 2011.Results showed that the funds with a current decreasing return had a higher turnover ratio than those with an increasing one, indicating that the managers took a more aggressive investment strategy under the pressure of individual business achievement. When the broader market performance in the current period had a positive relation with the buying, selling and average turnover ratios, namely the market index raised, investors had a higher frequency of trading behavior and managers also had more opportunities to change the portfolios.When the number of the dollar cost averaging or total monthly subscription increased, these three turnover ratios were enhanced. However, the total monthly redemption was increased with the deceasing buying, selling and the average turnover ratios. In addition, most of the large-scale funds had a lower turnover ratio than the smaller ones.
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