主要的結論為：(一) 繆震宇(2005)基金評等系統及TEJ基金評等系統與基金未來之績效表現無顯著之關聯性。(二) 基金之型態不影響繆震宇(2005)基金評等系統與基金未來績效表現之關聯性，但基金成立期間之長短卻會影響兩者間之關聯性。(三)基金之型態及成立期間之長短皆會影響TEJ基金評等系統與基金未來績效表現之關聯性。(四)以評估期間為半年之Sharpe Index為績效指標時，基金具有顯著之績效持續性。(五)基金之型態及成立期間之長短會影響基金績效之持續性。 Mutual fund has become the indispensable tool for investors. It has become an important issue how investors select mutual fund which owns risk that they can take and has high return. Facing the difficulty, most investors use the past performance and ratings of mutual fund as their guide to recognize and select funds. The guide means that mutual fund has persistence of performance, but there is no conclusion if the persistence is exits. In this study, we adopt Maio, Chen-Yu’s (2005) ratings and TEJ ratings of domestic-stock mutual funds in Dec. 2003 as samples discussing the relationship among ratings and the performance during different periods; how the types and the age of mutual fund affect the relationship. Finally, it describes the relationship among Sharpe Index that adopts different evaluation periods and the performance during different periods.; how the types and the age of mutual fund affect the relationship. The main conclusions are: (1) No significant relationship between Maio, Chen-Yu’s (2005) ratings and mutual fund future performance. (2) The types of mutual fund will not affect the relationship between Maio, Chen-Yu’s (2005) ratings and mutual fund future performance, but ages of mutual fund will affect the relationship. (3) The types and ages of mutual fund will affect the relationship between TEJ ratings and mutual fund future performance. (4) There is a significant persistence in mutual fund performance with Sharpe Index that is evaluated with half a year. (5) The types and ages of mutual fund will affect the persistence of mutual fund performance.
