國內基金經理人替換速度相當快，究竟是什麼因素造成此現象，而替換後又造成什麼影響，此相當值得我們探討。本研究以1996年至2009年台灣的股票開放型基金為樣本，探討基金經理人替換前後，包括基金績效、基金風險、基金經理人特性、基金規模、週轉率、費用率、基金成立年數是否有差異，以及哪些特性造成基金經理人被替換。研究發現基金經理人替換後報酬率高於替換前，但基金經理人替換後，風險並未降低。基金經理人替換後，傾向用學歷更高的經理人，但基金經理人的任期反而縮短。此外，我們亦發現績效愈差，經理人愈容易被替換，但只有在Jensen指標下是成立的。男性或學歷愈低經理人較容易被替換，基金規模愈小，週轉率愈高的基金，經理人也愈容易被替換。

There is high managerial turnover in the fund industry in Taiwan. Understanding the replacement effects in a mutual fund setting is useful for fund investors. Using a sample of 456 domestic equity fund managers replacements between 1996-2009, this paper examines the pre and post differencesaround the replacements of mutual fund managers in performance, risk, characteristics of fund managers (manager's sex, education and tenure) and characteristics of fund (fund's size, turnover ratio, expense ratio and age). A logistic model is used to estimate the probability of each managerial turnover.Resultsshow that the post-replacement performances relative to the past performances of the fund, the rate of returnswere significant. In addition, the risks did not decrease after manager replacements. We find that the mangers have higher education after the fund manager changes, but fund manager's tenure was significantly reduced. Finally, we find that the poor performance managers weremore easily to be replaced, only under the Jensen index was established. We also find that male managers and lower educated managers were more likely to be replaced. For smaller size fund, and higher turnover rate funds, managers were also more easily to be replaced.