基金公司市场份额影响因素分析——来自我国开放式基金市场的证据

发布时间：2018-01-23 07:11

本文关键词： 开放式基金基金公司市场份额创新策略　出处：《证券市场导报》2014年07期 　论文类型：期刊论文

【摘要】：本文以2004~2012年提供开放式基金的基金公司为研究样本,通过构建动态面板模型,运用系统广义距(system GMM)方法,实证检验了我国基金公司市场份额的影响因素,并进一步细分市场,探讨了不同基金市场上各个因素作用的差异性。我们研究发现:总体而言,投资者并不偏好行业经验丰富和旗下基金数目众多的老牌基金公司,而以基金公司的绩效作为重要的投资决策依据。增加新基金供给数量对提高基金公司市场份额的贡献边际递减。当期基金公司推新强度是影响市场份额的重要因素。基金公司的股权结构对市场份额没有显著影响。在股票型基金市场上,造星策略尤为重要。与股票型基金市场一致,混合型基金市场上,投资者也偏好具有创新精神的基金公司。债券型基金市场上,推新强度具有决定性作用。
[Abstract]:In this paper, the open-end fund companies from 2004 to 2012 as the research sample, through the construction of dynamic panel model, the use of system generalized distance system GMMs. This paper empirically tests the influencing factors of market share of fund companies in China, and further subdivides the market, and probes into the differences of the roles of various factors in different fund markets. We find that: overall. Investors do not prefer established fund companies with rich industry experience and a large number of their funds. The contribution of increasing the supply of new funds to increasing the market share of the fund companies is diminishing marginally. The strength of the current fund companies is the important factor that affects the market share. The equity structure of the fund company has no significant effect on the market share. In line with the stock fund market, investors also prefer innovative fund companies in the mixed fund market. In the bond fund market, the new strength plays a decisive role.
【作者单位】：中山大学岭南学院;
【分类号】：F832.51
【正文快照】： 引言自2001年以来,我国的开放式基金行业经历了跨越式发展。提供开放式基金的基金公司由起初的3家增加至2012年的70家,旗下开放式基金总数由3只增加至1130只,开放式基金总资产净值规模由118亿元增加至最高时2007年的30,393.27亿元。但受国际金融危机的影响,2008年总资产净值跌

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