我国基金管理公司多元化产品设计对市场份额的溢出效应分析

发布时间：2018-02-02 09:00

本文关键词： 基金管理公司多元化产品设计市场份额溢出效应非平衡面板数据　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国证券投资基金在基金管理公司设立门槛降低之后呈现出了较快的发展速度,基金管理公司数量的增长、基金产品的逐渐丰富使基金管理公司之间的竞争愈加激烈。本文对基金管理公司实施的多元化产品策略进行了研究,发现大多数基金管理公司在竞争过程中,发行的基金只数和种类都有了不同程度的扩大。面对投资者不同的投资偏好,研究基金管理公司多元化产品策略对基金产品市场份额的影响,是有实际意义的。站在基金管理公司的角度,探讨基金管理公司产品多元化策略对产品市场份额是否存在溢出效应是本文研究的重点。同时,我国证券投资基金的投资者主要由个人投资者和机构投资者构成,这两类投资者对证券投资基金产品多元化的偏好存在一定差异,进而可能会影响基金管理公司所发产品的市场份额。因此,在基金管理公司同时面向两类投资者设计的产品中,基金公司多元化的产品策略对个人投资者或机构投资者产生的溢出效应是否不同,是本文进一步探讨的问题。本文主要基于国内外学者理论和实证研究结果,并结合我国证券投资基金发展的实际情况,设计了实证研究思路。首先,在控制基金产品属性的条件下,运用非平衡面板数据分析方法,实证研究了基金管理公司多元化产品策略对基金公司管理规模市场份额、单只基金在所有基金产品中的管理规模市场份额、每种类型基金产品在同类产品中的管理规模市场份额的影响关系。其次,本文分别用个人投资者投资、机构投资者投资形成的基金管理规模市场份额对基金管理公司发行的产品数量进行回归分析,实证了不同投资偏好下,基金管理公司多元化产品设计对管理规模影响关系的差异。基于实证,本文的主要结论为：假设每只基金产品存在差异、投资者投资行为相对固定,则基金管理公司多元化产品策略对基金公司整体管理规模市场份额、单只基金管理规模市场份额、每类基金产品管理规模市场份额存在正的溢出效应,这种正的溢出效应在个人投资者和机构投资者中均存在。从具体实证结果看,基金管理公司多元化产品设计对机构投资者投资形成的基金管理规模市场份额正向溢出效应更强。最后,在此结论的基础上,本文给出了基金管理公司发展的意见和建议。
[Abstract]:After the establishment threshold of fund management companies is lowered, the securities investment funds in our country have shown a rapid development speed, and the number of fund management companies has increased. The gradual enrichment of fund products makes the competition between fund management companies more fierce. This paper studies the diversified product strategy implemented by fund management companies and finds that most fund management companies are in the process of competition. In the face of investors' different investment preferences, the influence of diversified product strategy of fund management company on the market share of fund products has been studied. From the perspective of fund management company, it is the focus of this paper to discuss whether there is spillover effect of product diversification strategy on product market share of fund management company. At the same time, the investors of securities investment funds in China are mainly composed of individual investors and institutional investors. In turn, it may affect the market share of the products issued by the fund management company. Therefore, in the fund management company at the same time for two types of investors in the design of the product. Whether the spillover effects of diversified product strategies of fund companies on individual investors or institutional investors are different are further discussed in this paper. This paper mainly based on the domestic and foreign scholars' theory and empirical research results, and combined with the actual situation of the development of securities investment funds in China, designed empirical research ideas. First, under the condition of controlling the property of fund products. Using the non-equilibrium panel data analysis method, this paper empirically studies the market share of the fund management company's management scale market by the diversification product strategy of fund management company, and the single fund's market share of the management scale market in all the fund products. The relationship between the management scale market share of each type of fund products in the similar products. Secondly, this paper uses individual investors to invest. The market share of fund management scale formed by institutional investors has a regression analysis on the number of products issued by fund management companies, which demonstrates the different investment preferences. The difference of the relationship between the diversification product design and the management scale of fund management company. Based on the empirical results, the main conclusions of this paper are as follows: assuming that there are differences in each fund product and investors' investment behavior is relatively fixed, then the diversification product strategy of the fund management company has a market share of the overall management scale of the fund company. Single fund management scale market share, each kind of fund product management scale market share has the positive spillover effect, this kind of positive spillover effect exists in the individual investor and the institutional investor. The market share of fund management scale formed by the diversification product design of fund management company is stronger than that of institutional investor. Finally, on the basis of this conclusion. This paper gives some suggestions on the development of fund management company.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.39;F224

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