基金管理公司治理与基金业绩相关性实证研究

发布时间：2018-02-24 19:10

本文关键词： 基金管理公司治理基金业绩面板数据模型　出处：《湖南科技大学学报(社会科学版)》2014年03期 　论文类型：期刊论文

【摘要】：以中国14家基金管理公司及其管理的14只2003年前上市的开放式基金为样本,实证研究基金管理公司治理与基金业绩之间的相关关系。研究结果表明,在董事会特征方面,董事会规模与基金业绩呈正相关关系,独立董事占比以及总经理地位与基金业绩没有相关性;在股权结构方面,基金管理公司股东数、证券公司持有基金管理公司股份的比例、第一大股东持股比例以及第一大股东和第二大股东持股之比与基金业绩没有相关关系。因此形成较大的董事会规模、完善独立董事制度、适度分散总经理权力、进一步引入机构投资者、适度集中股权以及完善激励机制等是基金管理公司持续健康发展的保障。
[Abstract]:Based on 14 fund management companies in China and 14 open-end funds listed before 2003, this paper empirically studies the correlation between fund management corporate governance and fund performance. There is a positive correlation between the size of the board of directors and the performance of the fund, the proportion of independent directors and the status of the general manager has no correlation with the performance of the fund, in terms of equity structure, the number of shareholders of the fund management company, the proportion of the securities company holding the shares of the fund management company, The proportion of the first largest shareholder and the ratio of the first largest shareholder and the second largest shareholder have no correlation with the fund performance. Therefore, a larger board size, a perfect independent director system and a moderate decentralization of the power of the general manager are formed. Further introduction of institutional investors, moderate concentration of equity and improvement of incentive mechanism are the guarantee for the sustainable and healthy development of fund management companies.
【作者单位】：吉首大学商学院;
【基金】：国家社会科学基金项目资助(11CGL022) 湖南省研究生科研创新项目(CX2013B416)
【分类号】：F832.51

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