基金公司股权结构对基金业绩的影响性研究

发布时间：2018-10-25 15:21

【摘要】：伴随着我国资本市场的不断发展,基金管理公司作为重要的机构投资者起到了越来越重要的作用。尤其是2004年《证券投资基金法》正式执行以及2006年《基金公司治理准则(试行)》颁布,我国基金管理公司发展步入了新的历史阶段,基金公司的数量和规模都有了较大的增长。众所周知,一家公司的股东对公司的运营有着显著的影响。曾有多位研究学者对一般上市公司进行研究,发现一家公司的股权结构对公司的业绩有着显著的影响。但是基金公司作为一类特殊的金融企业,其股权结构与一般上市公司有较大不同。那么,基金公司的股权结构会不会直接或间接地对基金业绩产生某些影响呢?这正是本文所要研究的问题。本文首先回顾了我国基金管理公司的发展历程,研究了我国基金管理公司股权结构的变化趋势,分析了基金公司治理结构对于基金经理可能产生的影响。接着,本文先从基金公司整体业绩的角度入手,研究基金公司股权结构对基金业绩的影响。本文分别采用基金业绩评价的三种指标,进行了多组多元回归分析,发现外资股东入股比例对基金公司整体业绩有显著的负影响,而基金公司股权集中度与证券公司入股比例对基金公司整体业绩没有显著影响。随后,本文进一步研究了基金公司股权结构对基金经理变动率的影响,通过相关实证分析,我们发现基金公司股权集中度对基金经理变动率有显著负影响,即基金公司股权集中度越高,基金经理变动率越低,基金经理团队越稳定。最后,本文还采用单只普通股票型基金为样本,研究了基金公司股权结构对基金经理选股与择时能力的影响。通过相关实证分析,我们发现基金公司股权集中度可能会对基金经理择时能力产生负影响,但是其显著水平并不稳定；证券公司入股比例对基金经理择时能力有显著的负影响,对基金经理选股能力有显著正影响；而外资公司入股比例对基金经理择时和选股能力均没有显著影响。在详实的实证分析部分之后,本文还探讨了基金公司股权集中度对基金经理变动率影响的原因,分析了证券公司入股比例对基金经理选股和择时能力的影响因素,探究了外资股东入股基金公司对基金业绩产生负面影响的成因,并对基金公司股权结构提出了相关政策建议。基金公司股权结构对基金公司旗下基金业绩有着显著的影响,伴随着基金公司股东性质的多样化趋势,研究基金公司最优股权结构对于基金行业的发展有着重要的理论与实际意义。
[Abstract]:With the development of capital market in China, fund management company plays an increasingly important role as an important institutional investor. Especially, with the implementation of the Securities Investment Fund Law in 2004 and the promulgation of the Fund Company Governance Standard in 2006, China's fund management companies have entered a new historical stage, and the number and scale of fund companies have increased greatly. It is well known that the shareholders of a company have a significant influence on the operation of the company. Many researchers have studied the general listed companies and found that the ownership structure of a company has a significant impact on the performance of the company. However, as a special kind of financial enterprise, the equity structure of fund company is quite different from that of general listed company. So, will the equity structure of the fund company directly or indirectly affect the performance of the fund? This is precisely the question that this text wants to study. This paper first reviews the history of the development of fund management companies in China, studies the changing trend of equity structure of fund management companies in China, and analyzes the possible impact of the governance structure of fund companies on fund managers. Then, from the perspective of the overall performance of the fund company, this paper studies the influence of the equity structure of the fund company on the performance of the fund. This paper adopts three kinds of indicators of fund performance evaluation, and carries out multiple regression analysis. It is found that the proportion of foreign shareholders has a significant negative impact on the overall performance of the fund company. However, there is no significant effect on the overall performance of the fund company. Then, this paper further studies the influence of the equity structure of the fund company on the change rate of the fund manager. Through the empirical analysis, we find that the equity concentration of the fund company has a significant negative impact on the change rate of the fund manager. That is, the higher the equity concentration, the lower the change rate of fund manager and the more stable the fund manager team. Finally, this paper studies the influence of the equity structure of the fund company on the stock selection and timing ability of the fund managers by using a single ordinary stock fund as a sample. Through the empirical analysis, we find that the concentration degree of equity of fund companies may have a negative impact on the timing ability of fund managers, but its significant level is not stable, and the proportion of securities companies has a significant negative impact on the timing ability of fund managers. It has a significant positive effect on fund managers' stock selection ability, while the proportion of foreign capital companies has no significant influence on fund managers' timing and stock selection ability. After the detailed empirical analysis, this paper also discusses the influence of the concentration of equity on the fund manager's change rate, and analyzes the factors that affect the fund manager's stock selection and timing ability. This paper probes into the causes of the negative influence of foreign shareholders' equity ownership on the fund performance, and puts forward some relevant policy suggestions on the equity structure of the fund company. The equity structure of the fund company has a significant influence on the fund performance of the fund company, which is accompanied by the diversification trend of the shareholder nature of the fund company. It is of great theoretical and practical significance to study the optimal equity structure of fund companies for the development of fund industry.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【参考文献】