我国基金家族品牌策略研究

发布时间：2018-05-07 13:07

本文选题：基金家族 + 品牌策略　；参考：《厦门大学》2009年硕士论文

【摘要】： 作为基金市场中的重要生产部门,基金家族集中管理旗下的多只基金产品,往往从实现家族利益最大化的角度制定投资策略。为了丰富我国机构投资者发展理论,探索基金市场的运行规律,深入探究基金家族的投资行为对基金持有人权益的影响,提高我国基金市场以及整个资本市场的运行效率,本文在考察我国基金家族的产业结构、发展情况等生存现状的基础上,研究基金家族品牌策略的存在性及其有效性问题。本文主要采用定性分析、定量分析与建模检验相结合的分析模式。首先介绍基金家族的相关概念,并分析国内外有关基金家族研究的相关文献;然后回顾了我国基金市场近年来的运行状况,分析当前我国基金家族的生存环境及发展现状,并重点研究我国基金家族品牌策略的存在性问题;接下来分别构建了基金家族内明星基金品牌策略的溢出效应和示范效应模型,并进行实证分析,得出相关结论,以研究基金家族品牌策略对提高基金家族及投资者福利的效率;最后,针对我国基金业的发展现状及基金家族的品牌策略行为提出相关政策建议。通过实证研究可以发现:(1)我国基金市场中存在基金家族的品牌策略,基金家族有可能在实际投资决策中实施打造品牌的策略,刻意打压旗下某些基金的业绩,从而有针对性地拉抬另一些基金的业绩,打造基金品牌。(2)明星基金溢出效应模型的实证结果表明,我国基金家族打造明星基金品牌的行为能够提高家族的整体收益,明星基金存在溢出效应。投资者不仅更加青睐明星基金,而且倾向于增加对其家族旗下其它基金的申购比率,因此基金家族的品牌策略有助于家族整体资产规模和市场占有份额的提高。(3)对明星家族的青睐不能提高投资者的福利。明星基金示范效应模型的实证结果表明,我国基金市场中不存在明星基金的示范效应,即明星家族旗下的非明星基金没有显示出比其它基金更强的投资能力,明星基金不具备指导或示范家族内其它基金提高业绩的能力,因此基金家族的品牌策略有损于投资者的福利。(4)关于我国基金市场中投资者行为的两点发现:首先,我国投资者对股票型和积极配置型基金的申购行为体现出一种正向赎回关系;其次,我国投资者往往将资金连续、分散地投资于基金家族中的几只基金,从而达到投资风险分散化、投资工具多元化、投资效用最大化的目标。
[Abstract]:As an important production department in the fund market, the fund family centrally manages many fund products, and often formulates the investment strategy from the angle of realizing the maximum benefit of the family. In order to enrich the development theory of institutional investors in our country, explore the operating law of fund market, probe into the influence of fund family's investment behavior on the rights and interests of fund holders, and improve the efficiency of fund market and the whole capital market in our country. Based on the investigation of the industrial structure and development of the fund family in China, this paper studies the existence and effectiveness of the brand strategy of the fund family. This paper mainly adopts qualitative analysis, quantitative analysis and modeling test. This paper first introduces the relevant concepts of the fund family, and analyzes the relevant literature about the fund family research at home and abroad, then reviews the operating situation of the fund market in China in recent years, and analyzes the current living environment and development situation of the fund family in our country. And focus on the existence of the fund family brand strategy in China. Then, the author constructs the spillover effect and demonstration effect model of the star fund brand strategy in the fund family, and carries on the empirical analysis, draws the related conclusion. In order to study the efficiency of fund family brand strategy to improve the welfare of fund family and investors, finally, the paper puts forward some policy suggestions on the development of fund industry and brand strategy behavior of fund family in China. Through the empirical study, we can find that there is brand strategy of fund family in China's fund market, fund family may carry out brand building strategy in actual investment decision, and deliberately suppress the performance of some funds. The empirical results show that the behavior of creating star fund brand in China can improve the overall income of the family, so as to promote the performance of other funds and create the fund brand as a result of the spillover effect model of the star fund, and the empirical results show that the behavior of creating the star fund brand in our country can improve the overall income of the family. Star funds have spillover effects. Not only do investors prefer star funds, but they also tend to increase their subscription ratios to other funds owned by their families. Therefore, the brand strategy of the fund family helps to increase the overall asset size and market share of the family) the favor of the star family can not improve the welfare of investors. The empirical results of the model show that there is no demonstration effect of star funds in the Chinese fund market, that is, the non-star funds under the star family do not show stronger investment ability than other funds. Star funds do not have the ability to guide or demonstrate other funds in the family to improve their performance, so the brand strategy of the fund family is detrimental to the welfare of investors.) there are two findings about the behavior of investors in China's fund market: first, The investors' requisition and purchase behavior of the stock type and the active allocation fund in our country reflect a positive redemption relationship. Secondly, the investors in our country often invest their funds in several funds in the fund family in a continuous manner. In order to achieve the goal of diversification of investment risk, diversification of investment tools and maximization of investment utility.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：F832.51;F273.2

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