我国开放式股票型基金同业竞争对基金费率的影响研究

发布时间：2018-06-07 18:52

本文选题：同业竞争 + 基金费率　；参考：《中南大学》2012年硕士论文

【摘要】：证券投资基金是中国资本市场的重要参与主体,也是重要的投资理财工具。其中,开放式基金正逐渐成为我国基金市场的主流。目前我国基金业面临的竞争环境日趋激烈,主要体现在基金市场参与主体数量不断增多、投资对象不断丰富、渠道方向不断拓宽等等方面。适度的竞争可以提升基金效率,降低投资成本,为投资者创造更多的利益；从而也吸引更多的投资者和资金进入到证券投资基金市场,增加基金的规模；同时规范基金主体行为,推动证券投资基金市场的整体发展。但随着基金公司数量的增长和基金产品种类的丰富,加之可赎回机制保障下的投资者“用脚投票”,激烈的竞争也导致基金面临的价格压力大大增加,过度竞争造成的价格恶战甚至反而阻碍基金行业的发展。本文采用市场集中度来衡量基金之间的同业竞争,通过分析基金行业资产净值占GDP比、国内股票方向基金资产净值占A股市值比、托管市场集中度等几个指标,研究同业竞争对基金费率造成的影响。通过对2001年到2011年我国开放式股票型基金的实证研究后发现,基金的费率与基金同业竞争呈现负相关的关系,即随着基金同业竞争程度的增加,基金的费率也随之降低。最后,根据实证研究,结合我国证券投资基金市场的实际,本文针对现存的问题提出了增强基金公司竞争力的政策建议,以促进证券投资基金市场的发展。
[Abstract]:Securities investment fund is an important participant in Chinese capital market and also an important investment financing tool. Among them, the open-end fund is gradually becoming the mainstream of the fund market in our country. At present, the competition environment of the fund industry in our country is becoming increasingly fierce, which is mainly reflected in the increasing number of participants in the fund market, the continuous enrichment of investment objects, the widening of channels and so on. Moderate competition can improve fund efficiency, reduce investment cost, create more benefits for investors, attract more investors and funds into the securities investment fund market, and increase the size of the fund. At the same time, we should standardize the behavior of the main body of the fund and promote the overall development of the securities investment fund market. However, with the growth of the number of fund companies and the rich variety of fund products, and with the investors "voting with their feet" under the guarantee of redemption mechanism, The fierce competition also causes the price pressure of the fund to increase greatly, and the price war caused by excessive competition even hinders the development of the fund industry. In this paper, the market concentration is used to measure the peer competition among the funds. By analyzing the ratio of net assets to market value of fund industry, the ratio of domestic equity to A-share market value and the concentration of trusteeship market, this paper studies the influence of peer competition on fund rate. Through the empirical study of open-end equity funds in China from 2001 to 2011, it is found that there is a negative correlation between the rate of funds and the competition among funds, that is, with the increase of the degree of competition among funds, the rates of funds also decrease. Finally, according to the empirical research and the reality of China's securities investment fund market, this paper puts forward some policy suggestions to enhance the competitiveness of the fund companies in order to promote the development of the securities investment fund market.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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