欧洲共同基金业发展的影响因素研究

发布时间：2018-07-21 20:54

【摘要】：共同基金是一种大众化的集合投资理财工具,19世纪80年代起源于英国。之后,欧洲各国经历了一段时间的封闭发展。随着1985年第一份UCITS基金指南的颁布,欧洲共同基金业开始了一体化的进程,UCITS基金被越来越多的投资者接受。1998-2007年间,欧洲共同基金业见证了飞速发展的十年。如今,欧洲已是全球规模第二大共同基金市场。在借鉴现有文献研究成果的基础上,本文着重分析了法律环境、行业集中度、行业竞争度、投资者保护、内幕交易监管等因素对欧洲共同基金业发展的影响。并使用金融危机前2006年的截面数据分别对各影响因素与共同基金业发展的关系做出实证研究,试图找到相关关系和相关程度。所得出的主要结论是：欧洲的法律体系健全,金融市场发展成熟,共同基金业发展历史悠久,信息披露制度完整,重视对投资者的保护,投资者教育措施齐全,基金在一体化的市场中可以跨国销售,这一系列的原因推动了欧洲共同基金业的蓬勃发展。最后,通过借鉴欧洲的发展经验,本文对我国基金业的发展提出建议。本文的创新之处在于,一方面,国内大多数学者都在研究美国共同基金市场,很少有学者对欧洲共同基金行业的结构进行系统性的剖析,即使有也是简单的数据描述。本文归纳了前人研究总结出的共同基金业的规模影响因素,梳理出内在逻辑关系,方便国内学者更好地了解欧洲市场。另一方面,本文收集了约50000只基金的数据,将其按国家分类成20个样本,运用这些国家的截面数据,对欧洲共同基金业的地区和国际发展差异进行了初步分析。
[Abstract]:Mutual fund is a popular collective investment and financing tool. After that, European countries experienced a period of closed development. With the publication of the first UCITS fund guide in 1985, the European mutual fund industry began the process of integration. UCITS funds were accepted by more and more investors between 1998 and 2007. The European mutual fund industry witnessed a decade of rapid development. Europe is now the world's second largest mutual fund market. Based on the existing literature, this paper analyzes the influence of legal environment, industry concentration, industry competition, investor protection and insider trading supervision on the development of European mutual fund industry. Using the cross-section data of 2006 before the financial crisis, the paper makes an empirical study on the relationship between the influencing factors and the development of mutual fund industry, and tries to find out the correlation and the degree of correlation. The main conclusions are: the European legal system is sound, the financial market is mature, the mutual fund industry has a long history of development, the information disclosure system is complete, the protection of investors is emphasized, and the investor education measures are complete. Funds can be sold across borders in an integrated market, a combination of reasons that have helped the European mutual fund industry flourish. Finally, this paper puts forward some suggestions on the development of China's fund industry through drawing lessons from European development experience. The innovation of this paper is that, on the one hand, most domestic scholars are studying the American mutual fund market, and few scholars systematically analyze the structure of European mutual fund industry, even if there is a simple data description. This paper summarizes the factors affecting the scale of mutual fund industry, which are summarized by predecessors, and combs out the internal logical relationship, which is convenient for domestic scholars to better understand the European market. On the other hand, this paper collects about 50000 fund data, classifies them into 20 samples according to countries, and makes a preliminary analysis of the regional and international development differences of European mutual fund industry using the cross-section data of these countries.
【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】：F835;F224

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