中国开放式基金管理费研究

发布时间：2018-01-06 20:15

本文关键词：中国开放式基金管理费研究　出处：《上海外国语大学》2014年硕士论文　论文类型：学位论文

【摘要】：从1998年3月中国成立了第一家基金公司，到2012年末已开业的73家基金公司，中国基金业已走过了近15个年头，在这短短的15年间，基金行业走过了摸索迷茫的起始阶段，走过了爆发增长的牛市阶段，走到了目前的多元化竞争阶段。随着股票市场的持续低迷，投资者对基金公司的偏见和议论逐渐集中到基金费率的问题上来，随着基金业的快速扩张，基金产品的日益复杂，行业竞争的不断加剧，投资者已不满足于当前开放式基金的固定管理费率结构，需要基金公司为投资者设计相对浮动的管理费率，以这种奖优汰劣的良性竞争手段，，将基金持有人的利益和基金管理人的利益捆绑在一起。本文从剖析中、美两国关于基金费率制定的政策选择、费率制定的决定因素、费率结构的计量方式等方面着手，进而对两国的费率设置进行比较研究，同时借鉴美国基金业的成熟体制，并结合中国现有的市场环境，提出将基金管理费率从目前的固定费率制改为浮动费率制，从而制定出符合中国市场行情的费率结构体制，此外，在提出将基金管理费率从固定费率制改为浮动费率制时，需要考虑业绩浮动的基准，本文通过研究和制定合理的管理费收费制度，不仅可以改变基金公司“旱涝保收”的状态，缓解基金持有人与基金公司间的矛盾进一步激化，同时也可以进一步激励基金公司和基金经理，强调其资产管理者的社会责任感和使命感，使其站在为投资者利益的角度出发，而非站在资产管理规模的角度去扩张产品，从而为我国基金业的健康、稳定发展起到积极的作用。
[Abstract]:From March 1998 China established the first fund companies, 73 fund companies have been opened by the end of 2012, Chinese fund has gone through nearly 15 years, in the past 15 years, the fund industry through the initial stage of exploration and, through the explosive growth of the bull market, go to the current diversified competition stage with the continued downturn in the stock market, investors in the fund's prejudice and discussion gradually concentrated to the rate of the fund issues, with the rapid expansion of the fund industry, fund products become more and more complex, industry competition continues to increase, investors have not satisfied fixed management fee structure in the open-end fund, fund companies need to investors design relative floating management fee, the award of the fittest benign competition means the interests of fund holders and fund managers interests together in this paper. From the analysis, the United States on the choice of fund rate policy determinants making rate, rate structure measurement and so on, and then on the two rates set for comparative studies, and reference the mature system of fund industry, combined with the Chinese existing market environment, the fund management fee from the current the fixed rate system to a floating rate system, so as to formulate the rate structure China market system, in addition, in the fund management fee from a fixed rate to a floating rate system, needs to consider the performance of the floating benchmark, through research and formulate reasonable management fee system, can not only change the fund the company "Hanlaobaoshou" state, to alleviate the contradiction between fund holders and fund companies to further intensify, but also can further incentive fund companies and fund by Li emphasizes the sense of social responsibility and sense of mission of its asset managers, making it stand for investors' interests rather than standing on the scale of asset management to expand products, so as to play a positive role in the healthy and stable development of China's fund industry.

【学位授予单位】：上海外国语大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

【参考文献】