股权结构对基金公司经营绩效的影响

发布时间：2018-10-25 20:26

【摘要】：基金作为一种间接理财工具,因为其专业管理、利益共享、风险共担等优点,自诞生之日起就受到了广大投资者的青睐。2001年,我国发行了第一只开放式基金,基金公开募资的阶段拉开了序幕。2003年第十届全国人民代表大会常务委员会第五次会议审议通过了《中华人民共和国证券投资基金法》,基金业健康公正的法律环境得到了保障,为我国基金行业的快速发展扫清了道路。据中国证券投资基金协会统计,截止2013年,我国公募基金公司已达到87家。随着“大资管”概念的兴起,我国的基金行业迎来了新一波的发展浪潮,专家预计到2014年末,我国的公募基金公司有望突破100家。通过多年的研究,人们已经逐步认识到股权结构能够在决策效率、监督成本、人事变动等方面对公司的经营绩效产生重要影响。基金公司作为一类特殊形式的服务型企业,股权结构与一般的生产型企业有着较大的不同。我国的基金公司均为有限责任制,股权掌握在少数企业法人手中,股权集中度高,股权变动较为频繁,再加之近年来国外资本入股基金公司、拥有银行背景的基金公司相继成立、非金融性企业控股基金,我国基金公司的股权结构与一般上市公司以及国外基金公司有着很大的不同。我国基金公司的经营绩效是否会像一般上市公司一样受到股权结构的影响?这一问题不免引起投资者的关心。为了弄清这一问题,本文以我国基金行业的发展现状开篇,介绍了前人关于股权结构对于基金绩效影响的现行成果。然后比较分析了包括净值增长率、Sharpe指数、Treynor指数、Jensen指数等不同的基金绩效衡量方法,并介绍了通过T-M模型、H-M模型衡量基金择时、择股能力的原理。在实证分析方面,文章分别采用净值增长率、Sharpe指数、Treynor指数、Jensen指数、T-M模型择股指标、T-M模型择时指标作为衡量基金绩效的被解释变量；采用第一大股东持股比例、前两大股东持股比例、前三大股东持股比例、Herfindahl指数、基金公司股东数量、第一大股东与第二大股东持股比例的比值、外资持股比例、金融机构持股比例、国企持股比例作为解释变量；通过检验回归方程系数的显著性,探究股权集中程度、股东性质对于基金公司经营绩效的影响。最后,运用主成分分析法,建立基金绩效的综合评价指标,通过股权结构的各个指标对综合指标进行回归,验证前面结论的有效性。经实证分析发现,文章得出四个结论：第一,我国基金公司股东数量较少,股权结构简单,股权集中度高。第二,第一大股东控股优势明显、股权集中程度较高的基金公司绩效较好。第三,国企所带来的“帮助之手”效应会对基金公司的经营绩效产生正的影响。第四,外国资本、金融机构的持股比例未能向预期一样对基金公司的经营绩效产生明显的影响。
[Abstract]:As an indirect financing tool, the fund has been favored by the majority of investors since its birth because of its advantages of professional management, benefit-sharing and risk-sharing. In 2001, China issued its first open-end fund. The stage of public fund raising began. At the fifth meeting of the standing Committee of the Tenth National people's Congress in 2003, the "Law of the people's Republic of China on Securities Investment funds" was adopted. The healthy and fair legal environment of fund industry has been guaranteed, which clears the way for the rapid development of fund industry in our country. According to the statistics of China Securities Investment Fund Association, there are 87 public fund companies in China as of 2013. With the rise of the concept of "large capital management", the fund industry of our country has ushered in a new wave of development tide. Experts predict that by the end of 2014, the number of public offering fund companies in our country is expected to exceed 100. Through years of research, people have gradually realized that ownership structure can have an important impact on the performance of the company in the aspects of decision-making efficiency, supervision cost, personnel change and so on. As a special type of service enterprises, the equity structure of fund companies is quite different from that of general productive enterprises. The fund companies in our country are all limited liability system, the ownership is held in the hands of a few enterprise legal persons, the share right concentration degree is high, the stock right changes frequently, and in addition in recent years, the foreign capital has invested in the fund company. Fund companies with bank background have been established one after another, non-financial enterprises holding funds, the equity structure of fund companies in China is very different from the general listed companies and foreign fund companies. Will the performance of fund companies in our country be affected by the equity structure just like the general listed companies? This problem inevitably arouses the concern of investors. In order to clarify this problem, this paper begins with the development of fund industry in our country, and introduces the current results of previous studies on the influence of equity structure on fund performance. Then it compares and analyzes the different methods of fund performance measurement, including net value growth rate, Sharpe index, Treynor index, Jensen index and so on, and introduces the principle of measuring fund timing and stock selection ability by T-M model and H-M model. In the empirical analysis, the paper uses net worth growth rate, Sharpe index, Treynor index, Jensen index, T-M model stock selection index, T-M model timing index as explained variables to measure fund performance. The ratio of the largest shareholders, the first two shareholders, the first three shareholders, the Herfindahl index, the number of shareholders in the fund company, the ratio of the largest shareholder to the second largest shareholder, the proportion of foreign ownership, The proportion of financial institutions holding shares and the proportion of state-owned enterprises holding shares as explanatory variables; By testing the significance of regression equation coefficient, this paper probes into the influence of the degree of equity concentration and the nature of shareholders on the performance of the fund company. Finally, the principal component analysis method is used to establish the comprehensive evaluation index of fund performance, and the index of equity structure is regressed to verify the validity of the previous conclusions. Through empirical analysis, the paper draws four conclusions: first, the number of shareholders of fund companies in China is relatively small, the ownership structure is simple, and the concentration of equity is high. Second, the first largest shareholder controlling advantage is obvious, and the fund company with higher degree of equity concentration has better performance. Third, the "hand of help" effect brought by state-owned enterprises will have a positive impact on the performance of fund companies. Fourth, the proportion of foreign capital and financial institutions does not have a significant impact on the performance of fund companies as expected.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F832.39

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