我国基金管理公司治理结构与基金绩效关系的实证研究

发布时间：2018-03-17 18:23

本文选题：基金管理公司　切入点：基金绩效　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：近十年来,我国证券投资基金伴随着资本市场的逐渐完善实现了飞速的发展,迎来了发展的黄金时期。但是,在证券投资基金蓬勃发展的背后也存在一些问题,如基金“老鼠仓”、基金黑幕、盘后交易等违规的投资行为频繁发生,这些问题的发生都与基金管理公司的治理脱不了干系,同时也充分暴露出基金管理公司治理结构中存在问题的严重性。基金业要想实现规范化的转型不仅要从基金业的发展特征入手,更要考虑基金管理公司内部的治理模式以及基金持有人的行为。因此,对基金管理公司治理结构的深入分析研究不仅成为当下的焦点,而且具有重要的理论意义,同时也对维护基金规范持续发展有着监管层面的意义。本文以委托代理理论为出发点,将公司治理理论应用在基金管理公司的治理研究上,首先结合我国基金管理公司治理结构的现状分析其中存在的一些问题;其次,选取我国在2010年前成立的60家基金管理公司旗下336只开放型基金在2015年的截面数据,对基金管理公司的股权结构、董事会结构等变量与基金绩效之间的关系进行实证分析,研究发现国有控股的基金管理公司由于政府“帮助之手”的存在,显著提高了旗下基金的业绩,并且权利相对均衡和分散化的股权制衡结构,更有助于管理公司业绩的提升。然后,本文选取2011-2015年的数据应用动态面板模型,对治理结构从持有人的角度分析与基金绩效的关系,研究发现持有人中机构投资者持有基金比例的增加会显著提高基金的绩效,但机构投资者持有份额的增加由于机构投资者“趋利避害”的属性而与基金绩效呈反向变动。最后根据实证结果,结合我国基金管理公司的现状,提出相应的政策建议。
[Abstract]:In the past ten years, with the gradual improvement of the capital market, China's securities investment funds have achieved rapid development and ushered in a golden period of development. However, there are also some problems behind the vigorous development of the securities investment funds. For example, the fund's "rat warehouse", fund black screen, after-hours trading and other illegal investment activities frequently occur, these problems all have nothing to do with the governance of the fund management company. At the same time, it also fully exposed the seriousness of the problems existing in the governance structure of the fund management company. If the fund industry wants to realize the standardized transformation, it should not only start with the development characteristics of the fund industry, Therefore, the in-depth analysis of the governance structure of the fund management company has not only become the focus of the present, but also has important theoretical significance. At the same time, it also has the supervisory significance to maintain the fund standard sustainable development. This article regards the principal-agent theory as the starting point, applies the corporate governance theory to the fund management company governance research, This paper first analyzes some problems existing in the governance structure of fund management companies in China, and then selects the cross-section data of 336 open funds of 60 fund management companies established before 2010 in China on 2015. This paper makes an empirical analysis on the relationship between the equity structure, board structure and fund performance of the fund management company, and finds out that the state-owned fund management company has a "helping hand" because of the existence of the government. It can significantly improve the performance of the funds, and the equity balance structure, which is relatively balanced and decentralized, will help to improve the performance of the management companies. Then, this paper selects the data application dynamic panel model from 2011-2015. The relationship between the governance structure and the fund performance is analyzed from the perspective of the holder. It is found that the increase of the proportion of institutional investors holding the fund will significantly improve the performance of the fund. However, the increase of institutional investors' holding share is opposite to fund performance due to the nature of institutional investors'"seeking advantages and avoiding disadvantages". Finally, according to the empirical results, combined with the current situation of fund management companies in China, the corresponding policy recommendations are put forward.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.39

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