基金管理公司股权结构与基金绩效研究被引量：39

Ownership Structure of Fund Management Company and Fund Performance

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摘要本研究采用2004～2010年期间的开放式股票型基金为样本,应用Carhart的四因子模型作为衡量基金投资质量与绩效的评价指标,以基金管理公司的股权结构为切入点,研究基金管理公司组织与股权结构对旗下基金绩效的影响。在控制了基金特征和基金经理特征后,我们发现国有控股和中外合资基金管理公司旗下的基金绩效较好。表明我国基金行业存在国有资本的"帮助之手"效应;此外,外资参股有利于提高基金业绩。 This paper investigates the relationship between ownership structure of fund management company and fund performance using a sample of stock-type open-ended mutual funds in China from 2004-2010. Using Carhart 4-factor model to evaluate fund performance and controlling for fund characteristics and fund manager features, the paper finds that fund managed by a state-controlled fund company or a joint-ventured fund management company outperforms their peers. This finding suggests that state ownership plays a helping hand effect on fund performance, and foreign ownership benefits fund holders with superior investment experience.

作者江萍田澍 Cheung Yan-Leung

机构地区对外经济贸易大学国际经济贸易学院复旦大学管理学院香港浸会大学商学院

出处《金融研究》 CSSCI 北大核心 2011年第6期123-135,共13页 Journal of Financial Research

基金 "对外经济贸易大学创新团队资助项目"和"对外经济贸易大学‘211'工程建设项目" "复旦大学管理学院科研启动基金" "上海市科技发展基金软科学研究重点项目(项目编号:11692102200)"资助

关键词基金管理公司股权结构基金绩效 fund management company, ownership structure, fund performance

分类号 F832.51 [经济管理—金融学]

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参考文献30

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