证券投资基金管理费用的实证分析

采用多元线性回归方法,以2000-2003年我国已发行基金为研究对象,对年度基金管理费用与基金业绩、规模之间的关系进行了实证分析。结果表明:基金业绩、规模在2000年和2001年是影响基金管理费的主要因素;但自从2002年证监会全面停止提取业绩报酬之后,基金业绩对管理费用的影响不再显著,甚至出现了基金收益系数为负的怪现象。在此基础上,提出了对我国基金管理费用改革的几点建议。

Positive Analysis on Management Fee of Investment Fund

The study is based on the data of issued funds collected from 2000 to 2003.Multiple linear regression method is used to analyze the relevance among annual fund management fee,fund performance and scale.The findings show that fund performance and scale are main factors of influencing fund management fee in 2000 and 2001;Since the Securities Supervisory Commissions stopped picking up the performance remuneration for all funds in 2002,the influences between fund performance and fund management fee were not apparent;Even it presents a strange phenomenon that the coefficience of the fund income is negative.