| 基金管理公司股权结构与基金绩效研究 |
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| 引用本文： | 江萍,田澍,Cheung Yan-Leung.基金管理公司股权结构与基金绩效研究[J].金融研究,2011(6). |
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| 作者姓名： | 江萍 田澍 Cheung Yan-Leung |
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| 作者单位： | 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; |
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| 基金项目： | “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 |
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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。
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| 关 键 词： | 基金管理公司 股权结构 基金绩效 |
Ownership Structure of Fund Management Company and Fund Performance |
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| JIANG Ping TIAN Shu CHEUNG Yan-Leung.Ownership Structure of Fund Management Company and Fund Performance[J].Journal of Financial Research,2011(6). |
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| Authors: | JIANG Ping TIAN Shu CHEUNG Yan-Leung |
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| Institution: | JIANG Ping TIAN Shu CHEUNG Yan-Leung |
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| Abstract: | 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 help... |
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| Keywords: | fund management company ownership structure fund performance |
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