股市波动对基金管理费报酬的影响研究——基于中介效应的分析

利用中介效应分析方法检验了理论假设:股市波动对基金管理费报酬有积极的影响,基金业绩在股市波动对基金管理费报酬的影响中存在正的中介效应,即基金有能力在股市波动中发掘机会来提高业绩,从而提高管理费报酬。实证结果表明,在没有增加基金业绩情况下,股市波动对基金管理费报酬具有积极影响,此结论从股市波动的视角证明了基金管理费激励机制并不是激励相容的。根据实证结果,可以从基金类型多样化、扩大管理费率范围和加强投资者教育等三个方面完善基金管理费激励机制。

The Impact of Stock Market Volatility on Fund Management Fee Compensation: An Analysis of Mediating Effect

The following theoretical assumptions is tested by mediating effect method: Stock market volatility have a positive impact on the fund management fee compensation, in which fund performance has positive mediating effect, i.e., fund can catch opportunities to improve performance in stock market volatility, so as to improve the management fee compensation. The empirical results show that there is a positive impact of stock market volatility on the fund management fee compensation but fund performance is not increasing. This conclusion suggests that from the perspective of the stock market volatility fund management fee incentive mechanism is not incentive compatibility. According to the empirical results, it is proposed to improve the fund management fee incentives mechanism from the diversification of fund types, and further education on the investors.