基金公司股权结构对基金绩效的影响

摘要中国基金管理公司的发展经历了一个复杂的过程，证券市场的特点决定了中国基金管理公司股权结构的特殊性。本文对基金公司股权结构对其旗下基金绩效的影响做了实证分析，以215只开放式基金（来自50家基金公司）2011和2012年净值收益率为样本数据，得出夏普指数，以此作为被解释变量来衡量基金绩效，以第一大股东持股比例、股权控制力以及三个虚拟变量作为解释变量，加入基金规模作为控制变量，构建回归模型，试图找出不同股权结构对基金业绩差异的实际情况。最终得到结论：第一大股东持股比例与绩效存在正相关关系； 64241

股权控制力与基金绩效存在负相关关系；绝对控股型公司基金绩效高于其他类型基金公司；合资基金公司的表现并不比中资基金公司好。

关键词基金公司股权结构基金绩效

毕业论文外文摘要

Title shareholding structure of the fund's impact on the performance of its funds

Abstract Chinese fund companies has experienced a complex process, the characteristics of China's securities market determine the special structure of the fund companies’ equity. This paper aimed at the empirical analysis of the shareholding structure of the fund's impact on the performance of its funds. Taking the sharp index as explained variables to measure fund performance, which is calculate by using the 215 open-end funds’ net yield rate（included in 50 fund companies）in 2011 and 2012, using the largest shareholder's stake, equity control and three dummy variables as explanatory variables, adding size of the fund as a control variable, to construct a multiple regression model, to find the relationship between ownership structure and fund performance. Finally, we obtained conclusions as follows: The largest shareholding ratio and performance are positively correlated while equity control and fund performance are negatively correlated; Absolute holding companies fund’s performance higher than other types of funds company while joint-venture fund management company’ performance is not better than domestic firms.

Keywords fund company equity structure fund performance

1 引言 1

1.1 研究背景 1

1.2 国内外相关研究 1

1.2.1 国内相关研究 1

1.2.2 国外相关研究 2

1.3 文章研究内容 4

2 我国基金管理公司股权结构特征 5

3 股权结构对基金绩效影响的初步分析 6

3.1 股权集中度不同对基金绩效影响的初步分析 6

3.1.1 绝对控股型股权结构对基金绩效的影响 6

3.1.2 分散型股权结构对基金绩效的影响 6

3.1.3 相对控股型股权结构对基金绩效的影响 7

3.2 股权属性对基金绩效的影响的初步分析 7

4 变量的定义与样本的选取 8

4.1 变量的定义与测度基金公司股权结构对基金绩效的影响:http://www.751com.cn/jingji/lunwen_71284.html