文章摘要
基金管理公司治理与基金业绩相关性实证研究
Empirical Research on Correlation between Governance of Fund Management Corporation and Fund Performance
  
DOI:
中文关键词: 基金管理公司  治理  基金业绩  面板数据模型
英文关键词: fund management corporations  governance  fund performance  panel data model
基金项目:国家社会科学基金项目资助(11CGL022),湖南省研究生科研创新项目(CX2013B416)
作者单位
彭耿,殷强 吉首大学 商学院湖南 吉首 416000 
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中文摘要:
      以中国14家基金管理公司及其管理的14只2003年前上市的开放式基金为样本,实证研究基金管理公司治理与基金业绩之间的相关关系。研究结果表明,在董事会特征方面,董事会规模与基金业绩呈正相关关系,独立董事占比以及总经理地位与基金业绩没有相关性;在股权结构方面,基金管理公司股东数、证券公司持有基金管理公司股份的比例、第一大股东持股比例以及第一大股东和第二大股东持股之比与基金业绩没有相关关系。因此形成较大的董事会规模、完善独立董事制度、适度分散总经理权力、进一步引入机构投资者、适度集中股权以及完善激励机制等是基金管理公司持续健康发展的保障。
英文摘要:
      Taking the 14 fund management corporations in China and their 14 Listed Open-end Fund before 2003 as the example, the paper makes an empirical study of the relationship between the governance of fund corporations and the fund performances. The research results show that regarding the characteristics of the board of directors, the scale of the board of directors is positively related to the fund performance, and there was no correlation between the proportion of independent directors or the position of general manager and the fund performance. As far as the equity structure is concerned, the fund performance is not related with the number of shareholders of fund corporations, the proportion of the shares of the fund corporations held by securities corporations, share ratio of the largest shareholder and the shareholding ratio between the first big shareholder and the second largest shareholder. Thus, the formation of larger scale of board of directors, the completion of independent directors institution, the moderate deconcentration of general manager’s power, further introduction of institutional investors, the moderate concentration of equity and the perfection of the incentive mechanism will ensure a sustainable and healthy development for fund corporations.
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