【摘要】：伴隨著我國資本市場的不斷發(fā)展,基金管理公司作為重要的機構(gòu)投資者起到了越來越重要的作用。尤其是2004年《證券投資基金法》正式執(zhí)行以及2006年《基金公司治理準則(試行)》頒布,我國基金管理公司發(fā)展步入了新的歷史階段,基金公司的數(shù)量和規(guī)模都有了較大的增長。 眾所周知,一家公司的股東對公司的運營有著顯著的影響。曾有多位研究學者對一般上市公司進行研究,發(fā)現(xiàn)一家公司的股權(quán)結(jié)構(gòu)對公司的業(yè)績有著顯著的影響。但是基金公司作為一類特殊的金融企業(yè),其股權(quán)結(jié)構(gòu)與一般上市公司有較大不同。那么,基金公司的股權(quán)結(jié)構(gòu)會不會直接或間接地對基金業(yè)績產(chǎn)生某些影響呢?這正是本文所要研究的問題。 本文首先回顧了我國基金管理公司的發(fā)展歷程,研究了我國基金管理公司股權(quán)結(jié)構(gòu)的變化趨勢,分析了基金公司治理結(jié)構(gòu)對于基金經(jīng)理可能產(chǎn)生的影響。接著,本文先從基金公司整體業(yè)績的角度入手,研究基金公司股權(quán)結(jié)構(gòu)對基金業(yè)績的影響。本文分別采用基金業(yè)績評價的三種指標,進行了多組多元回歸分析,發(fā)現(xiàn)外資股東入股比例對基金公司整體業(yè)績有顯著的負影響,而基金公司股權(quán)集中度與證券公司入股比例對基金公司整體業(yè)績沒有顯著影響。隨后,本文進一步研究了基金公司股權(quán)結(jié)構(gòu)對基金經(jīng)理變動率的影響,通過相關(guān)實證分析,我們發(fā)現(xiàn)基金公司股權(quán)集中度對基金經(jīng)理變動率有顯著負影響,即基金公司股權(quán)集中度越高,基金經(jīng)理變動率越低,基金經(jīng)理團隊越穩(wěn)定。最后,本文還采用單只普通股票型基金為樣本,研究了基金公司股權(quán)結(jié)構(gòu)對基金經(jīng)理選股與擇時能力的影響。通過相關(guān)實證分析,我們發(fā)現(xiàn)基金公司股權(quán)集中度可能會對基金經(jīng)理擇時能力產(chǎn)生負影響,但是其顯著水平并不穩(wěn)定；證券公司入股比例對基金經(jīng)理擇時能力有顯著的負影響,對基金經(jīng)理選股能力有顯著正影響；而外資公司入股比例對基金經(jīng)理擇時和選股能力均沒有顯著影響。在詳實的實證分析部分之后,本文還探討了基金公司股權(quán)集中度對基金經(jīng)理變動率影響的原因,分析了證券公司入股比例對基金經(jīng)理選股和擇時能力的影響因素,探究了外資股東入股基金公司對基金業(yè)績產(chǎn)生負面影響的成因,并對基金公司股權(quán)結(jié)構(gòu)提出了相關(guān)政策建議。 基金公司股權(quán)結(jié)構(gòu)對基金公司旗下基金業(yè)績有著顯著的影響,伴隨著基金公司股東性質(zhì)的多樣化趨勢,研究基金公司最優(yōu)股權(quán)結(jié)構(gòu)對于基金行業(yè)的發(fā)展有著重要的理論與實際意義。
[Abstract]:With the development of capital market in China, fund management company plays an increasingly important role as an important institutional investor. Especially, with the implementation of the Securities Investment Fund Law in 2004 and the promulgation of the Fund Company Governance Standard in 2006, China's fund management companies have entered a new historical stage, and the number and scale of fund companies have increased greatly. It is well known that the shareholders of a company have a significant influence on the operation of the company. Many researchers have studied the general listed companies and found that the ownership structure of a company has a significant impact on the performance of the company. However, as a special kind of financial enterprise, the equity structure of fund company is quite different from that of general listed company. So, will the equity structure of the fund company directly or indirectly affect the performance of the fund? This is precisely the question that this text wants to study. This paper first reviews the history of the development of fund management companies in China, studies the changing trend of equity structure of fund management companies in China, and analyzes the possible impact of the governance structure of fund companies on fund managers. Then, from the perspective of the overall performance of the fund company, this paper studies the influence of the equity structure of the fund company on the performance of the fund. This paper adopts three kinds of indicators of fund performance evaluation, and carries out multiple regression analysis. It is found that the proportion of foreign shareholders has a significant negative impact on the overall performance of the fund company. However, there is no significant effect on the overall performance of the fund company. Then, this paper further studies the influence of the equity structure of the fund company on the change rate of the fund manager. Through the empirical analysis, we find that the equity concentration of the fund company has a significant negative impact on the change rate of the fund manager. That is, the higher the equity concentration, the lower the change rate of fund manager and the more stable the fund manager team. Finally, this paper studies the influence of the equity structure of the fund company on the stock selection and timing ability of the fund managers by using a single ordinary stock fund as a sample. Through the empirical analysis, we find that the concentration degree of equity of fund companies may have a negative impact on the timing ability of fund managers, but its significant level is not stable, and the proportion of securities companies has a significant negative impact on the timing ability of fund managers. It has a significant positive effect on fund managers' stock selection ability, while the proportion of foreign capital companies has no significant influence on fund managers' timing and stock selection ability. After the detailed empirical analysis, this paper also discusses the influence of the concentration of equity on the fund manager's change rate, and analyzes the factors that affect the fund manager's stock selection and timing ability. This paper probes into the causes of the negative influence of foreign shareholders' equity ownership on the fund performance, and puts forward some relevant policy suggestions on the equity structure of the fund company. The equity structure of the fund company has a significant influence on the fund performance of the fund company, which is accompanied by the diversification trend of the shareholder nature of the fund company. It is of great theoretical and practical significance to study the optimal equity structure of fund companies for the development of fund industry.
【學位授予單位】：復(fù)旦大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224

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