發(fā)布時間：2018-06-07 18:52

  本文選題：同業(yè)競爭 + 基金費(fèi)率��； 參考：《中南大學(xué)》2012年碩士論文

【摘要】：證券投資基金是中國資本市場的重要參與主體,也是重要的投資理財工具。其中,開放式基金正逐漸成為我國基金市場的主流。目前我國基金業(yè)面臨的競爭環(huán)境日趨激烈,主要體現(xiàn)在基金市場參與主體數(shù)量不斷增多、投資對象不斷豐富、渠道方向不斷拓寬等等方面。適度的競爭可以提升基金效率,降低投資成本,為投資者創(chuàng)造更多的利益；從而也吸引更多的投資者和資金進(jìn)入到證券投資基金市場,增加基金的規(guī)模；同時規(guī)范基金主體行為,推動證券投資基金市場的整體發(fā)展。 但隨著基金公司數(shù)量的增長和基金產(chǎn)品種類的豐富,加之可贖回機(jī)制保障下的投資者“用腳投票”,激烈的競爭也導(dǎo)致基金面臨的價格壓力大大增加,過度競爭造成的價格惡戰(zhàn)甚至反而阻礙基金行業(yè)的發(fā)展。 本文采用市場集中度來衡量基金之間的同業(yè)競爭,通過分析基金行業(yè)資產(chǎn)凈值占GDP比、國內(nèi)股票方向基金資產(chǎn)凈值占A股市值比、托管市場集中度等幾個指標(biāo),研究同業(yè)競爭對基金費(fèi)率造成的影響。通過對2001年到2011年我國開放式股票型基金的實(shí)證研究后發(fā)現(xiàn),基金的費(fèi)率與基金同業(yè)競爭呈現(xiàn)負(fù)相關(guān)的關(guān)系,即隨著基金同業(yè)競爭程度的增加,基金的費(fèi)率也隨之降低。最后,根據(jù)實(shí)證研究,結(jié)合我國證券投資基金市場的實(shí)際,本文針對現(xiàn)存的問題提出了增強(qiáng)基金公司競爭力的政策建議,以促進(jìn)證券投資基金市場的發(fā)展。
[Abstract]:Securities investment fund is an important participant in Chinese capital market and also an important investment financing tool. Among them, the open-end fund is gradually becoming the mainstream of the fund market in our country. At present, the competition environment of the fund industry in our country is becoming increasingly fierce, which is mainly reflected in the increasing number of participants in the fund market, the continuous enrichment of investment objects, the widening of channels and so on. Moderate competition can improve fund efficiency, reduce investment cost, create more benefits for investors, attract more investors and funds into the securities investment fund market, and increase the size of the fund. At the same time, we should standardize the behavior of the main body of the fund and promote the overall development of the securities investment fund market. However, with the growth of the number of fund companies and the rich variety of fund products, and with the investors "voting with their feet" under the guarantee of redemption mechanism, The fierce competition also causes the price pressure of the fund to increase greatly, and the price war caused by excessive competition even hinders the development of the fund industry. In this paper, the market concentration is used to measure the peer competition among the funds. By analyzing the ratio of net assets to market value of fund industry, the ratio of domestic equity to A-share market value and the concentration of trusteeship market, this paper studies the influence of peer competition on fund rate. Through the empirical study of open-end equity funds in China from 2001 to 2011, it is found that there is a negative correlation between the rate of funds and the competition among funds, that is, with the increase of the degree of competition among funds, the rates of funds also decrease. Finally, according to the empirical research and the reality of China's securities investment fund market, this paper puts forward some policy suggestions to enhance the competitiveness of the fund companies in order to promote the development of the securities investment fund market.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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本文編號：1992381