本文選題：單獨(dú)管理基金 + 團(tuán)隊(duì)管理基金��； 參考：《審計(jì)與經(jīng)濟(jì)研究》2017年03期

【摘要】：決策權(quán)分配與效率是組織行為研究的重要問題。通過比較決策權(quán)集中的單獨(dú)管理基金和決策權(quán)分散的團(tuán)隊(duì)管理基金的投資策略差異,提供開放式基金決策權(quán)分配結(jié)果的證據(jù)。研究發(fā)現(xiàn):團(tuán)隊(duì)管理基金有顯著為正的選股業(yè)績(jī),單獨(dú)管理基金表現(xiàn)出在股票和債券間配置組合資產(chǎn)的市場(chǎng)擇時(shí)能力。研究還發(fā)現(xiàn):團(tuán)隊(duì)管理基金沒有市場(chǎng)擇時(shí)能力是由于協(xié)調(diào)成本高;團(tuán)隊(duì)管理基金的專業(yè)化收益不能完全彌補(bǔ)其協(xié)調(diào)成本,而單獨(dú)管理基金的擇時(shí)收益則能夠彌補(bǔ)其專業(yè)化的不足;多任務(wù)管理進(jìn)一步影響決策權(quán)分配和投資策略的選擇。單獨(dú)管理基金的經(jīng)理如同時(shí)管理其他偏股型基金時(shí)擇時(shí)能力最突出,團(tuán)隊(duì)管理基金的經(jīng)理如有多任務(wù)管理則其選股業(yè)績(jī)不顯著。
[Abstract]:The allocation and efficiency of decision-making power is an important issue in the study of organizational behavior. By comparing the difference of investment strategy between the single managed fund with centralized decision-making power and the team management fund with decentralized decision-making power, the paper provides evidence for the distribution of decision power in open-end funds. It is found that team management funds have significantly positive stock selection performance, and individual management funds show the market timing ability to allocate portfolio assets between stocks and bonds. The study also found that the lack of market timing ability of team management fund is due to the high coordination cost, and the professional income of team management fund can not fully compensate for its coordination cost. However, the timing income of single fund management can make up for the shortage of specialization. Multi-task management further influences the allocation of decision-making power and the choice of investment strategy. The managers who manage the fund separately have the most outstanding timing ability when they manage other equity funds at the same time, and the managers who manage the fund by team have not remarkable performance of stock selection if they have multi-task management.
【作者單位】： 華南師范大學(xué)經(jīng)濟(jì)與管理學(xué)院;
【基金】：國(guó)家社會(huì)科學(xué)基金項(xiàng)目(14FJL002) 教育部人文社會(huì)科學(xué)一般項(xiàng)目(15YJA630073) 廣東省自然科學(xué)基金項(xiàng)目(2015A030313381) 廣州市哲學(xué)社會(huì)科學(xué)“十二五”規(guī)劃項(xiàng)目(15G21)
【分類號(hào)】：F832.51

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本文編號(hào)：1875111