發(fā)布時間：2018-05-13 09:09

  本文選題：開放式基金 + 基金規(guī)模��； 參考：《對外經(jīng)濟貿(mào)易大學》2014年碩士論文

【摘要】：隨著我國資本市場的發(fā)展，投資者的日益成熟，我國開放式基金的規(guī)模逐年攀升，基金管理公司發(fā)行的基金數(shù)量也逐年快速增長。截至2014年上半年，我國境內(nèi)共有基金管理公司93家，管理的開放式基金規(guī)模達到36118.22億元，創(chuàng)業(yè)歷史新高；境內(nèi)共有1714只公募基金，其中1587只為開放式基金，占據(jù)主導(dǎo)地位�；鸸境鲇谧陨砝孀畲蠡目紤]，總是追求更大的規(guī)模，由于基金公司收取固定費率的管理費，因此更大的規(guī)模就意味著更多的收入，但是一只基金的規(guī)模越大對投資者來說是否是好事呢？規(guī)模大是否能給投資者帶來更多收益呢？一些基金在達到一定規(guī)模之后會暫停申購，基金規(guī)模越大是否對基金業(yè)績有不利影響，這值得我們深思。一般認為，大型基金公司會擁有更多的資源，能購買更多數(shù)據(jù)，雇傭更多專業(yè)人員，同時基金管理中一些固定成本的部分不會隨著規(guī)模的擴大而同比例擴大，這會給基金帶來規(guī)模效應(yīng)。不過，規(guī)模的擴大也會帶來諸多問題，比如從流動性約束的角度看，隨著基金規(guī)模的變大，基金經(jīng)理將不再只是市場價格的接受者，很大程度上可能會成為價格的引導(dǎo)者，其交易行為會對市場價格形成沖擊，導(dǎo)致交易摩擦成本加大，會對基金的收益造成影響。從基金公司管理能力和基金經(jīng)理的個人能力角度看，，在基金規(guī)模擴大的情況下，基金公司的管理能力卻是有限的，因此在不斷擴大的規(guī)模與不足的管理能力之間將存在缺口，當基金規(guī)模迅速擴大后，會使得基金公司的管理靈活性下降，管理能力不足，同時基金規(guī)模的擴大需要更多的基金經(jīng)理共同管理基金，群體決策不經(jīng)濟也會對基金的收益造成影響。另外，對于規(guī)模較大的資產(chǎn)組合，即使是投資風格較為激進的基金經(jīng)理，也會被迫轉(zhuǎn)變投資風格，由激進轉(zhuǎn)為穩(wěn)健。而更為穩(wěn)健的投資風格就意味著相對較低的風險，從而獲得相對較低的收益水平。本文通過理論分析和實證檢驗的方法對我國開放式基金規(guī)模對其業(yè)績的影響作了多角度的闡述，構(gòu)建了計量模型檢驗了理論假設(shè)，主要從基金投資風格轉(zhuǎn)變和基金流動性變化的角度解釋基金規(guī)模對基金業(yè)績的影響，模型運行結(jié)果發(fā)現(xiàn)，在控制了基金股票換手率、現(xiàn)金流流入等影響因素后基金規(guī)模對基金業(yè)績依然有顯著的程度較大的負面影響。
[Abstract]:With the development of China's capital market and the maturity of investors, the scale of open-end funds in China is rising year by year, and the number of funds issued by fund management companies is also increasing rapidly year by year. Up to the first half of 2014, there are 93 mutual fund management companies in our country, and the scale of open-end funds managed reaches 3.611822 trillion yuan, which is a new high in the history of starting a business. There are 1714 public funds in China, of which 1587 are open-end funds, which occupy the leading position. For the sake of maximization of their own interests, the fund companies always pursue a larger scale. Because the fund companies charge a fixed rate of management fees, a larger scale means more revenue. But is the size of a fund good for investors? Will the scale bring investors more money? Some funds will be suspended after a certain size, the larger the fund size will have a negative impact on fund performance, which is worth our thinking. It is generally believed that large fund companies will have more resources to buy more data, hire more professionals, and that the fixed cost portion of fund management will not expand in proportion to the size of the fund. This would have a scale effect on the fund. However, the expansion of scale also brings many problems, such as from the point of view of liquidity constraints, as the size of the fund becomes larger, fund managers will no longer be the recipients of market prices, but will probably become the price guides to a large extent. Its trading behavior will impact on the market price, leading to the increase of transaction friction costs, which will have an impact on the return of the fund. From the perspective of the management ability of the fund company and the personal ability of the fund manager, the management ability of the fund company is limited in the case of the fund scale expansion, so there will be a gap between the growing scale and the insufficient management ability. When the size of the fund expands rapidly, the management flexibility of the fund company will be reduced, and the management ability will be insufficient. At the same time, the expansion of the fund size will require more fund managers to jointly manage the fund. Uneconomical group decision-making will also have an impact on the return of the fund. In addition, for larger portfolios, even the more aggressive managers will be forced to shift from aggressive to robust. A more robust investment style means a relatively low risk and thus a relatively low level of return. Through theoretical analysis and empirical test, this paper expounds the impact of the scale of open-end funds on the performance of China's open-end funds from various angles, and constructs an econometric model to test the theoretical assumptions. This paper mainly explains the influence of fund size on fund performance from the angle of fund investment style change and fund liquidity change. The result of the model shows that the turnover rate of fund stock is controlled. Fund size still has a significant negative impact on fund performance after factors such as cash flow inflow.
【學位授予單位】：對外經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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