股權(quán)結(jié)構(gòu)對(duì)基金公司經(jīng)營(yíng)績(jī)效的影響
發(fā)布時(shí)間：2018-10-25 20:26
【摘要】：基金作為一種間接理財(cái)工具,因?yàn)槠鋵?zhuān)業(yè)管理、利益共享、風(fēng)險(xiǎn)共擔(dān)等優(yōu)點(diǎn),自誕生之日起就受到了廣大投資者的青睞。2001年,我國(guó)發(fā)行了第一只開(kāi)放式基金,基金公開(kāi)募資的階段拉開(kāi)了序幕。2003年第十屆全國(guó)人民代表大會(huì)常務(wù)委員會(huì)第五次會(huì)議審議通過(guò)了《中華人民共和國(guó)證券投資基金法》,基金業(yè)健康公正的法律環(huán)境得到了保障,為我國(guó)基金行業(yè)的快速發(fā)展掃清了道路。據(jù)中國(guó)證券投資基金協(xié)會(huì)統(tǒng)計(jì),截止2013年,我國(guó)公募基金公司已達(dá)到87家。隨著“大資管”概念的興起,我國(guó)的基金行業(yè)迎來(lái)了新一波的發(fā)展浪潮,專(zhuān)家預(yù)計(jì)到2014年末,我國(guó)的公募基金公司有望突破100家。 通過(guò)多年的研究,人們已經(jīng)逐步認(rèn)識(shí)到股權(quán)結(jié)構(gòu)能夠在決策效率、監(jiān)督成本、人事變動(dòng)等方面對(duì)公司的經(jīng)營(yíng)績(jī)效產(chǎn)生重要影響。基金公司作為一類(lèi)特殊形式的服務(wù)型企業(yè),股權(quán)結(jié)構(gòu)與一般的生產(chǎn)型企業(yè)有著較大的不同。我國(guó)的基金公司均為有限責(zé)任制,股權(quán)掌握在少數(shù)企業(yè)法人手中,股權(quán)集中度高,股權(quán)變動(dòng)較為頻繁,再加之近年來(lái)國(guó)外資本入股基金公司、擁有銀行背景的基金公司相繼成立、非金融性企業(yè)控股基金,我國(guó)基金公司的股權(quán)結(jié)構(gòu)與一般上市公司以及國(guó)外基金公司有著很大的不同。我國(guó)基金公司的經(jīng)營(yíng)績(jī)效是否會(huì)像一般上市公司一樣受到股權(quán)結(jié)構(gòu)的影響?這一問(wèn)題不免引起投資者的關(guān)心。 為了弄清這一問(wèn)題,本文以我國(guó)基金行業(yè)的發(fā)展現(xiàn)狀開(kāi)篇,介紹了前人關(guān)于股權(quán)結(jié)構(gòu)對(duì)于基金績(jī)效影響的現(xiàn)行成果。然后比較分析了包括凈值增長(zhǎng)率、Sharpe指數(shù)、Treynor指數(shù)、Jensen指數(shù)等不同的基金績(jī)效衡量方法,并介紹了通過(guò)T-M模型、H-M模型衡量基金擇時(shí)、擇股能力的原理。在實(shí)證分析方面,文章分別采用凈值增長(zhǎng)率、Sharpe指數(shù)、Treynor指數(shù)、Jensen指數(shù)、T-M模型擇股指標(biāo)、T-M模型擇時(shí)指標(biāo)作為衡量基金績(jī)效的被解釋變量；采用第一大股東持股比例、前兩大股東持股比例、前三大股東持股比例、Herfindahl指數(shù)、基金公司股東數(shù)量、第一大股東與第二大股東持股比例的比值、外資持股比例、金融機(jī)構(gòu)持股比例、國(guó)企持股比例作為解釋變量；通過(guò)檢驗(yàn)回歸方程系數(shù)的顯著性,探究股權(quán)集中程度、股東性質(zhì)對(duì)于基金公司經(jīng)營(yíng)績(jī)效的影響。最后,運(yùn)用主成分分析法,建立基金績(jī)效的綜合評(píng)價(jià)指標(biāo),通過(guò)股權(quán)結(jié)構(gòu)的各個(gè)指標(biāo)對(duì)綜合指標(biāo)進(jìn)行回歸,驗(yàn)證前面結(jié)論的有效性。 經(jīng)實(shí)證分析發(fā)現(xiàn),文章得出四個(gè)結(jié)論：第一,我國(guó)基金公司股東數(shù)量較少,股權(quán)結(jié)構(gòu)簡(jiǎn)單,股權(quán)集中度高。第二,第一大股東控股優(yōu)勢(shì)明顯、股權(quán)集中程度較高的基金公司績(jī)效較好。第三,國(guó)企所帶來(lái)的“幫助之手”效應(yīng)會(huì)對(duì)基金公司的經(jīng)營(yíng)績(jī)效產(chǎn)生正的影響。第四,外國(guó)資本、金融機(jī)構(gòu)的持股比例未能向預(yù)期一樣對(duì)基金公司的經(jīng)營(yíng)績(jī)效產(chǎn)生明顯的影響。
[Abstract]:As an indirect financing tool, the fund has been favored by the majority of investors since its birth because of its advantages of professional management, benefit-sharing and risk-sharing. In 2001, China issued its first open-end fund. The stage of public fund raising began. At the fifth meeting of the standing Committee of the Tenth National people's Congress in 2003, the "Law of the people's Republic of China on Securities Investment funds" was adopted. The healthy and fair legal environment of fund industry has been guaranteed, which clears the way for the rapid development of fund industry in our country. According to the statistics of China Securities Investment Fund Association, there are 87 public fund companies in China as of 2013. With the rise of the concept of "large capital management", the fund industry of our country has ushered in a new wave of development tide. Experts predict that by the end of 2014, the number of public offering fund companies in our country is expected to exceed 100. Through years of research, people have gradually realized that ownership structure can have an important impact on the performance of the company in the aspects of decision-making efficiency, supervision cost, personnel change and so on. As a special type of service enterprises, the equity structure of fund companies is quite different from that of general productive enterprises. The fund companies in our country are all limited liability system, the ownership is held in the hands of a few enterprise legal persons, the share right concentration degree is high, the stock right changes frequently, and in addition in recent years, the foreign capital has invested in the fund company. Fund companies with bank background have been established one after another, non-financial enterprises holding funds, the equity structure of fund companies in China is very different from the general listed companies and foreign fund companies. Will the performance of fund companies in our country be affected by the equity structure just like the general listed companies? This problem inevitably arouses the concern of investors. In order to clarify this problem, this paper begins with the development of fund industry in our country, and introduces the current results of previous studies on the influence of equity structure on fund performance. Then it compares and analyzes the different methods of fund performance measurement, including net value growth rate, Sharpe index, Treynor index, Jensen index and so on, and introduces the principle of measuring fund timing and stock selection ability by T-M model and H-M model. In the empirical analysis, the paper uses net worth growth rate, Sharpe index, Treynor index, Jensen index, T-M model stock selection index, T-M model timing index as explained variables to measure fund performance. The ratio of the largest shareholders, the first two shareholders, the first three shareholders, the Herfindahl index, the number of shareholders in the fund company, the ratio of the largest shareholder to the second largest shareholder, the proportion of foreign ownership, The proportion of financial institutions holding shares and the proportion of state-owned enterprises holding shares as explanatory variables; By testing the significance of regression equation coefficient, this paper probes into the influence of the degree of equity concentration and the nature of shareholders on the performance of the fund company. Finally, the principal component analysis method is used to establish the comprehensive evaluation index of fund performance, and the index of equity structure is regressed to verify the validity of the previous conclusions. Through empirical analysis, the paper draws four conclusions: first, the number of shareholders of fund companies in China is relatively small, the ownership structure is simple, and the concentration of equity is high. Second, the first largest shareholder controlling advantage is obvious, and the fund company with higher degree of equity concentration has better performance. Third, the "hand of help" effect brought by state-owned enterprises will have a positive impact on the performance of fund companies. Fourth, the proportion of foreign capital and financial institutions does not have a significant impact on the performance of fund companies as expected.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F832.39
本文編號(hào)：2294750
[Abstract]:As an indirect financing tool, the fund has been favored by the majority of investors since its birth because of its advantages of professional management, benefit-sharing and risk-sharing. In 2001, China issued its first open-end fund. The stage of public fund raising began. At the fifth meeting of the standing Committee of the Tenth National people's Congress in 2003, the "Law of the people's Republic of China on Securities Investment funds" was adopted. The healthy and fair legal environment of fund industry has been guaranteed, which clears the way for the rapid development of fund industry in our country. According to the statistics of China Securities Investment Fund Association, there are 87 public fund companies in China as of 2013. With the rise of the concept of "large capital management", the fund industry of our country has ushered in a new wave of development tide. Experts predict that by the end of 2014, the number of public offering fund companies in our country is expected to exceed 100. Through years of research, people have gradually realized that ownership structure can have an important impact on the performance of the company in the aspects of decision-making efficiency, supervision cost, personnel change and so on. As a special type of service enterprises, the equity structure of fund companies is quite different from that of general productive enterprises. The fund companies in our country are all limited liability system, the ownership is held in the hands of a few enterprise legal persons, the share right concentration degree is high, the stock right changes frequently, and in addition in recent years, the foreign capital has invested in the fund company. Fund companies with bank background have been established one after another, non-financial enterprises holding funds, the equity structure of fund companies in China is very different from the general listed companies and foreign fund companies. Will the performance of fund companies in our country be affected by the equity structure just like the general listed companies? This problem inevitably arouses the concern of investors. In order to clarify this problem, this paper begins with the development of fund industry in our country, and introduces the current results of previous studies on the influence of equity structure on fund performance. Then it compares and analyzes the different methods of fund performance measurement, including net value growth rate, Sharpe index, Treynor index, Jensen index and so on, and introduces the principle of measuring fund timing and stock selection ability by T-M model and H-M model. In the empirical analysis, the paper uses net worth growth rate, Sharpe index, Treynor index, Jensen index, T-M model stock selection index, T-M model timing index as explained variables to measure fund performance. The ratio of the largest shareholders, the first two shareholders, the first three shareholders, the Herfindahl index, the number of shareholders in the fund company, the ratio of the largest shareholder to the second largest shareholder, the proportion of foreign ownership, The proportion of financial institutions holding shares and the proportion of state-owned enterprises holding shares as explanatory variables; By testing the significance of regression equation coefficient, this paper probes into the influence of the degree of equity concentration and the nature of shareholders on the performance of the fund company. Finally, the principal component analysis method is used to establish the comprehensive evaluation index of fund performance, and the index of equity structure is regressed to verify the validity of the previous conclusions. Through empirical analysis, the paper draws four conclusions: first, the number of shareholders of fund companies in China is relatively small, the ownership structure is simple, and the concentration of equity is high. Second, the first largest shareholder controlling advantage is obvious, and the fund company with higher degree of equity concentration has better performance. Third, the "hand of help" effect brought by state-owned enterprises will have a positive impact on the performance of fund companies. Fourth, the proportion of foreign capital and financial institutions does not have a significant impact on the performance of fund companies as expected.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F832.39
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