股權(quán)結(jié)構(gòu)對基金公司經(jīng)營績效的影響
發(fā)布時間：2018-10-25 20:26
【摘要】：基金作為一種間接理財工具,因?yàn)槠鋵I(yè)管理、利益共享、風(fēng)險共擔(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,我國發(fā)行了第一只開放式基金,基金公開募資的階段拉開了序幕。2003年第十屆全國人民代表大會常務(wù)委員會第五次會議審議通過了《中華人民共和國證券投資基金法》,基金業(yè)健康公正的法律環(huán)境得到了保障,為我國基金行業(yè)的快速發(fā)展掃清了道路。據(jù)中國證券投資基金協(xié)會統(tǒng)計(jì),截止2013年,我國公募基金公司已達(dá)到87家。隨著“大資管”概念的興起,我國的基金行業(yè)迎來了新一波的發(fā)展浪潮,專家預(yù)計(jì)到2014年末,我國的公募基金公司有望突破100家。 通過多年的研究,人們已經(jīng)逐步認(rèn)識到股權(quán)結(jié)構(gòu)能夠在決策效率、監(jiān)督成本、人事變動等方面對公司的經(jīng)營績效產(chǎn)生重要影響�；鸸咀鳛橐活愄厥庑问降姆⻊�(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)變動較為頻繁,再加之近年來國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,我國基金公司的股權(quán)結(jié)構(gòu)與一般上市公司以及國外基金公司有著很大的不同。我國基金公司的經(jīng)營績效是否會像一般上市公司一樣受到股權(quán)結(jié)構(gòu)的影響?這一問題不免引起投資者的關(guān)心。 為了弄清這一問題,本文以我國基金行業(yè)的發(fā)展現(xiàn)狀開篇,介紹了前人關(guān)于股權(quán)結(jié)構(gòu)對于基金績效影響的現(xiàn)行成果。然后比較分析了包括凈值增長率、Sharpe指數(shù)、Treynor指數(shù)、Jensen指數(shù)等不同的基金績效衡量方法,并介紹了通過T-M模型、H-M模型衡量基金擇時、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模型擇時指標(biāo)作為衡量基金績效的被解釋變量；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、國企持股比例作為解釋變量；通過檢驗(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)對于基金公司經(jīng)營績效的影響。最后,運(yùn)用主成分分析法,建立基金績效的綜合評價指標(biāo),通過股權(quán)結(jié)構(gòu)的各個指標(biāo)對綜合指標(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),文章得出四個結(jié)論：第一,我國基金公司股東數(shù)量較少,股權(quán)結(jié)構(gòu)簡單,股權(quán)集中度高。第二,第一大股東控股優(yōu)勢明顯、股權(quán)集中程度較高的基金公司績效較好。第三,國企所帶來的“幫助之手”效應(yīng)會對基金公司的經(jīng)營績效產(chǎn)生正的影響。第四,外國資本、金融機(jī)構(gòu)的持股比例未能向預(yù)期一樣對基金公司的經(jīng)營績效產(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】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F832.39
本文編號：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】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F832.39
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