本文選題：基金管理公司　切入點(diǎn)：基金績(jī)效　出處：《吉林大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：近十年來(lái),我國(guó)證券投資基金伴隨著資本市場(chǎng)的逐漸完善實(shí)現(xiàn)了飛速的發(fā)展,迎來(lái)了發(fā)展的黃金時(shí)期。但是,在證券投資基金蓬勃發(fā)展的背后也存在一些問題,如基金“老鼠倉(cāng)”、基金黑幕、盤后交易等違規(guī)的投資行為頻繁發(fā)生,這些問題的發(fā)生都與基金管理公司的治理脫不了干系,同時(shí)也充分暴露出基金管理公司治理結(jié)構(gòu)中存在問題的嚴(yán)重性�；饦I(yè)要想實(shí)現(xiàn)規(guī)范化的轉(zhuǎn)型不僅要從基金業(yè)的發(fā)展特征入手,更要考慮基金管理公司內(nèi)部的治理模式以及基金持有人的行為。因此,對(duì)基金管理公司治理結(jié)構(gòu)的深入分析研究不僅成為當(dāng)下的焦點(diǎn),而且具有重要的理論意義,同時(shí)也對(duì)維護(hù)基金規(guī)范持續(xù)發(fā)展有著監(jiān)管層面的意義。本文以委托代理理論為出發(fā)點(diǎn),將公司治理理論應(yīng)用在基金管理公司的治理研究上,首先結(jié)合我國(guó)基金管理公司治理結(jié)構(gòu)的現(xiàn)狀分析其中存在的一些問題;其次,選取我國(guó)在2010年前成立的60家基金管理公司旗下336只開放型基金在2015年的截面數(shù)據(jù),對(duì)基金管理公司的股權(quán)結(jié)構(gòu)、董事會(huì)結(jié)構(gòu)等變量與基金績(jī)效之間的關(guān)系進(jìn)行實(shí)證分析,研究發(fā)現(xiàn)國(guó)有控股的基金管理公司由于政府“幫助之手”的存在,顯著提高了旗下基金的業(yè)績(jī),并且權(quán)利相對(duì)均衡和分散化的股權(quán)制衡結(jié)構(gòu),更有助于管理公司業(yè)績(jī)的提升。然后,本文選取2011-2015年的數(shù)據(jù)應(yīng)用動(dòng)態(tài)面板模型,對(duì)治理結(jié)構(gòu)從持有人的角度分析與基金績(jī)效的關(guān)系,研究發(fā)現(xiàn)持有人中機(jī)構(gòu)投資者持有基金比例的增加會(huì)顯著提高基金的績(jī)效,但機(jī)構(gòu)投資者持有份額的增加由于機(jī)構(gòu)投資者“趨利避害”的屬性而與基金績(jī)效呈反向變動(dòng)。最后根據(jù)實(shí)證結(jié)果,結(jié)合我國(guó)基金管理公司的現(xiàn)狀,提出相應(yīng)的政策建議。
[Abstract]:In the past ten years, with the gradual improvement of the capital market, China's securities investment funds have achieved rapid development and ushered in a golden period of development. However, there are also some problems behind the vigorous development of the securities investment funds. For example, the fund's "rat warehouse", fund black screen, after-hours trading and other illegal investment activities frequently occur, these problems all have nothing to do with the governance of the fund management company. At the same time, it also fully exposed the seriousness of the problems existing in the governance structure of the fund management company. If the fund industry wants to realize the standardized transformation, it should not only start with the development characteristics of the fund industry, Therefore, the in-depth analysis of the governance structure of the fund management company has not only become the focus of the present, but also has important theoretical significance. At the same time, it also has the supervisory significance to maintain the fund standard sustainable development. This article regards the principal-agent theory as the starting point, applies the corporate governance theory to the fund management company governance research, This paper first analyzes some problems existing in the governance structure of fund management companies in China, and then selects the cross-section data of 336 open funds of 60 fund management companies established before 2010 in China on 2015. This paper makes an empirical analysis on the relationship between the equity structure, board structure and fund performance of the fund management company, and finds out that the state-owned fund management company has a "helping hand" because of the existence of the government. It can significantly improve the performance of the funds, and the equity balance structure, which is relatively balanced and decentralized, will help to improve the performance of the management companies. Then, this paper selects the data application dynamic panel model from 2011-2015. The relationship between the governance structure and the fund performance is analyzed from the perspective of the holder. It is found that the increase of the proportion of institutional investors holding the fund will significantly improve the performance of the fund. However, the increase of institutional investors' holding share is opposite to fund performance due to the nature of institutional investors'"seeking advantages and avoiding disadvantages". Finally, according to the empirical results, combined with the current situation of fund management companies in China, the corresponding policy recommendations are put forward.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F832.39

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