中国证券投资基金业的市场结构与绩效实证分析.docVIP

中文摘要 证券投资基金业作为我国金融行业中的新兴产业，已成为金融行业中不可或缺的重要组成部分。在政府提倡大力发展证券投资基金业的情况下，对我国基金业进行系统深入的行业研究很有必要。 本文从产业组织理论的角度对我国证券投资基金业的市场结构与绩效及两者之间的关系进行了实证分析。首先从市场集中度、规模经济、进退壁垒以及产品差异化方面详细分析了我国证券投资基金业的市场结构，然后对我国基金业的市场结构与绩效的关系作了实证研究，最后提出了优化市场结构，提高绩效，发展我国证券投资基金业的政策建议。 通过对我国证券投资基金业市场结构的分析，得到以下结论：我国基金业的集中度在2000年至2004年逐年下降，目前已处于较低水平；我国基金业目前只呈现弱规模经济性；我国基金业仍存在较高的进退壁垒，而其中法律和政策性壁垒是主要方面；我国基金业的产品差异化不明显，基金产品和服务同质化现象较严重。而对我国基金业市场结构与绩效的关系进行实证分析得到结论：我国基金业的绩效与市场集中度呈正相关关系，而与市场份额的相关性不显著，因此我国基金业的市场结构关系符合传统共谋假说。究其原因，主要是因为我国基金市场是行政性主导市场而非市场性主导市场，缺乏合理有效的市场竞争机制，以后引入市场竞争机制，构建有竞争力的市场结构，情况应该会有所不同。 关键词：证券投资基金　　基金业　　市场结构　　绩效 ABSTRACT The security investment fund industry is a burgeoning industry in China and has become a necessary and important part of our market economy. Our government thinks much of the fund industry so as to issue related laws and codes for enforcement. It is necessary to study the fund industry systematically and deeply. We provide the empirical research of the relation between the market structures and the performances of the Chinese security investment fund industry via the theory of industrial organization. First, we analyze thoroughly the market structure of our security investment fund industry from the aspects of market concentration ratio, economy of scale,market barriers and product differentiation. Then we analyze the relation between the market structures and the performances of the industry. Last, we give some advices for optimizing the market structure, improving the performance and developing the security investment industry. Through the analysis of the Chinese security investment fund industry, we have the following results: the market concentration ratio of the industry is declining from 2000 to 2004 and is at a low point at this time. The industry has weak economy of scale and has high entry-and-exit barriers, especially the the barriers related with laws and policies. We find the product differentiations of domestic funds are not distinct. The results of the empirical