基金管理公司的股权结构对基金绩效的影响研究.doc

基金管理公司的股权结构对基金绩效的影响研究 Li Xue-feng，Zhang Jian Dept. of Finance，School of Economics，Nankai University，Tianjin 300071，China 摘 要：证券投资基金作为基金管理公司所经营的“产品”，其绩效是否受到基金管理公司治理结构的影响，是一个有待研究的课题。本文即从股权结构入手，首先对我国基金管理公司的股权结构概况进行分析和评价，在此基础上，以公司旗下基金的绩效为被解释变量，若干公司股权结构指标为解释变量，构建多元回归模型，研究基金管理公司股权结构对其所辖基金的绩效是否产生影响，产生怎样的影响。实证检验表明，股东数、大股东持股比例、大股东控制力、金融类股东持股比例可以对基金绩效产生正影响。为达到基金收益最大化，需建立“5至6名股东构成股东会、第一大股东绝对控股、金融类法人高度参股”的最优股权结构。这些结论启示我们，在发展机构投资者的战略背景下，还应注重对包括基金管理公司在内的市场主体本身治理结构的完善和规范。 关键词：基金管理公司，公司治理，股权结构，基金绩效 Abstract: The security investment fund is the “product” that is managed by the fund company. However, whether the corporate governance of the fund company influences the fund’s performance is still a question to answer. This paper mainly pays attention to the capital structure and gives brief analysis and evaluation of the capital structure of China’s fund companies. Then, the paper tries constructs a multivariate regression model, in which the funds’ performance serves as dependant variable and several capital structure indicators serve as explanatory variables. In this way, the paper analyzes whether the capital structure of the fund company influence its fund’s performance and how. According to our empirical study, the number of shareholders, number of shares held by leading shareholders and shareholders with financial background, dominating power of leading shareholders may positively influence the fund’s performance. In order to maximize its fund’s income, the company should construct such an optimal capital structure as“5 or 6 shareholders, the first leading holder controls and holder with financial background holds a large portion”. All the empirical conclusions of this paper indicate that the capital structure, as well as the corporate governance, is kind of factor that do influence fund’s performance. While encouraging institutional investors to grow in number and scale, we should require them to pay attention to and improve their corporate governance. Keywords: Fund Com