基金业绩和规模的相关性及其影响机理研究本科学位论文.docVIP

湖 南 大 学 本人郑重声明：所呈交的论文是本人在导师的指导下独立进行研究所取得的研究成果。除了文中特别加以标注引用的内容外，本论文不包含任何其他个人或集体已经发表或撰写的成果作品。对本文的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。本人完全意识到本声明的法律后果由本人承担。 作者签名： 日期： 年 月 日 本学位论文作者完全了解学校有关保留、使用学位论文的规定，同意学校保留并向国家有关部门或机构送交论文的复印件和电子版，允许论文被查阅和借阅。本人授权湖南大学可以将本学位论文的全部或部分内容编入有关数据库进行检索，可以采用影印、缩印或扫描等复制手段保存和汇编本学位论文。 本学位论文属于 1、保密□，在______年解密后适用本授权书。 2、不保密□。 （请在以上相应方框内打√”） 作者签名： 日期： 年 月 日 导师签名： 日期： 年 月 日 Abstract This paper investigates how fund size and fund family size influence fund performance differently. And then this paper tries to explore the mechanism behind the heterogeneity of the influence. With rapid progress of mutual funds in China, people must tackle an issue that is fundamental to understanding the role of these mutual funds in Chinese economy - the economies of scale in the mutual fund industry. Namely, how does performance depend on the size or asset base of the fund and the fund family? A better understanding of this issue would naturally have profound implications for investors, the issue of the persistence of fund performance, the agency relationship between managers and investors and the optimal compensation contract between them. I believe that thorough understanding of the economic nature of enterprises is the internal force driving the theories of the relationship between fund performance and fund size continuously moving ahead. Therefore this paper classes the theories of the relationship between fund performance and fund size as follows: the Liquidity Hypothesis based on the Neo-Classical Theory, the Management Capability Hypothesis based on the Principal - Agency Framework and the Soft Information Hypothesis based on the Transaction Cost Economics. With the data of Chinese open-ended stock mutual funds which spans June 2005 to December 2009 as the sample, this paper documents that fund returns, both before and after fees and expenses, always decline with lagged fund size and increase with lagged fund family size, even aft