基金公司规模对基金业绩的影响研究-金融学专业论文.docxVIP

摘 要 基金公司规模对基金业绩的影响是研究基金业绩影响因素的一个方面。本文 运用信息不对称和委托代理关系理论等对基金公司行为进行了分析。进而采用理 论与实证分析相结合的方式，运用面板数据模型回归的方法，对基金公司管理的 基金数据进行了统计分析，对我国基金公司规模对基金业绩的影响进行了回归分 析，结果显示基金公司的规模对公司管理的基金业绩具有正向影响，规模较大的 基金公司中的大基金业绩受到基金公司规模的反向影响等相关结论，结合基金公 司的资金流向，得出基金公司存在着规模经济效应，并存在利益输送的问题。结 合投资者的投资行为分析，认为投资者在投资基金时存在逆向赎回问题。研究基 金公司规模对基金业绩的影响，可以对基金公司和基金的关系有更深的认识，对 投资者的投资行为给予指导，在促进基金公司和基金行业健康发展、保护投资者 利益方面提出建议和对策，有较强的现实意义。 关键词：基金公司规模，基金业绩，规模经济，利益输送 Abstract Fund performance affected by the size of Fund Company is one aspect of researching its influence factor. This paper discusses the fund company actions through methods of asymmetric information and principal-agent theory. Under the guidance of combination of theory and empirical analysis, using panel data model regression method to analysis the fund of funds management data, encompassing the regression analysis of our country fund scale effects on fund performance. It shows that the size of Fund Company has positive influence on fund performance that company administrates, and the big fund of large fund company is affected reversely by fund scale. Combined with the flowing of the companys capital, it is concluded that there is economies of scale in fund company, and also has problem of indemnification. After analyzing the investment behavior of investors, reverse selection problem may exist. Studying on the scale of Fund Company’s effect on fund performance is help to have a deeper understanding of the relationship between companies and funds, and to give guidance to investors. It has strong practical significance in promoting the healthy growth of Fund Company and fund industry, putting forward suggestions and countermeasures to protect the interests of the investors. Key words: size of fund company，fund performance，economies of scale，resource allocation 目录 HYPERLINK \l _bookmark0 第 1 章 引言 1 HYPERLINK \l _bookmark1 1.1 选题背景 1 HYPERLINK \l _bookmark2 1.2 选题意义 2 HYPERLINK \l _bookmark3 1.3 可能的创新 2 HYPERLINK \l _bookmark4 1.4 文章结构 3 HYPERLINK \l _