基金管理公司治理结构会影响基金风格漂移行为吗?

Can Fund Company Governance Structure Affect Fund Style Drift Behavior?

选取2005—2018年78家基金管理公司旗下580只积极管理的开放式股票型基金作为研究对象,对基金公司治理结构与基金投资风格漂移的关系进行了实证研究。研究发现,机构投资者持有基金比例、股东规模、投资决策委员会规模、独立董事比例与基金风格漂移呈负相关关系;基金风格漂移加剧时,提高金融企业持股比例、扩大董事会规模和监事会规模能显著降低基金经理被撤换的概率;董事会从降低基金风格漂移的角度会考虑基金管理公司股东利益;提高机构投资者持有基金比例、设置股东人数下限、完善独立董事制度、扩大投资决策委员会规模、规范基金经理激励与约束机制,将有助于基金管理达到投资风格一致性目标。

The authors use 580 actively managed open-ended equity funds from78 fund companies during the period 2005-2018 to explore the relationship between the fund company governance structure and the fund style drift.The results show that institutional ownership,shareholder size,and investment decision-making committee size,and the ratio of independent directors have a negative relationship with the size of drift.An increase in financial institutions shareholding,director board size,and supervisor board size can significantly decrease the probability of the fund manager replacement with increased style drift.The director board will consider the interests of fund company’s shareholders from the perspective of reducing style drift.The authors suggest that increasing the proportion of institutional investor holdings,setting the minimum number of shareholders,improving the system of independent directors,expanding the size of the investment decision-making committee,and standardizing the incentive and restraint mechanism of fund managers can help fund management achieving investment style consistency.