银行系货币型基金具有业绩优势吗

Does Bank-affiliated Money Market Fund Have Performance Advantage

本文选取2004—2017年中国货币型基金的数据进行实证分析,研究发现,银行系货币型基金相比非银行系货币型基金具有显著的业绩优势,并且基金公司利润在控股银行利润中的占比越高、银行控股比例越高的货币型基金与股份制银行系货币型基金具有更高的业绩优势,银行系基金公司第二大股东是否为外资企业并不会影响银行系货币型基金的业绩优势。进一步的渠道探究结果表明,这两类基金的费率并没有显著差异,而银行的信息和销售渠道方面的优势能在一定程度上解释为何银行系货币型基金具有业绩优势。

In this paper,we investigate the performance of the bank-affiliated money market fund in China using the data from 2004 to 2017.We find that bank-affiliated money market fund outperforms non-bank-affiliated money market fund.This result is more pronounced for funds with higher fund income to bank net income ratio,higher controlling ownership by the bank,and joint-venture bank-affiliated fund.The foreign investors as the shareholders of the fund could not explain the outperformance.Further investigations show that this outperformance is not due to the fee difference between mutual funds and the underlying mechanisms could be partially the information advantage and distribution channels of the bank.