我国基金业的SCP分析:来自1999—2004年数据的实证

Market Structure-Conduct-Performance of Investment Fund Industry in China:An Empirical Analysis Based on Data from 1999 to 2004

我国基金业的市场结构正由寡占型向竞争型转变,这对规范和完善我国基金业的市场行为起到了一定的积极作用。但是,现有的基金业制度在给我国基金公司带来高额利润的同时,并没有给投资者带来相应的投资回报;传统的有效结构假说和共谋假说对我国的基金业均不成立,而修正的有效结构假说能较好地反映我国基金业的市场绩效与市场结构之间的关系。为更好地发展我国基金业,政府应逐步放宽基金市场准入,并改革现有费率制度和基金发行制度;基金公司应提高自身的内部经营效率和投资组合的风险管理水平,从而提高基金业的市场绩效。

The market structure of fund industry in China is transforming from a monopoly one to a combination of both monopoly and competition. This has an important effect on the conduct of fund industry. This paper points out by an empirical analysis, that the administrative barriers and the unreasonable fee rates system bring great profits to our fund management company, but have not given enough return which fund investors are supposed to have. Both Tradition Collusion Hypothesis （TCH）and Efficient Structure Hypothesis （ECH）are invalid in China fund industry. Adjusted Efficient Structure Hypothesis can explain better the relationship between market structure and market performance in our fund industry. This paper also brings up some advice.