基金系内部交叉补贴行为研究

Cross-fund subsidization behavior in mutual fund families

从基金基本特征—费用、业绩和年龄入手,利用面板数据固定效应模型对基金系内部交叉补贴行为进行考察.发现基金系内部老基金对新基金、高业绩基金对低业绩基金交叉补贴行为最显著,对费用途径考察结果不明显.文章还对基金系特征与基金系内部交叉补贴途径进行研究,发现大规模基金系与小规模基金系相比,内部交叉补贴现象更为明显.

We investigate whether mutual fund families transfer performance across member funds to favor those more likely to increase overall family profits based on fund characteristic of fees, performance and age. We find that the cross-fund subsidization behavior is most significant between old and young funds. With respect to performance, mutual fund families have the incline to subsidize the low performance fund in our domestic market. The way of fee is insignificant. In addition, we also find that large-scale fund families＇ crossfund subsidization behavior is more visible compared with small-scale fund families.