我国开放式基金规模与回报相关关系实证研究

Empirical Research into the Correlation between Open-end Fund and It Return in China

国外研究成果表明,开放式基金的规模与回报之间存在一定的相关关系。本文通过对我国股票型、配置型开放式基金的规模与回报之间关系的深入研究,揭示出我国开放式基金市场并不存在规模经济效应,基金规模并非越大越好,只是在大盘下降阶段存在一定的"小基金效应",即基金规模越小收益率越高,并提出了合理的经济解释。

The literature abroad shows that there is some correlation between the scale of open-end fund and its return.This paper conducts in-depth research into the relationship between the scales of stock and allocation open-end funds and their return in our country and discloses that there is no scale economic effect in open-end fund markets.It doesn＇t mean that the bigger the fund scale is the better it is.Only while market index is decreasing does there exist some ＂small fund effect＂,that is,the smaller the scale of the fund is the higher the return is.Finally a reasonable economic explanation is given.