学习效应、金融中心偏好与基金绩效:来自中国的检验

Learning Effect,Financial Central Bias and Fund Performance:Evidence from China

在修正的Carlton(1983)公司选址模型的基础上,分析了基金公司的学习效应和金融中心偏好对基金绩效的影响,并提出了金融中心偏好的概念。同时运用1998～2007年中国基金公司年度面板数据,对学习效应和金融中心偏好的影响进行了实证检验。结果发现,中国基金业存在明显的学习效应和金融中心偏好,他们对基金公司绩效产生显著的正向影响。

Based on adjusted Carlton＇ s model, this paper analyzes fund＇s return function taking into account both learning effect and financial center bias with the latter proposed by us. Moreover, using panel data from China＇ s fund industry from 1998 to 2007, we empirically test learning effect and financial center bias which both influence fund＇s performance. The result shows that these factors impact fund＇s performance positively.