增聘基金经理对我国开放式基金业绩影响的实证研究

The effect of Adding fund managers on the performance of China's open-ended funds

截止2010年4月12日,我国共有开放式基金523只,其中有169只基金的经理人多于一人,由多经理管理的开放式基金数占到所有开放式基金总数的32.3%。通过比较样本基金在增聘经理前后一年的业绩发现,增聘基金经理不但不能够提高基金的业绩,反而会导致基金业绩下降;另一方面,增聘基金经理虽然能够降低基金的非系统风险,却提高了基金的总风险。同时,增聘基金经理就意味着增加基金管理费用,因而基金管理公司进行的增聘基金经理的行为并不理性。

Up to April 12,2010,there are 523 open-ended funds in China,of which 169 funds have more than one manager.The number of open-ended funds managed by more than one manager accounted for 32.3% of the total number of open-ended funds.Our research finds,however,that adding fund managers can not improve the performance of a fund.In fact,it will lead a worse performance.On the other hand,adding fund managers can reduce the non-systematic risk of a fund thus increasing the total risk.Meanwhile,adding fund managers means increasing management fees.So,the fact that fund management companies employ additional managers in order to stabilize the performance is undesirable.