基金家族、家族偏爱与家族竞争策略——基于中国开放式股票型基金的经验证据

Fund Family,Family Favoritism and Family Competitive Strategies——Based on the Active Equity Fund Evidence

实证研究了基金公司为提升家族整体绩效而采用的偏爱性竞争策略,结果显示同一家族旗下的"高价值"基金(高费用或高历史绩效基金)与"低价值基金"之间的绩效差异显著大于投资风格类似、但隶属于不同家族的"高价值"基金与"低价值"基金间的绩效差异;基金家族会通过转移旗下受托资产绩效的家族竞争策略使家族中高价值基金获取超额绩效,从而为家族吸引更多的净资金流入,最终实现提升基金家族竞争力和整体绩效的目标。

The empirical study of the facts that the fund companies used favoritism family competitive strategies to improve families＇ whole profits.The result showed the performance gap between the＂high family value＂funds（i.e.,high costs or high historical performance funds） and the＂low value＂funds in the same family was evidently bigger than the gap between the＂high family value＂and＂low value＂funds that belonged to the similar investment styles but not affiliated with the same family,the families would transfer their funds＇ performances to make excess performance,so as to attract more net capital inflows,finally achieve the goal to promote the fund family competitiveness and overall performance.