开放式证券投资基金费用率的实证研究

Empirical Research on the Expense Ratio of Open-end Securities Investment Fund

我国证券投资基金费用结构的设计较多地借鉴了美国投资基金业的经验,但由于依附的资本市场发展程度不尽相同,在费用种类和费用比率方面还存在着一定差异。基金运作费用是我国投资基金管理过程中一个有争议的话题。本文从多角度对我国开放式证券投资基金运作费用的现状进行了实证研究采用多元线性回归方法,以中国开放式证券基金费用率为主要研究对象,结合国外对于此问题的相关研究,从基金的业绩,单个基金的规模,以及基金类型三个方面进行实证分析。

The design of China＇s securities investment fund fee structure draw more the experience of U.S.investment fund industry,but because the degree of the attached capital market development is different,the categories of costs and expense ratio are also different.Fund operating costs is a controversial topic in China＇s investment fund management process.This article makes empirical research on the status of China＇s open-end securities investment funds operating costs from many perspectives,uses multiple linear regression method,takes the expense ratio of China＇s open-end securities investment funds as the object,combines with foreign research for this problem,and makes empirical analysis on the performance of the fund,size of a single fund and fund types.