基金费率与基金管理者能力正相关研究——基于基金投资者类型的分析

Is Fund Fee Correlated Positively with Manager's Ability——Analysis based on the Type of Fund Investor

伴随着我国基金行业的爆炸式增长,2010年末市场上已经有超过六十家基金管理公司,但基金行业的管理费却是投资者收益的六倍之多,成为了基金行业的一种异常现象。本文将基金投资者并非是完全理性纳入模型,把投资者分为成熟和幼稚两种类型,对基金管理者能力与基金费率之间的关系进行了探讨。结论表明,当幼稚型投资者比重超过一定程度后,基金管理者能力与基金费率成反比。而且,随着幼稚型投资者比重的增大,基金管理者获取的投资收益比例越大,基金投资者获得的收益比例越低。2010年我国基金行业管理者的收益是基金投资者收益的六倍,反映了我国基金市场上幼稚型投资者比例很高。

Along with the explosive growth of China＇s fund industry, the market has more than sixty fund management companies in the end of 2010. But the management fee of the fund industry is six times than investors＂ revenue, which has become an anomaly in the fund industry. Considering fund investors are not all rational, this paper divides the investors into sophisticated and unsophisticated investor, investigates the relationship between fund manager＇s ability and fee ratio. The results show that they vary inversely after the ratio of unsophisticated investors exceeds a critical value. Moreover, along with the ratio increasing, the managers obtain more invest return and investors obtain less. The manager profit is about six times of investor profit in 2010, which reflects the high ratio of unsophisticated investors in China fund industry.