摘要
依据中国基金激励机制经历的四个阶段,将1998年4月7日～2011年6月30日分成四个时间段。采用EGARCH-M模型并引入虚拟变量对不同时间段的激励机制进行比较研究,发现在中国基金市场中,固定比率的管理费激励机制对股市波动的影响最小。因此,从股市稳定的角度来说,中国基金市场应采取固定比率的管理费激励机制。
The period from April 7,1998 to June 30,2011 is divided into four stages according to the changes of the fund incentives.EGARCH model and dummy variables are introduced to compare the differences of the fund incentives.It is found that the fixed ratio of mutual fund fee is the incentives with the smallest effects on the stock market volatility.So,this kind of incentive should be used in the fund market to keep the stableness of the stock market.
出处
《财经理论与实践》
CSSCI
北大核心
2012年第4期53-56,共4页
The Theory and Practice of Finance and Economics
基金
国家社会科学基金项目资助(11CGL022)
