IPO资源配置与基金家族利益输送——基于开放式基金的实证研究

The Allocation of IPO Resources and the Behavior of Cross-fund Subsidization in Fund Families——An Empirical Study based on Open-ended Equity Fund

本文选取2005年-2012年3月我国57家基金公司的开放式股票型基金为样本,实证研究基金家族利益输送行为。研究发现:基金家族内部存在高低价值基金利益输送的现象,基金家族偏向扶持高历史业绩、小规模和高费用收入的基金。基金家族会通过IPO资源的优先配置来达到利益输送的目的。此外,成立时间越短、资产规模越大和旗下基金数量越多的基金家族,越容易进行利益输送。

By selecting the open-ended stock funds of 57 Chinese fund companies from 2005 to March 2012 as samples,the article conducts an empirical study on the behavior of cross-fund subsidization in fund families.The research finds out that there is the phenomenon of cross-fund subsidization in fund families,who prefer to support funds with high performance,small size and high fee income.Fund family may manipulate the allocation of IPO resources to achieve the goal of benefit transferring.In addition,the fund family that is recently established with larger asset scales and more funds prefer to make more benefit transferring.