基金公司市场份额影响因素分析——来自我国开放式基金市场的证据

Factors Affecting the Market Share of Fund Companies:An Empirical Evidence from China's Open-ended Fund Market

本文以2004～2012年提供开放式基金的基金公司为研究样本，通过构建动态面板模型，运用系统广义距（systemGMM）方法，实证检验了我国基金公司市场份额的影响因素，并进一步细分市场，探讨了不同基金市场上各个因素作用的差异性。我们研究发现：总体而言，投资者并不偏好行业经验丰富和旗下基金数目众多的老牌基金公司，而以基金公司的绩效作为重要的投资决策依据。增加新基金供给数量对提高基金公司市场份额的贡献边际递减。当期基金公司推新强度是影响市场份额的重要因素。基金公司的股权结构对市场份额没有显著影响。在股票型基金市场上，造星策略尤为重要。与股票型基金市场一致，混合型基金市场上，投资者也偏好具有创新精神的基金公司。债券型基金市场上，推新强度具有决定性作用。

This paper examines the factors which influence the market share of fund companies in Chinese open-end fund industry during 2004-2012. We built a dynamic panel data model estimated by system general moment method （system GMM）, and we studied the whole market as well as the segment markets with different investment targets. We find that in the whole market, investors do not prefer old fund companies with numerous industry experience and large assets under management, but favor companies with excellent historical performance. There is a diminishing marginal contribution to the company＇s market share when increasing the number of new funds. The new-fund supply-strength is an important factor that affects the market share. The equity structures of fund companies are of no significant effect on market share. In the stock fund market, star strategy is particularly important. In line with market stock funds, hybrid funds market, investors also prefer fund companies with innovative products. In bond funds market, new- fund supply-strength has a decisive role.