我国基金管理模式的比较研究

A Comparative Study of the Mutual Fund Manager Structure in China

文章选用中国证券市场自开放式基金发行以来的全部股票型开放式基金数据,对我国基金管理模式进行了对比研究,报告了不同基金管理模式下的基金业绩和风险的差异。实证结果表明:团队管理的基金业绩要差于单一经理管理的基金,团队的业绩与基金管理团队成员的数量非线性相关,尤其是两名经理管理时基金业绩更差。不同背景的经理加入,给团队业绩带来的是负面的影响。基金团队管理并不会直接增加基金的风险行为,团队管理的基金有更低的换手率,能够吸引更多的资金流入,管理的规模也更大。最后在文章实证研究结果的基础上提出未来我国基金管理公司在设置团队管理模式时,应体现惩罚与激励相结合的思想的建议,更好地实现团队管理模式推出的初衷。

The paper carries out a comparative study of the mutual fund manager structure by using open-end fund data since their issuance in China and report the effect of teams on fund performance and their risk taking behavior. The empirical results show that on average team-managed funds perform worse than single-managed funds. Team size is non-linearly related to fund performance, especially the two-manager funds perform worse. Team diversity that highlights more problems than benefits associated with grouping people with different characteristics to the same team. The impact of group-decision making on fund risk taking behavior is not very straightforward. Among other benefits, team-managed funds have lower turnover and the ability to attract new money flows into their funds, hence larger fund size. Based on the empirical results of the study, the paper finally gives the suggestion that during the setting of team management mode of China＇s fund management companies, it should embody the idea of combining punishment and incentive so as to achieve the original intention of the launch team management mode.