新基金发行行为研究

A Research on the Issuance of New Fund

针对新基金不断发行而基金公司和基金行业的资产规模停滞不前这一奇怪现象,实证分析资金流与新基金发行的关系、新基金发行的影响因素、新基金发行的影响作用等问题,研究发现:虽然新基金在当期比老基金更能吸引资金流,但新基金的发行会引发同类型老基金资金的流出,因而新基金发行只不过是一场"拆东墙补西墙"的游戏,并不能使基金公司和基金行业的资产规模得以扩大。然而,如果基金公司不发行新基金,其市场份额就会被其他公司的新基金抢走,因此基金公司为了"跑马圈地"被迫竞相发行新基金,企图通过发行新基金来改变其市场弱势地位。基金公司发行新基金的行为虽然能在短期内提高市场份额和业绩,但从长期来看这一作用并不明显,甚至可能损害基金公司的业绩。要实现基金公司和基金行业的可持续发展,正确的途径是提高基金业绩而不是发行新基金。

In view of the strange phenomenon that new funds are issued constantly while the asset scale of fund companies and the fund industry is at a standstill, this paper makes an empirical analysis on the such problems as the relationship between capital flow and new fund issuance, factors and impacts influencing the issuance of new fund. The study finds that although the new funds can absorb more capital flow than the old ones, issuing new funds may lead capital flow out of the similar old funds. Thus,it is just like a “rob-Peter-to-pay-Paul” game which does no good in expanding the asset scale of fund companies and fund industry. If the fund companies cannot issue new fund, their market share will be occupied by the new funds issued by others. So the fund companies are forced to issue new funds with the aim to seize the market and get out of the weak position in the market. Issuing new funds may increase their market share and performance in the short term, but it is not so effective in the long term. It may even damage the companies’ performance. The sustainable development of the fund companies and the fund industry depends on improving fund performance other than issuing new funds.