证券投资基金管理公司治理结构与投资业绩关系研究

The Relationship Between Management Structure and Investment Performance of Securities Investment Fund Management Company

证券投资基金管理公司要想获得更好的发展,就必须完善公司治理结构,促使基金持有人的投资保值增值。近年来,中国的基金行业发展放缓,基金投资人的利益得不到保障,完善与优化基金公司的内部治理结构以提高基金投资业绩,具有重要的现实意义。文章基于2009—2015年的基金行业数据,通过建立多元回归模型,对基金管理公司治理结构与投资业绩关系进行研究,同时分析影响基金投资绩效的因素,并从股本结构、董事会规模等方面提出了完善证券投资基金管理公司内部治理结构的对策。

If a securities investment fund management company requires better development, its management structure must be enhanced to preserve and increase the value of funds. In recent years, because of the fact that the development of fund industry slow down and that the profit of fund investors cannot be secured, improvement and optimization of the inner management structure of fund companies become necessary to raise the investment performance. This paper constructed multiple regression model based on data in fund industry from 2009 to 2015 to thoroughly analyze the relationship between management structure and investment performance. We also found the factors affecting investment performance and proposed measures to perfect the inner management structure of fired companies from the aspects of equity structure, size of board of directors,etc.