摘要
选择基金为研究对象,选取2014年6月至2017年6月的基金管理公司旗下管理的股票型基金相关数据,定义基金中与产权相关的变量即“国有产权集中度”描述基金的产权组成,定义“个体收益偏差率”描述财富分配效应,使用面板回归方法考察基金在资本市场的财富分配效应。研究发现国有资本对基金投资所产生的财富分配效应具有明显影响,具体表现在国有产权集中度在市场波动期间具有财富分化平抑的能力,并且在上涨期间这种抑制能力更为明显,但在市场相对平稳时期其财富分化平抑能力并不显著。研究结果对国家队基金实现稳定股价目标、国有资本参与资本市场投资及实现社会功能等具有启示性意义。
The essay collects equity funds data between June 2014 and June 2017 as subject and defines two proper nouns named"concentration of stated-owned property right"(CPR) and"Deviation of individual return"to describe the component of the property right of fund and wealth distribution impact. And the paper uses panel data regression method to find the relationship between CPR and wealth distribution impact in stock market. The essay finds that state capital has a significant influence on wealth distribution during fluctuating periods. And the hold-up effect is more remarkable during rising period. The hold-up effect is insignificant during stable periods. The result shows that state capital is important in stabilizing stock price target, state capital’s involvement of capital market investment and realizing social function. It provides forceful evidence for national fund chasing for stable stock prices, state capital participation in the investment in capital market and realization of its social obligation.
作者
贺立龙
李浩然
He Lilong;Li Haoran(School of Economics,Sichuan University,Chengdu 610064,China)
出处
《金融理论探索》
2020年第2期11-19,共9页
Exploration of Financial Theory
基金
国家社科基金项目“‘一带一路’经济带建设与异质区域金融一体化研究”(16CJL042)。
关键词
基金
财富分配
国有产权集中度
个体收益偏差率
fund
wealth distribution
concentration of stated-owned property right
deviation of individual return
