证券公司控股性质对基金绩效的影响研究——基于非公开信息流动视角

Research on the Share-holders' Operating Nature and the Performance of Mutual Funds: the Function of Non-public Information

基于基金管理公司股东从事主营业务的属性差异进行研究,发现证券公司控股有助于提高附属基金的绩效,证券公司控股基金绩效要优于其他类型基金。通过分析基金投资组合中IPO"客户"公司股票的收益状况,表明证券公司与附属基金之间存在非公开信息流动现象。

Based on the difference of the holding-sharers’ operations, the paper shows the mutual funds controlled by securities compa-nies had higher performance. Through analyzing the funds’ investment portfolio, we find the client companies’ stock had positive abnormal return once sponsored by the holding securities companies. All the evidences suggest the flow of non-public information.