从基金竞次看居高不下的基金费率——基于空间计量模型的研究

Race to Bottom and the High Expense Ratio of the Funds——Evidence from Spatial Econometrics Model

基金费率一直居高不下,一定程度上降低了我国基金盈利能力和吸引力。本文试图探究高基金费率的背后原因。文章通过2009—2011年347只开放式基金的数据,采用空间计量方法对基金销售支出的策略互动行为进行研究。实证结果表明,为了争取有限的销售渠道,基金在渠道费用方面存在着显著的互补型策略互动行为。"邻居"基金加权平均渠道费用支出增加1单位,会带来本基金的支出增加0.6单位左右。基金对有限的销售渠道的竞争,推高了支付给银行的渠道费用,阻碍了基金费率的合理下调。本文研究结果表明,拓宽基金的销售渠道有助于降低基金的运行成本,增加投资者财富,对基金业的健康发展具有十分重要的作用。

As the expense ratio of the funds increasing constantly,the appeal of mutual funds and the scale of fund management assets continues to decline.This paper uses the data of 347 open-ended funds in China from 2009 to 2011 to construct a spatial panel data model to analyse the strategic interaction among the funds.The result of spatial econometric model shows that trailing commission is the measure for funds to seize channel resources.The competition among funds pushes up the trailing commission which in turn prevents reasonable adjustment to bring down fund's expense ratio in order to attract inflows.Also,the high commissions hinder the development of fund industry in China and the increase of wealth for fund investors.Our findings demonstrate the significance to broaden the sales channels of funds and provide reference for fund supervision and reform.