本文關(guān)鍵詞： 基金管理公司 多元化產(chǎn)品設(shè)計 市場份額 溢出效應(yīng) 非平衡面板數(shù)據(jù)　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：我國證券投資基金在基金管理公司設(shè)立門檻降低之后呈現(xiàn)出了較快的發(fā)展速度,基金管理公司數(shù)量的增長、基金產(chǎn)品的逐漸豐富使基金管理公司之間的競爭愈加激烈。 本文對基金管理公司實施的多元化產(chǎn)品策略進行了研究,發(fā)現(xiàn)大多數(shù)基金管理公司在競爭過程中,發(fā)行的基金只數(shù)和種類都有了不同程度的擴大。面對投資者不同的投資偏好,研究基金管理公司多元化產(chǎn)品策略對基金產(chǎn)品市場份額的影響,是有實際意義的。站在基金管理公司的角度,探討基金管理公司產(chǎn)品多元化策略對產(chǎn)品市場份額是否存在溢出效應(yīng)是本文研究的重點。 同時,我國證券投資基金的投資者主要由個人投資者和機構(gòu)投資者構(gòu)成,這兩類投資者對證券投資基金產(chǎn)品多元化的偏好存在一定差異,進而可能會影響基金管理公司所發(fā)產(chǎn)品的市場份額。因此,在基金管理公司同時面向兩類投資者設(shè)計的產(chǎn)品中,基金公司多元化的產(chǎn)品策略對個人投資者或機構(gòu)投資者產(chǎn)生的溢出效應(yīng)是否不同,是本文進一步探討的問題。 本文主要基于國內(nèi)外學(xué)者理論和實證研究結(jié)果,并結(jié)合我國證券投資基金發(fā)展的實際情況,設(shè)計了實證研究思路。首先,在控制基金產(chǎn)品屬性的條件下,運用非平衡面板數(shù)據(jù)分析方法,實證研究了基金管理公司多元化產(chǎn)品策略對基金公司管理規(guī)模市場份額、單只基金在所有基金產(chǎn)品中的管理規(guī)模市場份額、每種類型基金產(chǎn)品在同類產(chǎn)品中的管理規(guī)模市場份額的影響關(guān)系。其次,本文分別用個人投資者投資、機構(gòu)投資者投資形成的基金管理規(guī)模市場份額對基金管理公司發(fā)行的產(chǎn)品數(shù)量進行回歸分析,實證了不同投資偏好下,基金管理公司多元化產(chǎn)品設(shè)計對管理規(guī)模影響關(guān)系的差異。 基于實證,本文的主要結(jié)論為：假設(shè)每只基金產(chǎn)品存在差異、投資者投資行為相對固定,則基金管理公司多元化產(chǎn)品策略對基金公司整體管理規(guī)模市場份額、單只基金管理規(guī)模市場份額、每類基金產(chǎn)品管理規(guī)模市場份額存在正的溢出效應(yīng),這種正的溢出效應(yīng)在個人投資者和機構(gòu)投資者中均存在。從具體實證結(jié)果看,基金管理公司多元化產(chǎn)品設(shè)計對機構(gòu)投資者投資形成的基金管理規(guī)模市場份額正向溢出效應(yīng)更強。最后,在此結(jié)論的基礎(chǔ)上,本文給出了基金管理公司發(fā)展的意見和建議。
[Abstract]:After the establishment threshold of fund management companies is lowered, the securities investment funds in our country have shown a rapid development speed, and the number of fund management companies has increased. The gradual enrichment of fund products makes the competition between fund management companies more fierce. This paper studies the diversified product strategy implemented by fund management companies and finds that most fund management companies are in the process of competition. In the face of investors' different investment preferences, the influence of diversified product strategy of fund management company on the market share of fund products has been studied. From the perspective of fund management company, it is the focus of this paper to discuss whether there is spillover effect of product diversification strategy on product market share of fund management company. At the same time, the investors of securities investment funds in China are mainly composed of individual investors and institutional investors. In turn, it may affect the market share of the products issued by the fund management company. Therefore, in the fund management company at the same time for two types of investors in the design of the product. Whether the spillover effects of diversified product strategies of fund companies on individual investors or institutional investors are different are further discussed in this paper. This paper mainly based on the domestic and foreign scholars' theory and empirical research results, and combined with the actual situation of the development of securities investment funds in China, designed empirical research ideas. First, under the condition of controlling the property of fund products. Using the non-equilibrium panel data analysis method, this paper empirically studies the market share of the fund management company's management scale market by the diversification product strategy of fund management company, and the single fund's market share of the management scale market in all the fund products. The relationship between the management scale market share of each type of fund products in the similar products. Secondly, this paper uses individual investors to invest. The market share of fund management scale formed by institutional investors has a regression analysis on the number of products issued by fund management companies, which demonstrates the different investment preferences. The difference of the relationship between the diversification product design and the management scale of fund management company. Based on the empirical results, the main conclusions of this paper are as follows: assuming that there are differences in each fund product and investors' investment behavior is relatively fixed, then the diversification product strategy of the fund management company has a market share of the overall management scale of the fund company. Single fund management scale market share, each kind of fund product management scale market share has the positive spillover effect, this kind of positive spillover effect exists in the individual investor and the institutional investor. The market share of fund management scale formed by the diversification product design of fund management company is stronger than that of institutional investor. Finally, on the basis of this conclusion. This paper gives some suggestions on the development of fund management company.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.39;F224

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