本文選題：開(kāi)放式基金 + 基金規(guī)模��； 參考：《對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)》2014年碩士論文

【摘要】：隨著我國(guó)資本市場(chǎng)的發(fā)展，投資者的日益成熟，我國(guó)開(kāi)放式基金的規(guī)模逐年攀升，基金管理公司發(fā)行的基金數(shù)量也逐年快速增長(zhǎng)。截至2014年上半年，我國(guó)境內(nèi)共有基金管理公司93家，管理的開(kāi)放式基金規(guī)模達(dá)到36118.22億元，創(chuàng)業(yè)歷史新高；境內(nèi)共有1714只公募基金，其中1587只為開(kāi)放式基金，占據(jù)主導(dǎo)地位。基金公司出于自身利益最大化的考慮，總是追求更大的規(guī)模，由于基金公司收取固定費(fèi)率的管理費(fèi)，因此更大的規(guī)模就意味著更多的收入，但是一只基金的規(guī)模越大對(duì)投資者來(lái)說(shuō)是否是好事呢？規(guī)模大是否能給投資者帶來(lái)更多收益呢？一些基金在達(dá)到一定規(guī)模之后會(huì)暫停申購(gòu)，基金規(guī)模越大是否對(duì)基金業(yè)績(jī)有不利影響，這值得我們深思。一般認(rèn)為，大型基金公司會(huì)擁有更多的資源，能購(gòu)買(mǎi)更多數(shù)據(jù)，雇傭更多專(zhuān)業(yè)人員，同時(shí)基金管理中一些固定成本的部分不會(huì)隨著規(guī)模的擴(kuò)大而同比例擴(kuò)大，這會(huì)給基金帶來(lái)規(guī)模效應(yīng)。不過(guò)，規(guī)模的擴(kuò)大也會(huì)帶來(lái)諸多問(wèn)題，比如從流動(dòng)性約束的角度看，隨著基金規(guī)模的變大，基金經(jīng)理將不再只是市場(chǎng)價(jià)格的接受者，很大程度上可能會(huì)成為價(jià)格的引導(dǎo)者，其交易行為會(huì)對(duì)市場(chǎng)價(jià)格形成沖擊，導(dǎo)致交易摩擦成本加大，會(huì)對(duì)基金的收益造成影響。從基金公司管理能力和基金經(jīng)理的個(gè)人能力角度看，，在基金規(guī)模擴(kuò)大的情況下，基金公司的管理能力卻是有限的，因此在不斷擴(kuò)大的規(guī)模與不足的管理能力之間將存在缺口，當(dāng)基金規(guī)模迅速擴(kuò)大后，會(huì)使得基金公司的管理靈活性下降，管理能力不足，同時(shí)基金規(guī)模的擴(kuò)大需要更多的基金經(jīng)理共同管理基金，群體決策不經(jīng)濟(jì)也會(huì)對(duì)基金的收益造成影響。另外，對(duì)于規(guī)模較大的資產(chǎn)組合，即使是投資風(fēng)格較為激進(jìn)的基金經(jīng)理，也會(huì)被迫轉(zhuǎn)變投資風(fēng)格，由激進(jìn)轉(zhuǎn)為穩(wěn)健。而更為穩(wěn)健的投資風(fēng)格就意味著相對(duì)較低的風(fēng)險(xiǎn)，從而獲得相對(duì)較低的收益水平。本文通過(guò)理論分析和實(shí)證檢驗(yàn)的方法對(duì)我國(guó)開(kāi)放式基金規(guī)模對(duì)其業(yè)績(jī)的影響作了多角度的闡述，構(gòu)建了計(jì)量模型檢驗(yàn)了理論假設(shè)，主要從基金投資風(fēng)格轉(zhuǎn)變和基金流動(dòng)性變化的角度解釋基金規(guī)模對(duì)基金業(yè)績(jī)的影響，模型運(yùn)行結(jié)果發(fā)現(xiàn)，在控制了基金股票換手率、現(xiàn)金流流入等影響因素后基金規(guī)模對(duì)基金業(yè)績(jī)依然有顯著的程度較大的負(fù)面影響。
[Abstract]:With the development of China's capital market and the maturity of investors, the scale of open-end funds in China is rising year by year, and the number of funds issued by fund management companies is also increasing rapidly year by year. Up to the first half of 2014, there are 93 mutual fund management companies in our country, and the scale of open-end funds managed reaches 3.611822 trillion yuan, which is a new high in the history of starting a business. There are 1714 public funds in China, of which 1587 are open-end funds, which occupy the leading position. For the sake of maximization of their own interests, the fund companies always pursue a larger scale. Because the fund companies charge a fixed rate of management fees, a larger scale means more revenue. But is the size of a fund good for investors? Will the scale bring investors more money? Some funds will be suspended after a certain size, the larger the fund size will have a negative impact on fund performance, which is worth our thinking. It is generally believed that large fund companies will have more resources to buy more data, hire more professionals, and that the fixed cost portion of fund management will not expand in proportion to the size of the fund. This would have a scale effect on the fund. However, the expansion of scale also brings many problems, such as from the point of view of liquidity constraints, as the size of the fund becomes larger, fund managers will no longer be the recipients of market prices, but will probably become the price guides to a large extent. Its trading behavior will impact on the market price, leading to the increase of transaction friction costs, which will have an impact on the return of the fund. From the perspective of the management ability of the fund company and the personal ability of the fund manager, the management ability of the fund company is limited in the case of the fund scale expansion, so there will be a gap between the growing scale and the insufficient management ability. When the size of the fund expands rapidly, the management flexibility of the fund company will be reduced, and the management ability will be insufficient. At the same time, the expansion of the fund size will require more fund managers to jointly manage the fund. Uneconomical group decision-making will also have an impact on the return of the fund. In addition, for larger portfolios, even the more aggressive managers will be forced to shift from aggressive to robust. A more robust investment style means a relatively low risk and thus a relatively low level of return. Through theoretical analysis and empirical test, this paper expounds the impact of the scale of open-end funds on the performance of China's open-end funds from various angles, and constructs an econometric model to test the theoretical assumptions. This paper mainly explains the influence of fund size on fund performance from the angle of fund investment style change and fund liquidity change. The result of the model shows that the turnover rate of fund stock is controlled. Fund size still has a significant negative impact on fund performance after factors such as cash flow inflow.
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51

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