财经理论与实践
財經理論與實踐
재경이론여실천
The Theory and Practice of Finance and Economics
2013年
4期
45~49
,共null页
股市波动 基金管理费报酬 中介效应 激励相容
股市波動 基金管理費報酬 中介效應 激勵相容
고시파동 기금관리비보수 중개효응 격려상용
Stock market volatility; Fund management fee compensation; Mediating effect;Incentive compatibility
利用中介效应分析方法检验了理论假设：股市波动对基金管理费报酬有积极的影响，基金业绩在股市波动对基金管理费报酬的影响中存在正的中介效应，即基金有能力在股市波动中发掘机会来提高业绩，从而提高管理费报酬。实证结果表明，在没有增加基金业绩情况下，股市波动对基金管理费报酬具有积极影响，此结论从股市波动的视角证明了基金管理费激励机制并不是激励相容的。根据实证结果，可以从基金类型多样化、扩大管理费率范围和加强投资者教育等三个方面完善基金管理费激励机制。
利用中介效應分析方法檢驗瞭理論假設：股市波動對基金管理費報酬有積極的影響，基金業績在股市波動對基金管理費報酬的影響中存在正的中介效應，即基金有能力在股市波動中髮掘機會來提高業績，從而提高管理費報酬。實證結果錶明，在沒有增加基金業績情況下，股市波動對基金管理費報酬具有積極影響，此結論從股市波動的視角證明瞭基金管理費激勵機製併不是激勵相容的。根據實證結果，可以從基金類型多樣化、擴大管理費率範圍和加彊投資者教育等三箇方麵完善基金管理費激勵機製。
이용중개효응분석방법검험료이론가설：고시파동대기금관리비보수유적겁적영향，기금업적재고시파동대기금관리비보수적영향중존재정적중개효응，즉기금유능력재고시파동중발굴궤회래제고업적，종이제고관리비보수。실증결과표명，재몰유증가기금업적정황하，고시파동대기금관리비보수구유적겁영향，차결론종고시파동적시각증명료기금관리비격려궤제병불시격려상용적。근거실증결과，가이종기금류형다양화、확대관리비솔범위화가강투자자교육등삼개방면완선기금관리비격려궤제。
The following theoretical assumptions is tested by mediating effect method. Stock market volatility have a positive impact on the fund management fee compensation, in which fund performance has positive mediating effect, i. e. , fund can catch opportunities to improve performance in stock market volatility, so as to improve the management fee compensation. The empirical results show that there is a positive impact of stock market volatility on the fund management fee compensation but fund performance is not increasing. This conclusion suggests that from the perspective of the stock market volatility fund management fee incentive mechanism is not incentive compatibility. According to the empirical results, it is proposed to improve the fund management fee incentives mechanism from the diversification of fund types, and further education on the investors.
