CAJ | 학술논문

我国基金管理采用的是固定费率制度，这种旱涝保收的收费模式使得基金家族的“造星”成本很低，而基金家族“造星”成功时明星基金的品牌可以吸引到更多的资金流入，进而为该家族带来更多的管理费收入，成本与收益的巨大差异会导致基金家族过度地实施“造星运动”。本文通过理论建模和实证检验深入研究了我国基金家族实施造星策略的内在动因与效果。研究发现，基金家族的造星策略在短期内无效，但从中长期来看效果显著；家族整体业绩和家族现金流入显著正相关，因此，为了获得更多的管理费收入，基金家族应以提高业绩为宗旨。
아국기금관리채용적시고정비솔제도，저충한로보수적수비모식사득기금가족적“조성”성본흔저，이기금가족“조성”성공시명성기금적품패가이흡인도경다적자금류입，진이위해가족대래경다적관리비수입，성본여수익적거대차이회도치기금가족과도지실시“조성운동”。본문통과이론건모화실증검험심입연구료아국기금가족실시조성책략적내재동인여효과。연구발현，기금가족적조성책략재단기내무효，단종중장기래간효과현저；가족정체업적화가족현금류입현저정상관，인차，위료획득경다적관리비수입，기금가족응이제고업적위종지。
At present, we use a fixed - rate system, which charges the fund family low cost of star - making. However, the fund family will get huge management fees when the star - making strategy is successful and the star fund attracts more capital inflows. This huge difference in costs and benefits will lead to excessive star - making sports implemented by the fund family. Based on this phenomenon, this paper has studied on the internal reason and result of fund families＇ star - making strategy by means of model constructing and empirical study. In the short term, the fund family＇s star - making strategy is not effective, but in the long term, the strategy is very effective. The fund family＇s cash flow has positive relation with the fund family＇s overall performance. Therefore, in order to get more management fees, the fund family should aim to improve performance.