证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2014年
7期
72~78
,共null页
开放式基金 基金公司 市场份额 创新策略
開放式基金 基金公司 市場份額 創新策略
개방식기금 기금공사 시장빈액 창신책략
open-end fund, fund companies, market share, innovation strategy
本文以2004~2012年提供开放式基金的基金公司为研究样本,通过构建动态面板模型,运用系统广义距(systemGMM)方法,实证检验了我国基金公司市场份额的影响因素,并进一步细分市场,探讨了不同基金市场上各个因素作用的差异性。我们研究发现:总体而言,投资者并不偏好行业经验丰富和旗下基金数目众多的老牌基金公司,而以基金公司的绩效作为重要的投资决策依据。增加新基金供给数量对提高基金公司市场份额的贡献边际递减。当期基金公司推新强度是影响市场份额的重要因素。基金公司的股权结构对市场份额没有显著影响。在股票型基金市场上,造星策略尤为重要。与股票型基金市场一致,混合型基金市场上,投资者也偏好具有创新精神的基金公司。债券型基金市场上,推新强度具有决定性作用。
本文以2004~2012年提供開放式基金的基金公司為研究樣本,通過構建動態麵闆模型,運用繫統廣義距(systemGMM)方法,實證檢驗瞭我國基金公司市場份額的影響因素,併進一步細分市場,探討瞭不同基金市場上各箇因素作用的差異性。我們研究髮現:總體而言,投資者併不偏好行業經驗豐富和旂下基金數目衆多的老牌基金公司,而以基金公司的績效作為重要的投資決策依據。增加新基金供給數量對提高基金公司市場份額的貢獻邊際遞減。噹期基金公司推新彊度是影響市場份額的重要因素。基金公司的股權結構對市場份額沒有顯著影響。在股票型基金市場上,造星策略尤為重要。與股票型基金市場一緻,混閤型基金市場上,投資者也偏好具有創新精神的基金公司。債券型基金市場上,推新彊度具有決定性作用。
본문이2004~2012년제공개방식기금적기금공사위연구양본,통과구건동태면판모형,운용계통엄의거(systemGMM)방법,실증검험료아국기금공사시장빈액적영향인소,병진일보세분시장,탐토료불동기금시장상각개인소작용적차이성。아문연구발현:총체이언,투자자병불편호행업경험봉부화기하기금수목음다적로패기금공사,이이기금공사적적효작위중요적투자결책의거。증가신기금공급수량대제고기금공사시장빈액적공헌변제체감。당기기금공사추신강도시영향시장빈액적중요인소。기금공사적고권결구대시장빈액몰유현저영향。재고표형기금시장상,조성책략우위중요。여고표형기금시장일치,혼합형기금시장상,투자자야편호구유창신정신적기금공사。채권형기금시장상,추신강도구유결정성작용。
This paper examines the factors which influence the market share of fund companies in Chinese open-end fund industry during 2004-2012. We built a dynamic panel data model estimated by system general moment method (system GMM), and we studied the whole market as well as the segment markets with different investment targets. We find that in the whole market, investors do not prefer old fund companies with numerous industry experience and large assets under management, but favor companies with excellent historical performance. There is a diminishing marginal contribution to the company's market share when increasing the number of new funds. The new-fund supply-strength is an important factor that affects the market share. The equity structures of fund companies are of no significant effect on market share. In the stock fund market, star strategy is particularly important. In line with market stock funds, hybrid funds market, investors also prefer fund companies with innovative products. In bond funds market, new- fund supply-strength has a decisive role.