CAJ | 학술논문

运用2005－2012年非平衡面板的季度数据，以华夏家族为例，系统研究了基金家族打造明星基金品牌的证据、效果以及对投资者的影响。实证研究发现，华夏家族的规模和旗下基金业绩差距均高于市场平均水平，家族内绩优基金业绩持续性强于绩差基金，说明华夏家族很可能通过利益输送等方式打造明星基金。明星基金不但为自身带来了资金净流入，而且提高了整个家族的资产规模，品牌策略十分有效。2007－2010年间华夏家族为投资者创造了超额收益，而2011－2012年间华夏家族业绩不佳，表明公司治理机制的完善对于基金家族的整体业绩至关重要。
운용2005－2012년비평형면판적계도수거，이화하가족위례，계통연구료기금가족타조명성기금품패적증거、효과이급대투자자적영향。실증연구발현，화하가족적규모화기하기금업적차거균고우시장평균수평，가족내적우기금업적지속성강우적차기금，설명화하가족흔가능통과이익수송등방식타조명성기금。명성기금불단위자신대래료자금정류입，이차제고료정개가족적자산규모，품패책략십분유효。2007－2010년간화하가족위투자자창조료초액수익，이2011－2012년간화하가족업적불가，표명공사치리궤제적완선대우기금가족적정체업적지관중요。
Using the quarterly data from 2005 to 2012, this paper firstly examines how the China family implements star fund brand strategy, whether the strategy is effective and what influence the strategy has on investors. The results show that the scale and cross - funds standard deviation of China family are both higher than average. Within the family, the perform- ance persistence of funds with better returns is stronger, which means China family most likely making use of benefits transfer to create star fund. Star fund not only bring significant new money growth to itself, but also attract more new money to the whole family, which means the brand strategy is very effective. China brought the investors excess returns from 2007 to 2010. However, China family didn＇ t perform well during 2011 -2012, which means that improvement of corporate governance structure is of strategic importance to funds family＇ s whole performance.