经济问题
經濟問題
경제문제
On Economic Problems
2015年
5期
59~63
,共null页
证券投资基金 基金业绩 基金费率 分离均衡
證券投資基金 基金業績 基金費率 分離均衡
증권투자기금 기금업적 기금비솔 분리균형
mutual funds;fund performance;fund fees;separating equilibrium
在梳理以往文献的基础上探讨了基金行业为何普遍存在业绩与费率的背离。该现象产生的主要原因是,在信息不对称条件下,基金投资者无法有效地识别基金业绩与费率的关系。进一步提出了一个基于信息不对称的分离均衡模型。该模型证明最优的基金费率设定策略是,能力强的基金应当降低营销费以吸引理性投资者,能力弱的基金应当加大营销开支以吸引非理性投资者。
在梳理以往文獻的基礎上探討瞭基金行業為何普遍存在業績與費率的揹離。該現象產生的主要原因是,在信息不對稱條件下,基金投資者無法有效地識彆基金業績與費率的關繫。進一步提齣瞭一箇基于信息不對稱的分離均衡模型。該模型證明最優的基金費率設定策略是,能力彊的基金應噹降低營銷費以吸引理性投資者,能力弱的基金應噹加大營銷開支以吸引非理性投資者。
재소리이왕문헌적기출상탐토료기금행업위하보편존재업적여비솔적배리。해현상산생적주요원인시,재신식불대칭조건하,기금투자자무법유효지식별기금업적여비솔적관계。진일보제출료일개기우신식불대칭적분리균형모형。해모형증명최우적기금비솔설정책략시,능력강적기금응당강저영소비이흡인이성투자자,능력약적기금응당가대영소개지이흡인비이성투자자。
Based on a review of the prior literature, it is shown that the widespread phenomenon of the deviation between mutual fund’ s performances and fees is due to investors’ failure to effectively recognize the relation be-tween fund performances and fees under information asymmetry.Furthermore, a theoretical model featuring a sepa-rating equilibrium is proposed.This model proves the optimal fee strategy to be that the better performing funds should reduce their marketing expenses to attract rational investors, whereas the worse performing funds should in-crease their marketing expenses to attract irrational investors.
