【作者】 王品；

【导师】 沈中华； 梁琪；

【作者基本信息】 南开大学 ， 金融学， 2010， 博士

【摘要】 随着开放式基金在全球范围内的迅速发展,国内外学术界的相关研究也日益丰富,已有研究主要集中在开放式基金投资组合、绩效评估、基金公司治理结构等领域,但对基金费用方面的关注较少。基金费用问题的研究具有重要的理论和现实意义：首先,对于投资者来说,基金费用会对其最终收益产生影响；其次,对于基金管理公司来说,基金费用是其产品设计的核心,关系到基金公司的收益,和如何在吸引投资者并给投资者带来最大收益的同时实现自身利益的最大化,这是基金公司面临的重大战略问题；最后,对于监管者来说,针对基金费用安排的监管,实现基金管理公司和投资者双方利益的共赢,关系到基金市场的长远健康发展,对于证券市场的稳定以及金融环境的改善等意义重大。本文内容在逻辑安排上遵循“理论和现状回顾-统计描述与理论实证分析-逻辑对策建议”流程。首先,对研究问题的相关理论进行回顾分析,总结成熟市场开放式基金费用现状和研究成果,作为文章分析的理论和现实基础；其次,从中国基金市场出发研究开放式基金费用对绩效和投资者行为的影响,并探讨基金费用形成机制,为后文的实证分析提供理论指导；再次,从中观和微观角度,即基金市场、基金公司和投资者的角度分析影响中国开放式基金费用的因素,然后将中国置于全球基金业的背景下,从更宏观的国家特征角度,分析影响全球开放式基金费用的系统性因素；最后,回归到本文的研究目的,期冀对构建合理的中国开放式基金费用体系给出相应的对策建议。本文分三部分,具体安排如下：第一部分(第一章)。本部分是导论,介绍研究的背景及意义,重要概念的界定。本部分重点说明了研究开放式基金费用的背景及研究目的,同时围绕本文的研究对象进行相关概念的阐述和界定,这是本文研究的基础。第二部分(第二、三、四章),本部分是论文的主体。第二章首先阐述并分析了文章研究的理论和现实基础,包括委托代理和利益相关者理论,已有的研究成果和成熟市场开放式基金费用现状。在此基础上,立足于中国,重点研究了开放式基金费用对基金绩效和投资者行为的影响,同时对开放式基金费用的形成机制进行了理论分析；第三章在第二章提出的理论和费用形成机制基础上,从中观和微观的角度,即基金市场、投资者和基金公司治理层面,分析了影响中国开放式基金费用的因素,并进行了实证分析；第四章在前一章研究的基础上,把研究范围从中国扩展到了全球开放式基金市场,在比较了不同国家开放式基金费用后,发现中微观角度可以解释单个国家费用,但对于全球开放式基金市场,就要从更宏观的角度分析,于是本章在借鉴已有研究的基础上,尝试从国家特征层面思考问题,在搜集了全球开放式基金主要国家和地区的相关数据后,建立计量模型,通过实证分析研究了国家特征对开放式基金费用的影响。第三部分(第五章)是研究的归宿。回归到中国,把前面的研究分析转化为构建中国的开放式基金费用体系上,同时借鉴成熟市场经验,提出了适合我国国情的对策建议。本文的主要创新在于：首先,从基金公司、基金市场和国家特征这些中、微观和宏观角度对开放式基金费用进行分析,在此基础上思考构建中国开放式基金费用体系,已有的研究多是分别谈论这两个问题,而本文将二者结合起来,进一步丰富了相关的研究成果。其次,本文实证研究了全球开放式基金费用的影响因素,已有的研究较少涉及国家之间开放式基金费用的比较,有的也只是局限在两三个发达国家之间,本文丰富了这方面的研究成果。尽管如此,本文还存在需要进一步研究的地方：一是在分析全球开放式基金费用的时候,限于数据搜集的难度,研究样本为截面数据,而国家特征和开放式基金费用情况是一个存在变化与演进的过程,因此日后如能搜集到更充分的时序数据,应采用面板回归对此问题进行进一步的分析。二是在对中国开放式基金费用和绩效、投资者行为之间关系进行研究的时候,限于国内基金业起步较晚,研究的样本区间不充分,本文选取了开放式基金2006-2008年之间的数据,虽然包含了较为完整的市场周期,但如果时序列能够再延长,将得到更好的统计推断结果。更多还原

【Abstract】 Along with the open-end fund rapidly expand the domestic and foreign academic research is also rich. The research mainly concentrates in the open-end fund investment portfolios, the achievements appraisal, and fund management structure. Few are paying attention to the fund expense. The fund expense research has the important theory and the practical significance:First, regarding the investor, the fund expense will have the influence to its final income; Next, regarding the fund management company, the fund expense is its product design core, relates the fund company’s income, and how to attract the investor and realize its own benefit maximization, this is the significant strategic question which the fund company faces; Finally, regarding the major-domo, in view of the fund expense arrangement supervision, how to realizes the fund management company and the investor both sides benefit, which relates the fund market long-term healthy development, regarding the stock market stable as well as financial environment’s significances.This article content follows "the theory and the present situation review-statistics description and the theory empirical analysis-logic countermeasure in the logical arrangement suggests" analysis flow. First, the article introduce the correlation theories to carry on the review analysis, and summarizes the mature market open-end fund expense present situation; Second, the article studies the open-end fund expense’s influence to the achievements and the investor behavior, then discusses the fund expense mechanism; Third, analysis the factor affects Chinese open-end fund expense; finally, returns to this article research goal, we hope for to construct the reasonable Chinese open-end fund expense system and give the corresponding countermeasure suggestion. This article is divided into three parts and the concrete arrangement is as follows:The first part (first chapter) contains the introductory remarks, the introduction research background and the significance, important concept limits. This part studies the open-end fund expense and the research goal, this is the foundation which this article studies.The second part (second, third, fourth chapters), this part is the paper main body. The second chapter first elaborated and analyzed the article’s research theory and the realistic foundation, existing research results and mature market open-end fund expense present situation; the third chapter analysis the factor affects the Chinese open-end fund expense, and carried on the empirical analysis; the fourth chapter expanded the range of study from China to the global open-end fund market.The third part (the fifth chapter) transforms the front research analysis to construct China’s open-end fund expense system, simultaneously learn from the mature market experience, proposed the countermeasure suggestion which suits our country national condition.This article main innovation lies in:First, analysis from the fund Company, the fund market and national characteristic angle. The article carries on the analysis to the open-end fund expense, and constructs the Chinese open-end fund expense system. The existing studies many discusses these two questions separately, but this article unifies the two question, which enriched the related research results. Next, this article empirical study whole world open-end fund expense’s influencing factor, and found that the existing research has little comparison between the country open-end fund expenses. This article has enriched this aspect research results.For all of this, this article also needs further study:First, limited to data gathering’s difficulty, when analyzing the global open-end fund expense, the research sample is cross-section data. Therefore if we can collect enough data in the future, we can carry on the further analysis to this question. Second, when studying the Chinese open-end fund expense and the achievements, this article has selected the open-end fund 2006-2008 year data, if we can collect enough data in the future, we will obtain the better statistical inference result.更多还原