证券投资基金费用与管理质量实证研究  被引量:3

An Empirical Examination on the Relationship between Managerial Quality and Fund Fees in Mutual Fund

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作  者:曾德明[1] 周再望[1] 刘颖[1] 

机构地区:[1]湖南大学工商管理学院,湖南长沙410082

出  处:《财经理论与实践》2005年第4期49-52,共4页The Theory and Practice of Finance and Economics

基  金:国家社会科学基金资助项目(01BJL022);教育部人文社科研究"十五"规划项目(01JD790021)

摘  要:通过对证券投资基金费用与基金绩效之间关系的检验,发现对于管理质量好的基金,基金费用和绩效负相关。与此相反,对于管理质量差的基金,基金费用与绩效正相关。此外,基金费用确实存在规模经济,这反映了当前证券投资基金业中的基金数量少,便于监管,费用设置较为合理。这些结论与以下观点一致,即保护股东利益的独立董事可能起到了应有的作用。By examining the relationship between the fees charged by mutual funds and their performance,it is found that for high-managerial quality funds, there is a negative relationship between fees and performance. In contrast, for lower-managerial quality funds, there is a positive relationship between fees and performance. The existence of scale economies in the cost structure of mutual fund complexes reflects the reasonability of China's current mutual funds structure with less funds items that is easy for supervision and cost control. These results are consistent with the notion that independent directors will help the protection the interests of shareholders.

关 键 词:基金费用 管理质量 绩效 独立董事 

分 类 号:F830.593[经济管理—金融学]

 

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