基金经理更换是一种有效的激励机制吗?  

IS the Replacement of Fund Managers a Effective Incentive Mechanism?

作　　者：彭文平[1] 肖继辉[2] 

机构地区：[1]华南师范大学经管学院,广东广州510632 [2]暨南大学管理学院,广东广州510631

出　　处：《经济管理》2012年第4期131-140,共10页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"基金行业锦标赛与基金经理激励约束效应研究"(71002087);教育部人文社科项目"开放式基金经理能力成长与激励机制研究"(08JC630030);广东省人文社科基地重点项目"基金家族利益输送与投资者公平待遇研究"(09JDXM79010)

摘　　要：本文以2005～2009年为样本期,考察了基金经理更换的原因及效果。研究发现,业绩能够较好地解释基金经理降职,但对升职解释不足。基金经理升职后基金业绩能够保持;而降职之后,继任经理的投资风格和资产配置都发生了显著的变化,从而使得基金业绩在不增加投资组合风险的前提下得以改善。股权较为分散、股东间有效制衡的基金公司旗下的基金经理更容易被更换,但董事会制度与基金经理更换不相关。同时,内资基金公司的经理更换机制不如合资基金公司有效。所以,基金经理更换是一种较为有效但尚不完善的激励机制。In china, the replacement of the mutual fund managers is much more frequent than any other western countries like the US. On the purpose of finding some evidences to observe whether the fund managers replacement is efficient internal incentive mechanism, this study is to carry out an empirical research on the reasons and influ- ence of mutual fund managers replacement, Using the sample statistics period from 2005 to 2009, We analyze the in- fluence of the mutual fund performance and internal governance mechanism in the fund manager replacement, as well as the performance and investment alteration after the replacement. According to our research, under the market situation, fund performance is the motion of the fund manager replacement to a certain extent. The empirical results show that the fund performance can better explain the demotion of the managers, However, the performance have poor explanation ability of the mangers promotion in accordance with our research. After the fund manaers promo- tion, the successor manager change the style of fund investment positively in order to maintain the fund performance well rather than decline significantly. However, after the fund managers demotion, the investment style and asset portfolio are changed significantly by the successor manager, so that the performance of the fund can be improved, and this improvement is not the cost of the investment portfolio increased risk. All of these can partly explain that the fund managers replacement in Chinese mutual fund market is kind of efficient incentive mechanism. The fund manager, who is in the fund management company, which the shareholding is more dispersed, and effective checks and balances among shareholders, are more easily to explain to be relaced because of the performance of the fund. In additon,the replacement of fund manager is significantly related to the property of the fund management company and the checks and balances among the shareholders, which can give strong evidence that the fund manager replace- ment sho

关 键 词：基金 基金经理更换 基金治理 

分 类 号：F830.39[经济管理—金融学]