基金家族明星基金品牌策略实证研究——以华夏基金管理公司为例  

Empirical Study on the Star Funds Brand Strategy of Fund Family——Take China Asset Management Co.,Ltd for Example

作　　者：刘白兰[1] 朱臻[2] 

机构地区：[1]广东金融学院保险系,广东广州510521 [2]广东省科技干部学院财金学院,广东珠海519090

出　　处：《湖南财政经济学院学报》2015年第1期67-75,共9页Journal of Hunan University of Finance and Economics

基　　金：教育部人文社会科学研究青年基金项目"基金家族的品牌策略与业绩评价--基于中国证券基金市场的理论与实证研究"(项目编号:12YJC790113);广东高校优秀青年创新人才培养计划项目"基金家族的品牌策略及业绩评价指标构建研究"(项目编号:2012WYM-0098);国家自然科学基金青年科学基金项目"金融创新收益独占性问题研究"(项目编号:71103045)

摘　　要：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。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.

关 键 词：基金家族 明星基金 品牌策略 溢出效应 华夏基金管理公司 

分 类 号：F830.91[经济管理—金融学]