基金业绩对赎回行为的影响:公司治理特征的调节效应  

Fund Performance’s Influence on the Redemption Behavior:Adjustment Effect of Corporate Governance Characteristics

作　　者：许林[1] 韦雨田 喻国平[2] Xu Lin;Wei Yutian;Yu Guoping(School of Economics&Commerce,South China University of Technology,Guangdong Guangzhou 510006;School of Economics,Jiangxi University Of Finance and Economics,Jjiangxi Nanchang 330013)

机构地区：[1]华南理工大学经济与贸易学院,广东广州510006 [2]江西财经大学经济学院,江西南昌330013

出　　处：《金融发展研究》2019年第9期14-24,共11页Journal Of Financial Development Research

基　　金：教育部人文社科青年基金项目(19YJC790163);广东省自然科学基金项目(2018A030310370);国家留学基金委资助“2018年青年骨干教育出国研修项目(201806155058);华南理工大学中央高校基本科研业务费资助(x2jmD2181970)

摘　　要：基金作为重要的机构投资者,长期面临赎回率高企问题,不利于基金公司成熟稳健发展。本文聚焦基金公司的治理特征对于基金业绩与赎回行为关系的调节效应,实证分析基金业绩对基金赎回率的影响,从四个层面考察基金公司治理特征的调节效应,从静态与动态双维度视角实证检验其调节效应。结果发现:基金公司的股东规模、股权集中度、基金经理的团队、机构投资者的市场规模及其市场占比对基金业绩和基金赎回率具有显著的正向调节效应;基金公司的董事会规模与基金经理的性别对基金业绩和基金赎回率具有显著的负向调节效应,而独立董事规模与基金经理学历的调节效应不显著。As an important institutional investor,confronting with high redemption rate in a long term goes against the sound and prudent development of the enterprises.This paper focuses on the adjustment effect exercised by the fund enterprises on relationship between fund performance and the redemption behaviors,fund performance's influence on the fund redemption is analyzed by empirical study.Then,it inspects the regulatory effects of fund corporate governance characteristics from four levels and examines its adjustment effect from the static and dynamic perspectives.The result shows there is an obviously positive adjustment effect on fund performance and fund redemption by the fund company's shareholder size,equity concentration,fund manager's team,institutional investors'market size and its market proportion;while the adjustment effect of independent director size and fund manager qualification is not significant;however,the board size of the fund company and the fund managers'gender have a remarkably negative effect on the fund performance and the fund redemption.Otherwise,the size of independent directors and fund manager education background have no significant moderating effect.

关 键 词：公司治理特征 基金业绩 赎回行为 调节效应 

分 类 号：F830[经济管理—金融学]