基金家族内部竞争、主动性管理策略与基金业绩  

Internal Competition of Fund Family,Proactive Management Strategy and Fund Performance

作　　者：杨晨 郭荣琛 张晓强[1] YANG Chen;GUO Rong-chen;ZHANG Xiao-qiang

机构地区：[1]南京大学工程管理学院,南京210093 [2]同济大学经济管理学院

出　　处：《金融论坛》2019年第12期60-67,共8页Finance Forum

基　　金：国家自然科学基金项目（71203144,71720107001）

摘　　要：本文引入内部竞争,对基金家族主动管理提出新解释,在通过锦标赛模型论证家族成员主动性管理动机的基础上,以基金相对于家族共同持股的偏离度作为指标,衡量基金家族主动管理的能力。运用2006-2017年的数据研究发现:基金家族内部主动性管理存在上升趋势;基于基金全持仓的持股偏离度适合作为衡量主动性管理的指标,且持股偏离度越高的基金其投资收益率也越高;主动性管理策略可以有效提升基金业绩。The authors of this paper use the internal competition theory to propose a new explanation for the proactive management of fund family. With the tournament model the authors analyze the motivation of family members’ proactive management, then use the shareholding deviation between individual fund and the fund family, as an indicator of the proactive management ability of fund family. Based on the data during 2006-2017, the analysis shows that, there is an upward trend of proactive management in the fund family;the shareholding deviation based on the fund’s full position is a suitable indicator for proactive management, and the greater the shareholding deviation is, the higher the rate of investment return becomes;the proactive management strategy can effectively improve fund performance.

关 键 词：基金家族 主动管理 持股偏离度 内部竞争 基金业绩 

分 类 号：F832.51[经济管理—金融学]