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Empricial Research On China' Fund Governance Efficiency

Posted on:2011-12-25Degree:DoctorType:Dissertation
Country:ChinaCandidate:L M MaoFull Text:PDF
GTID:1119330335489020Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
Securities investment funds as an important capital market institutional investors in the economic environment play an increasingly important role. The development of China's fund industry is extraordinary growth process,witch is followed by a series of problems. How to solve the fund governance problems,and to optimize the securities investment fund management structure,to improve market performance fund, equity funds become important issues of the industry. The main purpose of this paper is to address the deficiencies in China's fund management and caused between all relevant stakeholders on issues such as research misconduct, provide a systematic and comprehensive theoretical basis for health rapid development of China's fund industry, provide true and reliable basis for decision making.Based on the theory of corporate governance, the stakeholder theory and based on the theory of the securities investment fund, the game theory and the principal-agent theory, combined with the tools for information disclosure of the listed companies in China and the corresponding data, for internal and external management and fund performance fund of the relationship between efficiency and effect factors of fund management and fund management efficiency of transfer of the theoretical analysis and empirical research. This paper studies the main content for the following several aspects:(1) This paper introducted to the a number of related theories and literature, summarized the basis of research results.This paper focused on the efficiency of securities investment fund management analysis, and put forward that the efficiency of fund management rised the custodian efficiency of cooperation between the organization fund holder, fund manager and so on.And this introduced the stakeholder theory, corporate governance theory, game theory.(2) This paper analyzed three main causes of fund agent and types of agency conflicts,put forward the way of fund proxy conflict detection in actual work. This paper used the agent model of fund holders under multiple objectives, non-cooperative model of fund holders and concerted action model of fund holders to analyze the two agents conducted model of the securities investment funds.(3) We analyzed the connection and distinction between efficiency of fund management and fund-effective from the view point of economics and Statistics,and explained evolution of performance of the Fund and Indicators of the risk assessment. On this basis, we integrated the existing efficiency of fund management research, combined with the characteristics of China' s securities market,to analyze the performance of the Fund and Indicators. and designed evaluation system of fund governance efficiency(4) We analyzed problems and shortcomings in the internal governance structure under by the securities investment funds and fund internal governance structure, combined with the specific fund market economy in China, proposed to strengthen supervision of fund managers and improve independent director system, and Proposals of internal governance structur optimizing. Meanwhile, reviewed the restraint system of external governance funds, and analyzed the role,types,problems by using game theory to analysis of external governance mechanisms and the reasons for the performance of asymmetric information problems. And its disclosure of accounting information on fund performance and fund markets, and make appropriate recommendations for improvement.(5) This paper put forward the research hypotheses of internal and external governance mechanisms and the Fund on the Performance, and then create multiple linear regression model.The results showed that theory proposed by the Fund based on the, independent directors play a positive active role on fund's performance,and independent directors with professional experience could provide more significant positive effect. Among the top ten institutional investors with funds, the fund with concentration ratio paly a positive effect on the control on fund expense ratio of net assets. The accounting earnings with the amount of information, the control of the fund is relatively stronger and Accounting earnings is less, the greater the strength of other, more informative accounting earnings.(6) The government supervision and external audit efforts and fund performance into a significant positive correlation. On the performance of fund, the thesis adopts continuous empirical without risk adjustment of the excess risk adjustment and performance index of two kinds of methods for Johnson section regression. The main conclusions are final empirical evaluation period:the fund performance and phase of the excess of ranking near the excess performance often have reversed, Short-term funds efficiency has a lot of ups and downs, and instability, in contrast, has certain within the long-term performance, repeatability, so the funds are not strong overall efficiency of sustainability, historical time length can fund of an effective prediction.
Keywords/Search Tags:securities investment funds, management efficiency, internal governance, external governance, list companies
PDF Full Text Request
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