Study On The Value Effect Of Fund Management Company Field Research

As a significant representative of institutional investors,fund management companies have always been concerned by the theoretical community and the practice community in terms of investment analysis capabilities and regulating listed companies.Especially in China,an“Emerging plus transition" capital market,fund management companies obviously play an important role.However,the position of fund management companies in China has been widely argued.Its role of "professional investment capabilities" and "active shareholder governance",in China's capital market have not been recognized by some scholars.The fund management company's field research is the most important investment research activity of fund management companies.It is also an important way for fund management companies to interact with listed companies and to supervise listed companies.Then,whether field research can become an important way for fund management companies to strengthen market competitiveness and whether field research can be an important way for listed companies to improve efficiency.The value effect analysis of the fund management company field research can exactly answer the questions above.Therefore,the value effect brought by the fund management company field research is related to the income of the fund management company,as well as the efficiency of the listed company,the interest protection of small&medium investors,and the position of the fund management company in the Chinese capital marketIn stark contrast to the fact that fund management company field research has been widely pursued in practice,there is little research on fund management company field research in the academic world,little is known about the value effects of fund management company field research,either This study uses manual collected data of 110 fund management companies that conducted field research and 1347 listed companies that received field research from 2013 to 2016,basing on fund management company field research,to systematically analyze and study the value effect it brought,and finds that:fund management company field research can not only increase its own investment income,but also promote the efficiency of listed companies.This conclusion indicates that fund management company field research can become an important way for fund management companies to improve their investment ability.It also shows that fund management companies' field research can become an important way for fund management companies to play a role in the governance of listed companies,verifying that fund management companies are the role of "Professional Investors" and "Active Institutional Shareholders" in China's Capital MarketFirst of all,this study uses panel regression method,Granger causality test method and PSM model method to analyze the motives of fund management company field research,and finds that:overall,the motivation of fund management company field research is to improve investment ability,and mainly performed as the promotion of ability in selecting stocks;But under different levels of governance,fund management companies have different motivations for conducting field research.Compared with fund management companies with low governance level,fund management companies with high governance level conduct field research on listed companies with stronger motivation of improving investment ability Compared with fund management companies with high governance level,fund management companies with low governance level conduct field research on listed companies with stronger motivation of scale expansion rather than improving investment abilityThen,this study uses panel regression method to analyze the effect of fund management companies on increasing investment income,and finds that:on the whole,fund management company field research can significantly increase their investment income;But under different governance levels,the degree that fund management companies improve their investment income is different;Moreover,generally speaking,fund management company field research can significantly mitigate its speculative behavior-herding effects and investment style driftFinally,this study uses the panel regression method,GMM method,simultaneous equation method and RLS regression method to analyze the situation that fund management company field research promotes the efficiency of listed companies,and finds that the fund management company field research can significantly promote the efficiency of listed companies.Specifically,the fund management company field research can alleviate the financing constraints of listed companies,and reduce under-investment of listed companies,bring the promotion of financial efficiency of listed companies to a certain extent.But it will also bring about an increase in over-investment and a negative influence on investment efficiency of listed companies;Fund management company field research can reduce the tendency of listed companies to operate irregularly,and improve the operating performance of listed companies,especially the improvement of net profit,while the promotion effect on return of net assets is limited;Fund management company field research can significantly reduce the stock price crash risk of listed companies,that is,improve the information efficiency of listed companiesDifferent from the existing research on institutional investors' field research,this research has carried out innovations on research objects,research perspectives and research systems,and systematically,comprehensively and stereoscopically studied the value effects generated by fund management companies' field research.This study provides important literature support for a clear understanding of the characteristics and value effects of fund management company field research,simultaneously promotes existing research on institutional investor field research and investor relationship management,and answers questions about fund management companies' "professional investment ability" and "active shareholder governance" in China's capital market from the perspective of field research.It provides support and points out the direction of the focus for the regulatory authorities to continue implementing "vigorously develop institutional investors".It also provides theoretical support for promoting the healthy development of fund management company field research,and giving play to the positive effects of fund management company field research on improving the efficiency of listed companies.It also provides literature support for fund management companies to enhance investment returns and strengthen the intensity of fund management company field research.