This paper analyses Chinese fund management corporation's ownership structures and performance of its funds both in theory and empiric.First,We begin with the basic concept of ownership, ownership structures and Corporate Governance. And introduce the effect of ownership towards corporate governance. According to prior theory, ownership structures are been divided into three types (highly concentricity, highly decentralization and middle type). These three types have different influence to Operation prompting, M&A, Dealership contest and Supervision mechanism. The first part of this paper also summarizes prior empirical research of ownership structures and performance.In the second part, we describe fund Management Company's position in the capital market and introduce some basic situation of Chinese fund industry and Chinese fund management companies. Then this paper analyses Chinese fund Management Companies'special ownership structures, and what different behaviors and performances it lead to in the market.The ownership structures of Chinese fund Management Companies had experienced a very complicated evolutive process from their establishment. The specialty of Chinese stock market determines special ownership structures of Chinese fund Management Companies. In the beginning of Chinese fund management companies building up, the governors made securities companies and Trust & Investment companies as the launch shareholder, this will be good for fund management companies'start because their launch shareholder understands of Chinese stock market. |