Empricial Research On The Relationship Between The Governance Structure Of Fund Management Company And It's Performance In China

Over the past decade,China's securities investment funds along with the gradual improvement of capital markets to achieve rapid development,ushered in the development of the golden age.However,there are some problems behind the vigorous development of securities investment funds,such as the fund "rat warehouse",fund shady,after-hours trading and other illegal investment behavior occurs frequently,these problems are not only related to the management of fund management companies,but also fully exposed the seriousness of the problem in the fund management company governance structure.Fund industry in order to achieve a standardized transformation that it need do not only from the development of the fund industry characteristics,but also to consider the fund management company internal governance model and the behavior of fund holders.Therefore,the in-depth analysis of the governance structure of fund management companies has not only become the focus of the moment,it has important theoretical significance,but also has the significance of maintaining the normative development of the maintenance fund.Based on the theory of principal-agent theory,this paper applies the theory of corporate governance to the governance research of fund management companies.Firstly,it analyzes some existing problems in the governance structure of fund management companies in China.Secondly,we use the 336 open-end fund of 60 fund manangement companies which were settled before 2010,and we use their cross-section data in 2015,to empirical analysis the relationships between the fund management company's ownership structure,the structure of the board and the fund performance,the study found that state-controlled fund management companies as the government "Help the hands of" the existence of a significant increase in the performance of its fund,and the right balance and decentralized equity balance structure,also help to manage the company's performance improvement.Then,the paper chooses the dynamic panel model of data application from 2011 to 2015,analyzes the relationship between the governance structure and the fund performance from the perspective of the holder.The study finds that the increase in the proportion of institutional investors holding funds in the holders will significantly increase the performance of the fund,but the increase in the share of institutional investors,due to the "profit and avoid harm" of the institutional investors,the performance of the fund with the reverse performance of the share changes.Finally,according to the empirical results,combined with the status of China's fund management companies,put forward the corresponding policy recommendations.