Research On The Impact Of Securities Investment Fund Governance On Fund Performance From The Perspective Of Common Agency

With the rapid development of the national economy,people accumulate more and more wealth,and the demand for investment is bigger and bigger.Simply putting money in banks can't satisfy their investment needs.Under this background,the fund with many advantages can meet the diversified investment needs of investors.Fund management company has strong professional and experienced investment team.Compared with the vast number of individual investors with weak financial knowledge and lack of financial management,fund management companies can bring benefits to investors.However,the high yield means high risk.The fund's clearly defined fund does not guarantee the nature of the fund,implying that the investment of the fund is risky.For the vast majority of investors,they give money to fund management companies,they belong to the principal,enjoy the proceeds of the fund,but also bear a certain risk.In the case of separation of property rights,there will be agency conflicts.How to protect the interests of investors has become the biggest problem.Based on this,it is of great practical significance and theoretical significance to study the impact of governance of securities investment funds on fund performance.This paper analyzes and collate relevant literature on common agency,fund governance and fund performance at home and abroad.On the basis of the common agency theory,the separation between ownership and control,and the stakeholder theory,this paper analyzes the common agency relationship in China's securities investment fund and the agency conflict caused by the joint agency relationship.Based on the theory of common agency equilibrium,this paper studies the impact of fund governance on fund performance from two aspects:ownership structure and fund holder structure.This paper takes the stock open-ended fund issued before 31/12/2013 as the research object.The multiple linear regression method is used to analyze the sample data by SPSS.The following conclusions are drawn by regression analysis:(1)Equity concentration degree of fund management companies has negative impact on fund performance.(2)There is a positive correlation between the size of shareholders of fund management companies and the performance of fund companies.(3)whether the ownership structure of fund management company is absolute holding has no significant impact on fund performance.(4)There is a negative correlation between the proportion of foreign ownership and the performance of fund companies.(5)The proportion of institutional holders to the total share of the fund has a significant positive correlation with the performance of the fund,indicating that the more institutional holders of the fund holders,the better the performance of the fund.The proportion of employees who hold fund shares in the fund management company to the total share of the fund has a significant positive correlation with the fund performance.It shows that the higher the holding ratio of fund managers is,the better the fund performance is.Finally,according to the results of the empirical analysis,this paper puts forward some suggestions on the policy of fund governance from two aspects of internal governance and external governance.The limitations of this study are explained,and research prospects are proposed.