Research On The Relationship Between Governance And Performance Of Fund Management Companies In My Country

Being a new type of financial instrument,securities investment fund plays an important role in promoting the development of economy and society.Domestic and foreign scholars has researched on corporate governance issues for a long time,and has produced rich research achievements.However,it is only the beginning of the research on fund governance.If there are many problems in fund governance structure,it will be more likely to infringe on the interests of fund investors,and then restrain the development of the whole fund industry and bring systematic problem.Therefore,further research on fund governance structure has important theoretical meaning and practical effect.Today,the development of China's fund industry is still in the primary stage,the study of fund management need to fully consider the characteristic of the primary stage.This paper,first of all,starts from the basic theory of fund management,compares classic foreign fund governance structure model,and reviews the relevant literature of fund governance.Then the paper discusses the particularity of fund governance compared with the general corporate governance and describes the straits of the governance structure of Chinese fund governance structure.The next part is about empirical study.The paper uses panel data of Chinese fund management companies to fund out the relationship between three aspects of governance(ownership structure,characteristics of board,features of fund managers)and fund performance.The empirical results show that the number of shareholders,the size of board and the average working years of fund managers have a significant positive correlation with fund performance.While the difference of ownership proportion of the first and the second shareholder is significantly related to the fund performance negatively.The proportion of independent director and their educational background have no significant correlation with the fund performance.At last,on the basis of the former theoretical analysis and empirical research,the paper has put forward some suggestions on how to enhance Chinese fund governance and improve the performance of fund.