摘要
我国基金业的市场结构正由寡占型向竞争型转变,这对规范和完善我国基金业的市场行为起了一定的积极作用。但是,本文通过实证研究发现,政府管制性壁垒和不合理的费率制度在给我国基金公司带来高额利润的的同时,并没有给投资者带来相应的投资回报;传统的有效结构假说和共谋假说对我国的基金业均不成立,而修正的有效结构假说能较好地反映我国基金业的市场绩效与市场结构之间的相关关系。本文最后提出了相关建议。
Fund industry in China is transforming from monopoly market structure to competition structure. This transformation has positive impact on improving the conduct of fund industry. However, empirical studies conducted by the author imply that administrative barriers and unreasonable lee structure broughl great profits to the fund managing companies, which fail to give investors corresponding return. Both traditional collusion hypothesis and efficient structure hypothesis are invalid to China fund industry, whereas adjusted efficient structure hypothesis can better expiain lhe relation between market structure and market perfomtance. Suggestion is put forward accordingly.
出处
《证券市场导报》
CSSCI
北大核心
2006年第1期43-49,共7页
Securities Market Herald
基金
教育部
财政部"985工程"哲学社会科学创新基地--南京大学经济转型和发展研究中心的资助。
关键词
基金业
市场结构
市场行为
市场绩效
有效结构假说
fund inclustry
market structure
market behavior
Market performance
effective structure hypothesis
