中国基金高管团队与基金绩效关系研究
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摘要
本文结合企业高层管理团队(Top Management Team,TMT)理论与基金绩效评价理论,采用个案研究与实证检验方法相结合,对中国基金TMT背景特征与基金绩效关系进行分析和验证,试图回答以下问题:(1)中国证券投资基金行业TMT的总体构成及背景特征是什么?(2)中国证券投资基金TMT背景特征与基金绩效之间影响程度如何?(3)在中国转型经济背景下基金TMT的社会资本变量与基金绩效相关性是否有其特殊性?(4)如何评价中国的基金经理变更与明星基金经理现象?
本文以Hambrick和Masson的经典高阶理论(Upper Echelons)关于TMT背景特征的理论分析与假说发展为出发点,结合国内外TMT特征与企业绩效相关性研究的最新进展,提出若干关于基金TMT背景特征与基金绩效关系的假说,选取中国证券市场43家基金公司173只股票型基金为样本,以2005年1月1日至2007年12月31日区间基金净值增长率及Sharp值为样本数据,采用SPSSV12、STATA及SASS软件,对中国基金TMT背景特征与基金绩效关系进行多元回归检验:首先,将基金TMT分为董事会、投委会及基金经理团队三个层面并对不同层面TMT背景特征变量与基金绩效相关性分别进行实证检验;其次,将中国基金TMT整体背景特征从社会资本维度提练出政府经验背景、毕业院校背景、国际经验背景及金融经验背景四种变量类型并分别对其进行检验;再次,从基金治理角度出发,将基金董事会背景特征与基金经理更换之间的相关性进行了实证检验,并且运用个案研究方法对我国典型的基金管理公司TMT背景特征及明星基金经理现象进行了探讨。
实证结果显示,中国基金TMT背景特征与基金绩效总体上具有较强的相关性。从TMT背景特征的社会资本维度出发,其中金融经历背景与基金绩效呈显著的正相关性,而政府经历背景与基金绩效呈显著的负相关性。而且本研究发现,董事会背景特征变量当中的独立董事比例及金融经验背景对基金经理变更的影响具有正相关性,说明中国基金业为完善基金治理引入独立董事制度已经产生一定效果。另外,个案研究还发现,中国目前出现的明星基金经理现象与当前显著的“羊群效应”投资文化有关,并将在一定时期内继续存在。
本研究的主要目的在于注重立足中国本土情景,从基金TMT分层次对其背景特征与基金绩效关系进行理论分析和假说发展,利用中国本土化的最新基金数据进行检验,本文试图实现的创新体现在以下三点:
1、试图打开基金TMT运作过程的“黑箱”。本文从基金高管团队角度对基金绩效进行研究,不仅在基金经理个体层面上深入探讨,而且在前人TMT研究成果基础上,从基金TMT背景特征入手,在基金绩效核心要素的TMT三个层面分别展开实证研究,有助于深入了解基金TMT整体运作过程。
2、探索性地从TMT背景特征中提练出社会资本变量。本文在实证研究过程中发现TMT多个背景特征具有共同属性,尤其在我国资本市场“新兴加转轨”大背景下,从TMT背景特征中提练出社会资本属性变量与基金绩效关系进行重点研究,试图发现中国背景下社会资本变量对基金绩效的“特异功能”。
3、基于基金治理视角考察基金经理变更与明星基金经理现象。本研究结合中国基金行业实际运作现状,对董事会、投委会及基金经理三个层而的背景特征与基金绩效关系分别展开检验和论证,同时从基金治理视角考察董事会背景特征对基金经理变更的影响,对当前明星基金经理现象进行个案分析,并提出如何构建优秀的基金高层管理团队的建议。
This paper combines the theory of TMT(Top Management Team) with the theory of mutual fund evaluation,adopting the methodology both case study and empirical study,examing and analyzing the correlation between the TMTBC (Background Characteristics of TMT) of mutual fund in China,try to answer these questions as following:(1) What's the whole BC and structure of mutual fund TMT in China?(2) What's the correlation between TMTBC and fund performance in China?(3) Does the particularity exist in the correlation between the social capital variable of TMTBC and fund performance under the TEs(Transition Economics) circumstance in China ?(4) How to evaluate the phenomena both fund manager replacement and fund manager stars?
The paper starts from the Upper Echelons Theory of Hambrick(1984),which building the TMT theory and propositions,combining the latest research progress of the correlation of TMTBC and company performance,having developed a series of hypotheses of TMTBC influence on fund performance.We exam the sample which include growth of net asset value and SHARP value of 173 domestic-equity mutual funds from 43 fund companies over the 2005 to 2007 period to measure the influence of the TMTBC on fund performance.Using the statistics software of SPSS, STATA and SASS,we conduct a series of multi-regression of correlation of TMTBC and fund performance:First,we separate the fund TMT into three levels,such as board,investment committee and fund manger team,and the correlation of each level BC and fund performance is tested.Secondly,from the social capital dimension,we extract some TMTBC variables into four varieties,such as GEB (Government experience background)、GEB(Graduated college background)、IEB(International experience background) and FEB(Financial experience background),and test their correlation with fund performance.Thirdly,from the fund governance dimension,we exam the correlation of fund board BC and fund manager replacement.Finally we discuss the TMTBC of a typical fund company by case study,and specially focus on the phenomena of fund manager stars in China.
The empirical results find that TMTBC is significant correlating with fund performance as a whole.From the social capital dimension of TMTBC,FEB (Financial experience background) variable is significantly positive correlating with fund performance,but GEB(Government experience background) is significantly negative correlating with fund performance.Our finding shows that IDR(Independent director ratio) and FEB(Financial experience background) from BC of fund board in China are significantly positive correlating with fund managers replacement.This indicates that the independent Rules for better fund governance is partly efficient in China.In addition,the case study find that the phenomena of fund manager stars is reasonable at present in China,and still permanent in coming future.
The purpose of this paper is to exam the correlation between TMTBC and fund performance by using the latest data from Chinese mutual funds.So the innovation from this paper may can be implement as following:
Firstly,trying to open the "black box"during TMT operating process;Secondly, as exploratory work,this paper extract some social capital variables from TMTBC and test their correlation with mutual fund performance;Thirdly,examing the director background characteristics' correlation with fund managers turnover from the fund governance dimension,and also analyzing the fund manager star phenomena;Finally,making a suggestion on how to set up an excellent top management team of mutual fund in China.
本文以Hambrick和Masson的经典高阶理论(Upper Echelons)关于TMT背景特征的理论分析与假说发展为出发点,结合国内外TMT特征与企业绩效相关性研究的最新进展,提出若干关于基金TMT背景特征与基金绩效关系的假说,选取中国证券市场43家基金公司173只股票型基金为样本,以2005年1月1日至2007年12月31日区间基金净值增长率及Sharp值为样本数据,采用SPSSV12、STATA及SASS软件,对中国基金TMT背景特征与基金绩效关系进行多元回归检验:首先,将基金TMT分为董事会、投委会及基金经理团队三个层面并对不同层面TMT背景特征变量与基金绩效相关性分别进行实证检验;其次,将中国基金TMT整体背景特征从社会资本维度提练出政府经验背景、毕业院校背景、国际经验背景及金融经验背景四种变量类型并分别对其进行检验;再次,从基金治理角度出发,将基金董事会背景特征与基金经理更换之间的相关性进行了实证检验,并且运用个案研究方法对我国典型的基金管理公司TMT背景特征及明星基金经理现象进行了探讨。
实证结果显示,中国基金TMT背景特征与基金绩效总体上具有较强的相关性。从TMT背景特征的社会资本维度出发,其中金融经历背景与基金绩效呈显著的正相关性,而政府经历背景与基金绩效呈显著的负相关性。而且本研究发现,董事会背景特征变量当中的独立董事比例及金融经验背景对基金经理变更的影响具有正相关性,说明中国基金业为完善基金治理引入独立董事制度已经产生一定效果。另外,个案研究还发现,中国目前出现的明星基金经理现象与当前显著的“羊群效应”投资文化有关,并将在一定时期内继续存在。
本研究的主要目的在于注重立足中国本土情景,从基金TMT分层次对其背景特征与基金绩效关系进行理论分析和假说发展,利用中国本土化的最新基金数据进行检验,本文试图实现的创新体现在以下三点:
1、试图打开基金TMT运作过程的“黑箱”。本文从基金高管团队角度对基金绩效进行研究,不仅在基金经理个体层面上深入探讨,而且在前人TMT研究成果基础上,从基金TMT背景特征入手,在基金绩效核心要素的TMT三个层面分别展开实证研究,有助于深入了解基金TMT整体运作过程。
2、探索性地从TMT背景特征中提练出社会资本变量。本文在实证研究过程中发现TMT多个背景特征具有共同属性,尤其在我国资本市场“新兴加转轨”大背景下,从TMT背景特征中提练出社会资本属性变量与基金绩效关系进行重点研究,试图发现中国背景下社会资本变量对基金绩效的“特异功能”。
3、基于基金治理视角考察基金经理变更与明星基金经理现象。本研究结合中国基金行业实际运作现状,对董事会、投委会及基金经理三个层而的背景特征与基金绩效关系分别展开检验和论证,同时从基金治理视角考察董事会背景特征对基金经理变更的影响,对当前明星基金经理现象进行个案分析,并提出如何构建优秀的基金高层管理团队的建议。
This paper combines the theory of TMT(Top Management Team) with the theory of mutual fund evaluation,adopting the methodology both case study and empirical study,examing and analyzing the correlation between the TMTBC (Background Characteristics of TMT) of mutual fund in China,try to answer these questions as following:(1) What's the whole BC and structure of mutual fund TMT in China?(2) What's the correlation between TMTBC and fund performance in China?(3) Does the particularity exist in the correlation between the social capital variable of TMTBC and fund performance under the TEs(Transition Economics) circumstance in China ?(4) How to evaluate the phenomena both fund manager replacement and fund manager stars?
The paper starts from the Upper Echelons Theory of Hambrick(1984),which building the TMT theory and propositions,combining the latest research progress of the correlation of TMTBC and company performance,having developed a series of hypotheses of TMTBC influence on fund performance.We exam the sample which include growth of net asset value and SHARP value of 173 domestic-equity mutual funds from 43 fund companies over the 2005 to 2007 period to measure the influence of the TMTBC on fund performance.Using the statistics software of SPSS, STATA and SASS,we conduct a series of multi-regression of correlation of TMTBC and fund performance:First,we separate the fund TMT into three levels,such as board,investment committee and fund manger team,and the correlation of each level BC and fund performance is tested.Secondly,from the social capital dimension,we extract some TMTBC variables into four varieties,such as GEB (Government experience background)、GEB(Graduated college background)、IEB(International experience background) and FEB(Financial experience background),and test their correlation with fund performance.Thirdly,from the fund governance dimension,we exam the correlation of fund board BC and fund manager replacement.Finally we discuss the TMTBC of a typical fund company by case study,and specially focus on the phenomena of fund manager stars in China.
The empirical results find that TMTBC is significant correlating with fund performance as a whole.From the social capital dimension of TMTBC,FEB (Financial experience background) variable is significantly positive correlating with fund performance,but GEB(Government experience background) is significantly negative correlating with fund performance.Our finding shows that IDR(Independent director ratio) and FEB(Financial experience background) from BC of fund board in China are significantly positive correlating with fund managers replacement.This indicates that the independent Rules for better fund governance is partly efficient in China.In addition,the case study find that the phenomena of fund manager stars is reasonable at present in China,and still permanent in coming future.
The purpose of this paper is to exam the correlation between TMTBC and fund performance by using the latest data from Chinese mutual funds.So the innovation from this paper may can be implement as following:
Firstly,trying to open the "black box"during TMT operating process;Secondly, as exploratory work,this paper extract some social capital variables from TMTBC and test their correlation with mutual fund performance;Thirdly,examing the director background characteristics' correlation with fund managers turnover from the fund governance dimension,and also analyzing the fund manager star phenomena;Finally,making a suggestion on how to set up an excellent top management team of mutual fund in China.
引文
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19 参见本文2.4.4社会资本与高管团队理论.
20 转引自尉建文.关系强度与企业家行为:嵌入的视角[A].见:郭毅,罗家德.社会资本与管理学[M].上海:华东理工大学出版社,2007:140-151.
1 本章个案研究方法参考:巫景飞.《企业战略联盟:动因、治理与绩效》[D],2004,复旦大学.
2 基本情况资料来自华夏基金管理有限公司网站,http://www.chinaamc.com
3 参见华夏基金公司大事记,华夏基金公司网站,http://www.chinaamc.com
4 参见中国证券监督管理委员会公告[2008]9号-证券投资基金管理公司公平交易制度指导意见。中国证监会网站,http://www.csrc.gov.cn.
1 参见本文3.3.2中关于董事会背景特征与基金绩效关系假说。
2 参见本文2.2.2中关于高管团队异质性理论。
3 参见武书连等.2007中国大学评价[J].科学学与科学技术管理,2007,(1).
4 参见本文1.4.2中关于关于固定效果模式和随机效果模式的说明。
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19 参见本文2.4.4社会资本与高管团队理论.
20 转引自尉建文.关系强度与企业家行为:嵌入的视角[A].见:郭毅,罗家德.社会资本与管理学[M].上海:华东理工大学出版社,2007:140-151.
1 本章个案研究方法参考:巫景飞.《企业战略联盟:动因、治理与绩效》[D],2004,复旦大学.
2 基本情况资料来自华夏基金管理有限公司网站,http://www.chinaamc.com
3 参见华夏基金公司大事记,华夏基金公司网站,http://www.chinaamc.com
4 参见中国证券监督管理委员会公告[2008]9号-证券投资基金管理公司公平交易制度指导意见。中国证监会网站,http://www.csrc.gov.cn.
1 参见本文3.3.2中关于董事会背景特征与基金绩效关系假说。
2 参见本文2.2.2中关于高管团队异质性理论。
3 参见武书连等.2007中国大学评价[J].科学学与科学技术管理,2007,(1).
4 参见本文1.4.2中关于关于固定效果模式和随机效果模式的说明。
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