中美开放式基金的比较研究
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摘要
本文在总结国内外相关研究的基础上,通过对中美两国开放式基金从两国基金业发展状况、基金分类、费率设计、营销渠道、赎回问题以及投资策略等几个方面进行较全面的比较研究,尝试从中寻找出一些对中国开放式基金发展有学习借鉴意义的经验。
本文首先对基金、投资基金和证券投资基金等基本概念进行了界定,对中美开放式基金的发展状况作了简要回顾,并就中美开放式基金的分类进行了比较研究,指出美国基金业经过近一个世纪的发展,其基金分类已经规范化和细化,而中国开放式基金由于发展时间较短,基金的分类基本上是根据投资对象和投资风格进行划分,比较粗略,不便于基金评级等后续研究;然后通过基金费率设计和营销渠道的比较研究,指出美国基金产品费率设计灵活多变,而中国的则比较死板,难以吸引投资者;美国基金营销渠道实现多元化,而目前中国基金主要是由商业银行代销,存在许多问题和缺陷;接着通过基金赎回问题和投资策略的比较研究,指出在基金赎回问题上,美国是“优胜劣汰”的市场竞争原则在起作用,而中国则是业绩越好的基金越容易遭到赎回,即存在“赎回之谜”;在投资策略方面,美国基金的投资策略多样化,运作成熟稳健,而中国基金的投资策略单一,并且具有趋同性,即“羊群行为”。最后,为促进中国开放式基金的发展提出一些对策建议。
Based on the sum-up of domestic and foreign studies, according to the comparative all-round analysis on the open-end funds between China and USA, from the development history, the classification, the fees structure design, the marketing channel, the investors’redemption problem and the investment strategy, the author want to conclude some educational experience for reference for the advance of the open-end fund of China.
First, the author make the basic concepts clear, which include the fund, the investment fund and the investment security, and review the development history of the open-end funds between China and USA in brief, making the comparative study of classification of them. By analyzing the difference between them, it was shown that the open-end fund has a history of nearly one century in USA, in which country the classification of funds is standard and accurate. Compared with the funds in USA, the funds in China developed only in several years, the open-end fund in particular popularized in recent years. The standards for classification of funds are investment object and investment style, which is not clear, and make it difficult to estimate. Second, on the basis of the comparative study of the fees structure design and the marketing channel of the open-end funds, it is obvious that the fees structure design of fund product in USA is flexible. On the contrary, the investors can not attracted easily by the funds in China since the fees structure design is hidebound. It is convenient for the investors to buy the open-end funds in USA because the marketing channels are multimember. At present, the funds in China were mainly sell through the commercial banks, which has a lot of questions and bugs. Third, we can conclude that, based on the comparative study of the investor redemption problem and the investment strategy, the competitive principle of fair market worked in the redemption of funds in USA. On the contrast to the things happened in USA, the investor redemption awkward occurred in the funds in China whose market performances are good. The investors of USA were full of confidence in their holding funds for the investment strategy of the funds managing companies is skillful and moderate. In China, the investment strategy of the funds managing companies is simple or alike, in other words, the sheep behavior existed in the investing activities. Last but not the least, the author give some suggestions for the advance of the open-end fund in China.
本文首先对基金、投资基金和证券投资基金等基本概念进行了界定,对中美开放式基金的发展状况作了简要回顾,并就中美开放式基金的分类进行了比较研究,指出美国基金业经过近一个世纪的发展,其基金分类已经规范化和细化,而中国开放式基金由于发展时间较短,基金的分类基本上是根据投资对象和投资风格进行划分,比较粗略,不便于基金评级等后续研究;然后通过基金费率设计和营销渠道的比较研究,指出美国基金产品费率设计灵活多变,而中国的则比较死板,难以吸引投资者;美国基金营销渠道实现多元化,而目前中国基金主要是由商业银行代销,存在许多问题和缺陷;接着通过基金赎回问题和投资策略的比较研究,指出在基金赎回问题上,美国是“优胜劣汰”的市场竞争原则在起作用,而中国则是业绩越好的基金越容易遭到赎回,即存在“赎回之谜”;在投资策略方面,美国基金的投资策略多样化,运作成熟稳健,而中国基金的投资策略单一,并且具有趋同性,即“羊群行为”。最后,为促进中国开放式基金的发展提出一些对策建议。
Based on the sum-up of domestic and foreign studies, according to the comparative all-round analysis on the open-end funds between China and USA, from the development history, the classification, the fees structure design, the marketing channel, the investors’redemption problem and the investment strategy, the author want to conclude some educational experience for reference for the advance of the open-end fund of China.
First, the author make the basic concepts clear, which include the fund, the investment fund and the investment security, and review the development history of the open-end funds between China and USA in brief, making the comparative study of classification of them. By analyzing the difference between them, it was shown that the open-end fund has a history of nearly one century in USA, in which country the classification of funds is standard and accurate. Compared with the funds in USA, the funds in China developed only in several years, the open-end fund in particular popularized in recent years. The standards for classification of funds are investment object and investment style, which is not clear, and make it difficult to estimate. Second, on the basis of the comparative study of the fees structure design and the marketing channel of the open-end funds, it is obvious that the fees structure design of fund product in USA is flexible. On the contrary, the investors can not attracted easily by the funds in China since the fees structure design is hidebound. It is convenient for the investors to buy the open-end funds in USA because the marketing channels are multimember. At present, the funds in China were mainly sell through the commercial banks, which has a lot of questions and bugs. Third, we can conclude that, based on the comparative study of the investor redemption problem and the investment strategy, the competitive principle of fair market worked in the redemption of funds in USA. On the contrast to the things happened in USA, the investor redemption awkward occurred in the funds in China whose market performances are good. The investors of USA were full of confidence in their holding funds for the investment strategy of the funds managing companies is skillful and moderate. In China, the investment strategy of the funds managing companies is simple or alike, in other words, the sheep behavior existed in the investing activities. Last but not the least, the author give some suggestions for the advance of the open-end fund in China.
引文
1 Mack. Operating Expense Ratio, Assets, and Economics of Scale in Equity Mutual Funds. Investment Company in Stitute Perspective. December, 1993
2 Goetzmann, William N. and Massimo Massa. Daily Momentum And Contrarian Behavior OF Index Fund Investors. Journal of Financial and Quantitative Analysis. 2002 , (37) :375~389
3 Rea, John, Richard Marcis. Mutual Fund Shareholder Activity During US Stock Market Cycles, 1944-95. Investment Company Institute Perspective. 1996, (2):1~16
4 Ippolito, R. A. Consumer Reaction to Measures of Poor Quality: Evidence From the Mutual Fund Industry. Journal of Law and Economics. 1992, (35):45~70
5 Warther, Vincent. A. Aggregate Mutual Fund Flows and Security Returns. Journal of Financial Economics. 1995,(39):209~235
6 Roston, Marc N. Mutual Fund Managers and Lifecycle Risk: An Empirical Investigation. Ph.D. Thesis. University of Chicago, 1996
7 Fortune, Peter. Mutual Funds, Part II: Fund Flows and Security Returns. New England Economic Review. 1998, Jan/Feb.:3~22
8 Sirri, E. R. and Peter Tufano. Costly Search and Mutual Fund Flows. Journal of Finance. 1998, (53):1589~1622
9 Nanda, Vikram, M. P. Narayanan and Vincent A. Warther. Liquidity, Investment Ability, and Mutual Fund Structure. Journal of Financial Economics. 2000,(57):417~443
10 Louis K. C. Chan, Hsiu-Lang Chen, Josef Lakonishok. On Mutual Fund Investment Styles. NBER working papers. 1999
11 Stella Wei Wei Shi, Michael Seiler. Growth and value style comparison of U.S. stock mutual fund. American Business Review. West Haven, 2002,(01)
12秦亚峰,邱长溶.国外开放式基金的费率结构分析与借鉴.国外财经. 2001, (2):13~17
13朱小斌.开放式基金费率问题研究.证券市场导报. 2001, (7):58~62
14余晓东,秦玲.开放式基金规模决定的内生机制.上海经济研究. 2001,(4)
15文雪冬.开放式基金如何开发更具竞争力的费率结构.证券市场导报. 2002, (2):40~41
16林功实,王艳兰.中国开放式基金的营销渠道分析.中国流通经济. 2002, (3): 54~57
17刘恩奇.开放式基金营销三大缺陷.数字财富. 2004, (1):61~63
18陈铭新,张世英.开放式基金投资者赎回行为的模拟.天津大学学报. 2003, (1):96~99
19陈慧群.行为金融学对投资基金各现象之解释.市场周刊财经论坛. 2004, (7): 46~47
20李曜,于进杰.开放式基金赎回机制的外部效应.财经研究. 2004,(12): 111~120
21方军雄.我国证券投资基金投资策略及绩效的实证研究.经济科学. 2002, (4): 64~71
22刘煜辉.走出基金分类的误区.银行家. 2003, (11):102~104
23凌亦青,董菊.行为金融理论的基金投资策略研究.时代金融. 2006,(2):
35~36
24徐迁,张士伟,张芳,田峰.我国基金分类体系的实证研究.证券市场导报. 2003, (10):4~7
25李未无.建立适合中国国情的基金评价体系.金融教学与研究. 2003, (6): 38~39
26罗真,张宗成.基金该如何分类:一个新的研究视角.财经科学. 2004, (3): 18~20
27唐宇.中国内地开放式证券投资基金的费率制度问题.管理科学. 2003, (2):55~58
28贺强,陈灵.关于开放式基金费率水平的实证分析.价格理论与实践. 2003, (2):33~34
29张根明,徐宇翔.开放式基金费率结构的设计.技术经济. 2003,(9): 11~12
30倪苏云,肖辉,吴冲锋.证券投资基金的管理费率设计研究.系统工程理论与实践. 2004, (1):25~29
31林捷.海外共同基金的费用水平与费用结构研究.申银万国证券研究. 2004, (8)
32林树,汤震宇.董事会结构与我国证券投资基金费率关系的实证研究.上海管理科学. 2005, (4):51~52
33程克栋.中美开放式基金费率问题的比较研究.经济纵横. 2005, (7): 10~12
34王霞,高翔.我国开放式基金费率模型实证研究.金融研究. 2005,(1):125~ 137
35 Bennett, A. and Martin Young. Determinants of Mutual Fund Flows: Evidence from New Zealand. PACAP/FMA Meeting. 2000
36 Sunder, S. Growth Prospects of Mutual Funds and Investor Perception with Special Reference to Kathari Pioneer Mutual Fund. Project Report. 1998, Andhral University
37 Greene, Jason T., Charles W. Hodges, and David A. Rakowski. Redemption Policies and Daily Mutual Fund Flows. Working Paper. 2001
38 Barber, Brad M. and Terrance Odean. Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual investors. Journal of Finance. 2000,(55):773~806
39 Kempf, Alexander and Stefan Ruenzi. Family Matters: The Performance Flow Relationship in the Mutual Fund Industry. Working Paper. University of Cologne, 2004
40郭晓亭,林略,冉向东.开放式基金赎回量的估算方法探讨.经济师. 2004, (1): 123
41姚颐,刘志远.我国开放式基金赎回行为的实证研究.经济科学. 2004,(5): 48~57
42赵旭,吴冲锋.开放式基金流动性赎回风险实证分析与评价.运筹与管理. 2003,12(6):1~6
43刘俊,贾祖国.投资基金的投资策略趋同性研究.南方经济. 2002, (2)
44王庆仁.基金投资策略、绩效与市场有效.财经科学. 2003,(6):23~26
45谭陈歌.伞型基金介绍及我国伞形基金投资策略分析.技术经济与管理研究. 2003,(6):44~45
46刘荧.我国开放式基金投资策略对基金业绩影响的实证分析.绿色财会. 2007,(2):12~15
2 Goetzmann, William N. and Massimo Massa. Daily Momentum And Contrarian Behavior OF Index Fund Investors. Journal of Financial and Quantitative Analysis. 2002 , (37) :375~389
3 Rea, John, Richard Marcis. Mutual Fund Shareholder Activity During US Stock Market Cycles, 1944-95. Investment Company Institute Perspective. 1996, (2):1~16
4 Ippolito, R. A. Consumer Reaction to Measures of Poor Quality: Evidence From the Mutual Fund Industry. Journal of Law and Economics. 1992, (35):45~70
5 Warther, Vincent. A. Aggregate Mutual Fund Flows and Security Returns. Journal of Financial Economics. 1995,(39):209~235
6 Roston, Marc N. Mutual Fund Managers and Lifecycle Risk: An Empirical Investigation. Ph.D. Thesis. University of Chicago, 1996
7 Fortune, Peter. Mutual Funds, Part II: Fund Flows and Security Returns. New England Economic Review. 1998, Jan/Feb.:3~22
8 Sirri, E. R. and Peter Tufano. Costly Search and Mutual Fund Flows. Journal of Finance. 1998, (53):1589~1622
9 Nanda, Vikram, M. P. Narayanan and Vincent A. Warther. Liquidity, Investment Ability, and Mutual Fund Structure. Journal of Financial Economics. 2000,(57):417~443
10 Louis K. C. Chan, Hsiu-Lang Chen, Josef Lakonishok. On Mutual Fund Investment Styles. NBER working papers. 1999
11 Stella Wei Wei Shi, Michael Seiler. Growth and value style comparison of U.S. stock mutual fund. American Business Review. West Haven, 2002,(01)
12秦亚峰,邱长溶.国外开放式基金的费率结构分析与借鉴.国外财经. 2001, (2):13~17
13朱小斌.开放式基金费率问题研究.证券市场导报. 2001, (7):58~62
14余晓东,秦玲.开放式基金规模决定的内生机制.上海经济研究. 2001,(4)
15文雪冬.开放式基金如何开发更具竞争力的费率结构.证券市场导报. 2002, (2):40~41
16林功实,王艳兰.中国开放式基金的营销渠道分析.中国流通经济. 2002, (3): 54~57
17刘恩奇.开放式基金营销三大缺陷.数字财富. 2004, (1):61~63
18陈铭新,张世英.开放式基金投资者赎回行为的模拟.天津大学学报. 2003, (1):96~99
19陈慧群.行为金融学对投资基金各现象之解释.市场周刊财经论坛. 2004, (7): 46~47
20李曜,于进杰.开放式基金赎回机制的外部效应.财经研究. 2004,(12): 111~120
21方军雄.我国证券投资基金投资策略及绩效的实证研究.经济科学. 2002, (4): 64~71
22刘煜辉.走出基金分类的误区.银行家. 2003, (11):102~104
23凌亦青,董菊.行为金融理论的基金投资策略研究.时代金融. 2006,(2):
35~36
24徐迁,张士伟,张芳,田峰.我国基金分类体系的实证研究.证券市场导报. 2003, (10):4~7
25李未无.建立适合中国国情的基金评价体系.金融教学与研究. 2003, (6): 38~39
26罗真,张宗成.基金该如何分类:一个新的研究视角.财经科学. 2004, (3): 18~20
27唐宇.中国内地开放式证券投资基金的费率制度问题.管理科学. 2003, (2):55~58
28贺强,陈灵.关于开放式基金费率水平的实证分析.价格理论与实践. 2003, (2):33~34
29张根明,徐宇翔.开放式基金费率结构的设计.技术经济. 2003,(9): 11~12
30倪苏云,肖辉,吴冲锋.证券投资基金的管理费率设计研究.系统工程理论与实践. 2004, (1):25~29
31林捷.海外共同基金的费用水平与费用结构研究.申银万国证券研究. 2004, (8)
32林树,汤震宇.董事会结构与我国证券投资基金费率关系的实证研究.上海管理科学. 2005, (4):51~52
33程克栋.中美开放式基金费率问题的比较研究.经济纵横. 2005, (7): 10~12
34王霞,高翔.我国开放式基金费率模型实证研究.金融研究. 2005,(1):125~ 137
35 Bennett, A. and Martin Young. Determinants of Mutual Fund Flows: Evidence from New Zealand. PACAP/FMA Meeting. 2000
36 Sunder, S. Growth Prospects of Mutual Funds and Investor Perception with Special Reference to Kathari Pioneer Mutual Fund. Project Report. 1998, Andhral University
37 Greene, Jason T., Charles W. Hodges, and David A. Rakowski. Redemption Policies and Daily Mutual Fund Flows. Working Paper. 2001
38 Barber, Brad M. and Terrance Odean. Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual investors. Journal of Finance. 2000,(55):773~806
39 Kempf, Alexander and Stefan Ruenzi. Family Matters: The Performance Flow Relationship in the Mutual Fund Industry. Working Paper. University of Cologne, 2004
40郭晓亭,林略,冉向东.开放式基金赎回量的估算方法探讨.经济师. 2004, (1): 123
41姚颐,刘志远.我国开放式基金赎回行为的实证研究.经济科学. 2004,(5): 48~57
42赵旭,吴冲锋.开放式基金流动性赎回风险实证分析与评价.运筹与管理. 2003,12(6):1~6
43刘俊,贾祖国.投资基金的投资策略趋同性研究.南方经济. 2002, (2)
44王庆仁.基金投资策略、绩效与市场有效.财经科学. 2003,(6):23~26
45谭陈歌.伞型基金介绍及我国伞形基金投资策略分析.技术经济与管理研究. 2003,(6):44~45
46刘荧.我国开放式基金投资策略对基金业绩影响的实证分析.绿色财会. 2007,(2):12~15