什么影响着中国基金管理公司的投资业绩

©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(),;,;(),()::,,610074;,,610074:F830191:A:1002-8102(2010)01-0044-07,,,,,,,,,,,,,,,,(),,;,,,,,,,,,,,44Finance&TradeEconomics,No11,20103()(07YB01)©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(),:()()()()PeterTufanoMatthewSevick(1997),,;DelGuercio(2003)1996,;BillDingRussellWormers(2005)1985-2002,,,,,;SophieXiaofeiKongDragonYongjunTang(2006),;MartijnCremers(2006),;GordonGemmillDylanC.Thomas(2006)1996246,,;CarlosPestanaBarrosMariaTeresaMedeirosGarcia(2006)121994-2003,DEA,,;StephenP.FerrisXueminYan(2007)2002,,,,(2005a,2005b)2002,,,;(2008),,()JosephHandGolec(1996)1988-1990530,,,MBA,;ChevalierGlennEllison(1999)1988-1994492;BillDingRussellWormers(2005)1985-2002,();LaurenCohen(2008),(CEOCFO)(5420101©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.)()Daniel(1997)1993-1995683,,;JosephChen(2004)1962-1999,,;GordonGemmillDylanC.Thomas(2006)1996246,()()()()GeoffreyG.Bell(2005)77,(Toronto)();SusanE.K.ChristoffersenSergeiSarkissian(2008)1992-2002,,,,,()1999-2007,(200811);,()::(),A:,,()(PanelData)GLS,64Finance&TradeEconomics,No11,2010©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(),1,2,0(),1,2,0(),1,2,0()(/)()()()2,1,0()3,2,1,0()21999-20072(1999-2007)(%)209-25180220412326812826715882090100011000014600127720901000110000109001166()2094149131011785209012000160001392010617420101©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()209020153001628()209021152001644()209020118001407()209110001117003157411573209274434154021848209010001100001110012442090100011000010500114920901000110000129601364(/)2090153067013317811491101457()209113502479192024712773841930209118519203144020901000110000167901359()2092104172021099()209020160001620()20903118601108220912916132091318()31999-2007(PanelData)(Hausman,)GLS3GLS12-111787-016501514-141122-01810141735130211150125133171111080128019818100189013721731565017901432-541755-110301301-471982-019201359-201849-01280178041980011101915()8117711110126681880112201222()171737213601018181159214601014()161761112501210161521112301217014720114018850151701160187511760112201223116691118012379122301580156581797015501581291654110901276291881110901276-51496-014901624-51174-01460164584Finance&TradeEconomics,No11,2010©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(/)-01235-211001036-01234-2109010370113941040100001139410301000-51293-210701039-51259-21050104136198321340101936156721320102071363117701077713171175010800142601790143201446018101419Constant-41390-010601953-141653-012201829R20143201432Sig.0100001000:,,z3,,,,;,,012;,,U,,;;()(),012013,()(0101),,;,012;,,(0103),(010001020108);,()(),,,(PooledData)OLS:4OLS()2312682119201030()-41496-0173901461Constant6216016169701000Adj2R201029Sig.01048:,,t4,,()(0103),()9420101©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(),(),:1.:,200582.:,200823.PeterTufanoandMatthewSevick,BoardStructureandFee-settingintheU.S.MutualFundIndustry.JournalofFi2nancialEconomics,46(3),1997,pp.321-356.4.DianeDelGuercio,LarryY.DannandM.MeganPartch,GovernanceandBoardsofDirectorsinClosed2endInvestmentCompanies.JournalofFinancialEconomics,69,2003,pp1111-152.5.BillDingandRussellWormers,MutualFundPerformanceandGovernanceStructure.TheRoleofPortfolioManagersandBoardsofDirectWorkingPaper,2005.6.SophieXiaofeiKongandDragonYongjunTang,MutualFundGovernance:WhatWorksandWhatDoesnt?WorkingPaper,2006.7.MartijnCremers,JoostDriessen,PascalMaenhoutandDavidWeinbaum,DoesSkinintheGameMatter?DirectorIncentivesandGovernanceintheMutualFundIndustry.YaleICFWorkingPaper,No.06-34.8.GordonGemmillandDylanC.Thomas,TheImpactofCorporateGovernanceonClosed2endFunds.EuropeanFinancialManagement,12(5),2006,pp.725-746.9.CarlosPestanaBarrosandMariaTeresaMedeirosGarcia,PerformanceEvaluationofPensionFundsManagementCompa2nieswithDataEnvelopmentAnalysis.RiskManagementandInsuranceReview,9(2),2006,pp.65-188.10.StephenP.FerrisandXuemin(Sterling)Yan,DoIndependentDirectorsandChairmenMatter?TheRoleofBoardsofDi2rectorsinMutualFundGovernance.JournalofCorporateFinance,13,2007,pp.392-420.11.JosephH.Golec,TheEffectsofMutualFundManagersCharacteristicsonTheirPortfolioPerformance,RiskandFees.FinancialServicesReview,5(2),1996,pp.133-148.12.ChevalierandGlennEllison,AreSomeMutualFundManagersBetterthanOthers?Cross2sectionalPatternsinBehaviorandPerformance.TheJournalofFinance,54(3),1999,pp.875-899.13.BillDingandRussellWormers,MutualFundPerformanceandGovernanceStructure.TheRoleofPortfolioManagersandBoardsofDirect.WorkingPaper,2005.14.LaurenCohen,AndreaFrazziniandChristopherMalloy,TheSmallWorldofInvesting:BoardConnectionsandMutualFundReturns.JournalofPoliticalEconomy,116(5),2008,pp.951-979,.15.DanielChristineMichaelandWayne,MeasuringMutualFundPerformancewithCh