独立董事、治理结构与中国契约型基金的绩效

本文以2002年中国契约型封闭式证券投资基金的相关数据为样本,分析了基金及基金管理公司治理结构特征、基金管理公司独立董事与基金业绩的关系,结果表明,基金管理公司董事会中具备金融、证券专业知识与工作经验的独立董事人数占董事会人数的比例越高,则基金业绩越高、基金净资产费用率越低,而全部独立董事人数占董事会人数比例的上述作用却并不显著;基金管理公司总经理在公司董事会中的地位越高,则对基金业绩的负向影响越大;基金管理公司董事会规模与基金会计业绩之间存在显著的倒U型曲线关系;而基金前十大持有人中,机构投资者所持有的基金比例对基金业绩及净资产费用率均无显著的影响。

Independent Director, Governance Structure & Performance of Contractual-type Fund in China

This paper explores the relationship between the gov- ernance structure characteristics of contractual-type fund & fund company and the performance of the funds on the data of closed-end contractual-type funds in 2002 in China. The findings in this paper show that the larger the proportion of the professional independent directors in the board is, the better the performance of the fund is and the lower the expense ratios is. And it also shows that the higher the position of the general manager of the fund company in the board is, the lower the performance of the fund is. It also finds that there a significant relationship between the board size and the accounting performance measures in a reversed "U" type shaped curve pattern. It finds that there is no significant relationship between the amount of the fund held by the institutional investors in the top ten fund-holders and the performance and expense ratios of the funds. At last, it finds that there is positive significant relationship between the possibil- ity of the turnover of fund manager and the proportion of the profes- sional independent directors in the board when the performance of the fund is lowering.