Dissertation > Excellent graduate degree dissertation topics show

A Study on the Relationship between Internal Governance of Chinese Fund Management Company and Fund Performance

Author: XieQingQing
Tutor: WangXueRong
School: Nanjing University of Finance and Economics
Course: Accounting
Keywords: fund management companies internal governance fund performance empirical study
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 51
Quote: 0
Read: Download Dissertation


The securities investment fund is an investment instrument operated by fund manager in order to achieve capital appreciation. By the development of about ten years, the securities investment funds have become the most important institutional investors in China, influencing all aspects of securities market and becoming the focus of the market. With the rapid development of China’s fund industry, some problems appear in the fund industry, such as illegal investment behavior, frequent changes of fund managers. These problems are closely related to the internal governance of fund management companies and make the internal governance focus of the market. The research of the relationship between the internal governance structure characters of fund management companies and the performance of funds has the practical significance. Improvement of the fund management companies’internal governance can not only effectively protect the interests of fund investors, but also can enhance the credibility of the entire fund industry.This paper explores the relationship between the internal governance structure characters of fund management companies and the performance of open-end funds based on the general research theory and research methods of general corporate governance, combined with the characteristics and problems of China’s fund management companies’internal governance, in order to explore the effective internal governance structure to protect the interests of fund investors.Firstly, this paper offers a review of the study on the relationship between the internal governance structure characters and fund performance of the foreign and domestic research, such as equity ownership structure, board structure characters, management status. Secondly, the paper introduces some concepts about the general internal governance and the evaluation of fund performance. Then the article analyzes the current situation of fund management companies’internal governance and points out the problems existing in internal governance in China’s fund management companies. After that, considering the reality of internal governance in China’s fund management companies, this paper puts forward hypothesis and sets up study models to analyze the relationship between the internal governance structure characters of fund management companies and the performance of open-end funds, using panel data of 121 open-end funds for the period of 2008–2009. The findings show that there is a significant positive relationship between respectively the degree of ownership concentration of China’s fund management companies, equity ownership by securities companies, proportion of independent directors, proportion of independent directors who owns professional background in the field of finance or accounting and fund performance. I also find that there is a significant negative relationship between the board sizes, the change rate of fund managers in the fund management company and fund performance. At last, correspondingly to the empirical results, the paper provides some proposals to improve the internal governance of China’s fund management companies to increase the fund performance in order to protect the interests of fund investors in china.

Related Dissertations

  1. An Empirical Study of Contemporary Compehensive Urban Design in China,TU984
  2. An Empirical Study of Selective Preference of CEO Incentive,F224
  3. Study on Internal Governance Issues of Accounting Firms in China,F233
  4. Empirical Research Community Correction System of Guangzhou,D926.8
  5. Research on the Effect of Internal Governance Structure of Companies on Accounting Information Transp Arency,F275
  6. The Research on the Incentive Mechanism of Fund Managers in Chinese Security Investment Funds,F832.51;F224
  7. Study on Performance Effect and Improving Solutions of Agricultural Finance Fund in Guzhou,F812.8
  8. Research on the Relevance between the Capital Structure and Performance of Architecture Material-listed Companies in China,F275;F426.92
  9. An Empirical Study on English Vocabulary Knowledge and Vocabulary Learning Strategies of Non-English Major Postgraduates,H319
  10. An Empirical Study on the Informed Trading and the Performance of Mutual Fund,F830.9
  11. The Relationship between the Income Structure and the Performance of Bank,F832.2
  12. Empirical Study on the Impact of the Corporation Internal Governance on the Performance of the Overseas M & A-the Data from Chinese Listed Companies,F271;F224
  13. Empirical Research on Performance Persistence of China Open Equity Fund,F832.51
  14. An Empirical Research of Fund Performance and Fund Governance,F832.51
  15. China Investment Fund Performance Persistence,F832.51
  16. A Research on the Redemption of Chinese Bond Funds,F224
  17. The Study on Evaluation of China Open-end Fund,F832.51
  18. The Research on Performance Evaluation of Security Investment Funds,F224
  19. Organizational Commitment and Turnover Intention of Empirical Research-Nanchang Branch of China Merchants Bank as a Example,F832.2;F224
  20. A Study on the Relationship between Chinese Fund Management Companies’ Shareholder Structures and Fund Performances,F224
  21. Study on Internal Governance Structures of Public University in China,G647

CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
© 2012 www.DissertationTopic.Net  Mobile