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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
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Abstract


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.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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