|
China since the reform and opening up to , the Fund has entered a period of rapid growth to China since the establishment of the fund industry , has been using a total investment of investing in the fund to the public levy annual management fees , custodian fees , fixed rates , but this fixed rate structures can also be said to be asymmetric rate structure that fund management fees charged by public investment in the amount of funds , but has nothing to do with the performance of the Fund . This asymmetry of the rate structure of the fund manager for the fund performance level of effort , affect the choice of fund managers portfolio , the impact of the size of the public funds invested amount , thus affecting the final fund managers and the public from the Fund on the utility . Departure from the set of the Fund's rate structure , the paper analyzes the different rate structures fund managers on portfolio choice, the public investment in the funds - can be seen as the size of the market capacity of the Fund , as well as in how much of the fund managers and the public utility under different rate structures . And in accordance with the conclusions of this series , the game , a balanced analysis of mutual fund managers and the public investor behavior in the different rate structures , and finally to the game , and then through the design of the rate structure , improving the game conditions, allowing the game to achieve a new equilibrium , and analyzed through the increase of game conditions , to achieve a new equilibrium is a Pareto optimal state . The thesis then ten more prominent performance of the fund with China 's fund industry performance in the last year as the original source of the data , to quantify the rate structure model designed to improve the situation of China's current fund industry rate structures , thus oriented the thesis of the superiority of the rate structure of the data . Finally, the analysis concluded , in theory, the rate of China's fund industry reform support , and pointed out the direction of the reform of China 's rate structure .
|