【摘要】 本文考察了基金管理公司家族共同持股的特征,研究了家族共同持股行为与基金管理公司业绩增长率和基金管理公司风险之间的关系。实证结果表明中国基金管理公司的家族共同持股行为逐渐严重,家族共同持股行为对基金管理公司业绩增长率和风险呈现倒U形的影响,说明基金管理公司通过家族共同持股来提高业绩的做法是以风险的增加为代价的。基金家族实行投资总监负责制、共用同一研究团队、基金经理能力有限、业绩操纵等可能导致家族共同持股,这会增加整个基金家族的风险;基金家族没有控制共同持股行为也表明基金管理公司的治理结构存在一定问题。更多还原

【Abstract】 The paper mainly investigates the family co-holding behavior of fund companies in China,and the re- lations between this behavior and the return and risk of the fund companies.The result indicates that there is reversed U shape relations between family co-holding and return and risk of the company,which implies that increasing return through family co-holding is actually at the cost of increased risk.Finally the authors point out some causes and problems of the family co-holding behavior of the fund companies in China.更多还原