【作者】 王垚；

【导师】 孙天琦；

【作者基本信息】 山东大学 ， 金融学， 2009， 硕士

【摘要】 近年来,我国证券投资基金业发展迅速,在金融体系中的地位和作用不断上升。它不仅为中小投资者拓宽了投资渠道,并且优化了金融结构,完善了金融体系,促进了经济增长。但于此同时,我国基金业也暴露出了许多问题,尤其是涉及到基金经理人,基金经理人的“自我激励”现象层出不穷,基金经理人的流动性也在不断加大。这不仅损害了基金投资者和基金公司的利益,也造成了基金公司核心人才的流失,不利于基金业绩的稳定和我国基金业的健康发展。究其原因,这主要是由于相关激励机制的不完善造成的。鉴于基金经理人对于一支基金的重要作用以及基金业在我国金融体系中的重要地位,我们有必要加快对基金经理人激励机制的研究和完善。针对此研究,本文选取了一个独特的视角:即从一支基金的生命周期出发来研究相应的激励机制。本文首先探讨了在一支基金刚成立时,如何选择基金经理人并给予相应的激励标准。在此,通过构建基金业绩(可以表示基金经理人的经营能力)和基金经理人特征之间的多元线性回归方程,并利用2008年我国货币型基金的相关数据进行了回归分析,得出了基金经理人的经营能力与其外在特征的显著关系,从而对于选择基金经理人和确定相应的激励标准提供了判断标准。接下来,本文探讨了在一支基金持续运营过程中应采取的激励方式。除了对现行的激励方式(绝对业绩激励和相对业绩激励)进行总结分析之外,本文重点探讨了未来我国基金业应发展的激励方式:股权激励、EVA激励和职业声誉激励。股权激励是目前国际上比较流行的激励方式,本文在此只进行了简单的分析说明;就EVA激励来说,本文首先描述了其发展历程,然后通过分析其适用性条件并设计一些计算指标,将EVA引入到基金经理人激励机制的研究中,并探讨了其独特的作用;最后,本文阐述了引入基金经理人市场对激励机制的促进作用,并探讨了其作用机理,并结合我国实际,提出了一些政策建议。更多还原

【Abstract】 In recent years, China’s securities investment fund industry has developed rapidly, and it is playing a more important role in the financial system. It not only broadens the investment channels for small and medium investors, but also optimizes the financial structure, improve the financial system and promote economic growth. But at the same time, China’s fund industry has also exposed a number of issues, particularly with regard to fund managers, the phenomenon of self-motivation and the mobility of fund managers has been increasing.It not only damages the interests of fund investors and the fund company, but also creates the loss of the company’s core talent. So it is harmful to the stability of fund performance and the healthy development of China’s fund industry. The reason for this was mainly due to the related imperfect incentives. In view of the important role of the fund manager in a Fund as well as the fund industry in China’s financial system, we need to speed up the process of research for fund manager incentives. This paper selectes a unique perspective, that is, from the life cycle of a fund to study the corresponding incentives. At first, this paper discusses that how to choose the right fund manager and give the appropriate incentives standard in a newly established fund. By building the multiple linear regression equation which regards to the fund performance and the characteristics of fund managers, and taking advantage of the data of currency funds in the year of 2008 for the regression analysis, we can get the significant relationship between the fund managers’ capacity and their external characteristics. So it offers a criteria for the choice of fund managers and the determinant of the appropriate incentives. Next, this paper discusses how to choose the right fund manager in the continuing operation of the Fund. In addition to analyzing the existing incentive approach(the absolute and relative performance incentives), this paper focuses on the incentives which China’s fund industry should develop in the future, such as equity-based incentive, EVA incentive and professional reputation incentive. Equity-based incentive is the more popular international incentive approach, so this paper only give a simple analysis; for the EVA incentive, the paper first describes the course of its development, then by analyzing the conditions of its applicability and designing the calculation indicators, introduces EVA to the research of fund manager incentives, and also explore its unique role; Finally, this paper not only studies the promotion of the manage market to the incentives, explores its mechanism of action, but also puts forward some policy recommendations with regard to our country’ s circumstance.更多还原