外资所有权、机构距离与共同基金业绩:来自中国的证据

IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pacific-Basin Finance Journal Pub Date : 2024-08-08 DOI:10.1016/j.pacfin.2024.102474
Yue Zhang , Caiping Wang , Yufei Chen
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引用次数: 0

摘要

关于正规机构距离对跨境业务绩效的影响,现有文献记载的结果不一。我们以最近对外资全面开放的中国共同基金行业为背景,为这一争论提供了证据。我们以 2006 年 7 月至 2020 年 9 月期间 125 家中国基金公司的 2115 只主动管理型股票共同基金为样本,研究表明正规机构间距与基金的风险调整后业绩之间存在负相关关系。机构距离高的国际合资基金公司所发行的基金表现不如国内同类基金,而机构距离低的国际合资基金公司所发行的基金则没有这种表现。同样,制度距离增加了国际合资企业的国内外合作伙伴之间合作失败的概率。本文讨论了基金业国际合资企业的政策影响。
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Foreign ownership, institutional distance and mutual fund performance: Evidence from China

The existing literature documents mixed results on the impact of formal institutional distance on the performance of cross-border business. We contribute to this debate by providing evidence in the context of the Chinese mutual fund industry which was recently fully opened to foreign participants. Using a sample of 2115 actively managed equity mutual funds coming from 125 Chinese fund companies covering the period between July 2006 and September 2020, we show a negative relationship between formal institutional distance and funds' risk-adjusted performance. The funds offered by international joint venture fund companies (IJVs) with high institutional distance underperform the comparable domestic funds, whilst such an underperformance is not observed for the funds coming from IJVs with low institutional distance. Consistently, the institutional distance increases the probability of the cooperation failure between the foreign and the domestic partners of the IJVs. Policy implications for the international joint venture in the fund industry are discussed.

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来源期刊
Pacific-Basin Finance Journal
Pacific-Basin Finance Journal BUSINESS, FINANCE-
CiteScore
6.80
自引率
6.50%
发文量
157
期刊介绍: The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.
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