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| 文章编号：1672-3104(2011)03-0011-05 |
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增聘基金经理对我国开放式基金业绩影响的实证研究 |
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陈利亚，邓超 |
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（中南大学商学院，湖南长沙，410083） |
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| 摘 要： 截止2010年4月12日，我国共有开放式基金523只，其中有169只基金的经理人多于一人，由多经理管理的开放式基金数占到所有开放式基金总数的32.3%。通过比较样本基金在增聘经理前后一年的业绩发现，增聘基金经理不但不能够提高基金的业绩，反而会导致基金业绩下降；另一方面，增聘基金经理虽然能够降低基金的非系统风险，却提高了基金的总风险。同时，增聘基金经理就意味着增加基金管理费用，因而基金管理公司进行的增聘基金经理的行为并不理性。 |
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| 关键词： 开放式基金；增聘基金经理；多基金经理；基金业绩；基金风险 |
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The effect of Adding fund managers on the performance of
China’s open-ended funds |
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CHEN Liya, DENG Chao |
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（Business School of Central South University, Changsha 410083, China） |
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| Abstract: Up to April 12, 2010, there are 523 open-ended funds in China, of which 169 funds have more than one manager. The number of open-ended funds managed by more than one manager accounted for 32.3% of the total number of open-ended funds. Our research finds, however, that adding fund managers can not improve the performance of a fund. In fact, it will lead a worse performance. On the other hand, adding fund managers can reduce the non-systematic risk of a fund thus increasing the total risk. Meanwhile, adding fund managers means increasing management fees. So, the fact that fund management companies employ additional managers in order to stabilize the performance is undesirable. |
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Key words: open-end funds; additional fund managers; multi-managers; fund performance; fund risk |
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