基金管理公司董事会特征与基金绩效关系的实证研究

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1、西南交通大学硕士学位论文基金管理公司董事会特征与基金绩效关系的实证研究姓名：周婷申请学位级别：硕士专业：技术经济及管理指导教师：王成璋20080501西南交通大学硕士研究生学位论文篱ll页磊与基金绩效呈现显著的负相关关系，独立董事的平均任职年限与基金绩效呈现显著的倒【』型曲线关系。最后，在实证分析的基础上，笔者对进一步完善我国基金管理公司董事会治理，提高基金绩效来保护基金投资者利益，特别是我国广大的中小投资者的利益提出了若干政策建议。关键词：基金管理公司；董事会特征；基金绩效；实证研究匿南交通大学硕士研究生学位论文第lll贾ABSTRACTSec戳i畦esinvestmentfundsha

2、vemadegreatprogressafterthedevelopmentabout10yearsinchina．ItplaysallimportantroleinpromotingthestabledevelopmentofChinassecuritiesmarket．However，boardgovernanceandtheindependentdirectorsysteminourfundmanagementcompanystillhavesomedefectsbecausethedevelopmentofthesecuritiesinvestmentfundindustryino

3、urcountryjustalestayingshorterperiodsoftimecomparedtomanyothercountrieswhichhasahighlydevelopedsecuritiesinvestmentfunds．EspecmyallthefundsinChinaareconnaemaVtype+fund．Fundcompaniesaretheagentofthesecuritiesinvestmentfunds．Theboardgovernanceproblemexistedinfundcompaniesandiftheindependentdire镄orsy

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5、alyd嘲frameworkofcorporateboardgovem哪cestructureintotheanalysisandresearchoffundperformanceandtoexploreeffectiveboardgovernancestructurecharacteristicsinordertoprotecttheinterestsofinvestors．Firstly，Thispaperoffersareviewofthestudyontheralationshipbetweenthebeardgovemancestructurecharacteristicsand

6、companyperformanceorfundperformanceoftheforeignanddomesticresearch,such猫theboardscale，independenceofboardofdirectors．Sccondly,lintroducessomeconceptionsaboutfundmanagementcompany，Securitiesinvestmentfunds，theboardgovemanceandetc．Throughreviewingprincipal—agenttheoryandinformationasymmetrytheory,an

7、alyzehowboardofdirectorsshouldbehaveinprotectingtheinterestsofinvestorswhenprincipal—agentproblemandinformation-non-assymetricalquestionsexistedinChina'ssecuritiesmarket．Thirdly,Ianalyzethecurrentsituationinfundm