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Fund Company's Equity Structure Effects on Fund Performance

Fund Company's Equity Structure Effects on Fund Performance

Authors :
Zhang Bin
Yin Xiao Xue
Shu Ke Dong
Dai MingXi
Source :
Advances in Economics and Business. 3:560-570
Publication Year :
2015
Publisher :
Horizon Research Publishing Co., Ltd., 2015.

Abstract

It is well known that the equity structure of listed companies have effects on the company performances to some extent. However, the fund company is one special kind of financial enterprise and the relationship between its unique equity structure and fund performance still remains in suspense. On the basis of theoretical conjectures and results of predecessors, the development history of equity structure of Chinese fund company is analyzed and the fund evaluation methods are discussed in this paper which is based on the risk adjustment of excess return. Through sieving and accounting data, we conducted an empirical study about the effects of equity structure and regional feature on fund performance. The conclusions can be drew as that the fund company with foreign capital shows no signs of highlights and we found that concentrated shareholding and national resources are beneficial to improving fund performance level. In addition, the operating time and the fund company's location, investment fund's average tenure also have influences on fund performance.

Details

ISSN :
23315075 and 23315059
Volume :
3
Database :
OpenAIRE
Journal :
Advances in Economics and Business
Accession number :
edsair.doi...........384a11b96c37cc06bf6f9682621d12f0
Full Text :
https://doi.org/10.13189/aeb.2015.031204