导　　师： 刘少波

学科专业： 020204

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 我国的基金从最初的发行到今天的繁荣已经有20多年的历史了，基金公司从无到有、从小到大，从仅有内资到引入外资，基金公司的运作和治理更为规范成熟。随着我国对外开放步伐的加快和经济全球化的到来，外资的作用逐渐得到各国的认可。在我国一系列优惠政策下，外资被大量引进，成为推动中国经济发展的重要动力。2010年4月，国务院公布的《国务院关于进一步做好利用外资工作的若干意见》指出，利用外资是中国对外开放基本国策的重要内容。外资参股中国上市公司及基金公司的现象越来越普遍，显然这一现象将对中国金融发展和公司治理产生重大影响。 本文以2006-2011年我国65家基金公司为样本数据，基于外资进入中国证券投资基金公司的视角，考察了我国基金公司的发展状况及外资参股我国基金公司的基本情况，分析了纯中资与中外合资基金公司业绩的差异，并探讨了外资参股与我国基金公司业绩之间的关系。数据显示，在我国的基金公司中，中外合资基金公司的数量不断上升，甚至已超过了纯中资基金公司。外资参股我国基金公司的现象越来越普遍，而且外资参股比例不断上升，有1//3以上的基金公司外资参股比例已达到了参股比例的上限49/%，外资对我国基金公司的影响越来越大。实证结果表明中外合资基金公司业绩显著优于纯中资基金公司的业绩，而没有证据显示外资参股比例对基金公司业绩具有显著的正向影响。当前我国的金融市场还很不完善，资本项目尚未对外开放，人民币也未能实现完全可自由兑换，外资方与中资方的冲突都是造成外资参股比例与基金公司业绩不显著相关的可能原因。据此，本文提出了四点对策，即开放我国金融市场，鼓励外资引入；完善法律法规，规范外资参股行为；培育健全的基金市场，发挥外资积极作用；优化股权结构，加强对外资大股东的监管与约束。 From the initial release to today's prosperity, our funds has been20years of history. Duringthis period, the fund company has experienced from nothing to a few, from small to large, fromonly having domestic capital to the introduction of foreign capital, and the operations andgovernance of fund company become more standardized and mature. With the acceleration ofthe pace of Chinese opening-up and the arrival of economic globalization, the role of foreigncapital increasingly get recognized by all countries. With a series of preferential policies, foreigninvestment has been introduced largely, and has become an important driving force to promoteChinese economic development. April2010, the State Council announced the 'Several Opinionsof the State Council on Further Improving the Utilization of Foreign Investment' which pointthat the use of foreign capital is an important part of Chinese basic state policy of opening up.Phenomenon of foreign equity participating in Chinese listed companies and fund companiesbecomes increasingly common, apparently this phenomenon will have a significant impact onChinese financial development and corporate governance. Using sample data in2006-2011of Chinese65fund companies in the paper and based onthe perspective of foreign capital into Chinese securities investment fund, we examines the basicsituation of Chinese fund companies development and foreign ownership holding Chinese fundcompanies, analyze the difference of performance between pure Chinese fund companies andsino-foreign joint venture fund companies and explore the relationship with foreign ownership tothe performance of fund companies. Data shows that in our fund companies, the number ofjoint-venture fund companies continue to rise, and even exceed the number of pure Chinese fundcompanies. Phenomenon of foreign ownership holding our fund companies becomesincreasingly common, and the proportion of foreign ownership continues increasing, more than1//3of the fund companies have reached the proportion of foreign ownership limit of49/%stake,foreign capital have important influence on Chinese fund companies increasingly. The empiricalshows that the performance of sino-foreign joint venture fund companies is significantly betterthan the performance of pure Chinese fund companies, while there is no evidence shows that theproportion of foreign ownership has a significant positive impact on fund performance.Nowadays, the reason of non correlated by foreign ownership to the performance of fundcompanies have many, such as Chinese financial market is far from perfect, capital project is notyet open, the RMB exchange rate failed to achieve fully convertible, conflict between theChinese parties and foreign parties. Accordingly, this paper proposes a four-point measures,namely open Chinese financial markets and encourage to introduce foreign investment; improve laws and regulations, standardize the behavior of foreign ownership; foster healthy fund market,exert the active role of foreign investors; optimize the shareholding structure, strengthenregulatory and constraints of large foreign shareholders.

关 键 词： 外资参股 中外合资基金公司 纯中资基金公司 基金业绩

分 类 号： [F832.39]

领　　域： [经济管理]