作　　者： ;

机构地区： 华南师范大学经济与管理学院

出　　处： 《审计与经济研究》 2017年第3期87-99,共13页

摘　　要： 决策权分配与效率是组织行为研究的重要问题。通过比较决策权集中的单独管理基金和决策权分散的团队管理基金的投资策略差异,提供开放式基金决策权分配结果的证据。研究发现:团队管理基金有显著为正的选股业绩,单独管理基金表现出在股票和债券间配置组合资产的市场择时能力。研究还发现:团队管理基金没有市场择时能力是由于协调成本高;团队管理基金的专业化收益不能完全弥补其协调成本,而单独管理基金的择时收益则能够弥补其专业化的不足;多任务管理进一步影响决策权分配和投资策略的选择。单独管理基金的经理如同时管理其他偏股型基金时择时能力最突出,团队管理基金的经理如有多任务管理则其选股业绩不显著。 Allocation of decision right and efficiency of decision-making has been important issues of organization behavior study. In this paper, by comparing investment strategy of sole-managed funds with centralized decision right and team-managed funds with the decentralized decision right, we provide evidence on consequence of allocation of decision right. This paper found that team-managed funds have a significant positive stock selectivity performance,and the sole-managed funds also show a sig- nificant market timing ability in the portfolio asset allocation between stocks and bonds. Team-managed fund absent of significant market timing ability is caused by the high coordination cost. For team-managed funds, its specialization benefits can＇t make up for the coordination costs. For sole-managed funds, its market-timing benefit can make up for the inadequacy of its specialization. Multi-tasks management further affects the relationship between allocation of decision right and investment strategy selection. Managers of sole-managed funds ,which managing other funds with similar investment objection at the same time, show timing ability in most outstanding, while managers of team-managed funds who engaged in multi-tasks management, show an insignificant stock selectivity performance.

关 键 词： 单独管理基金 团队管理基金 基金管理结构 证券投资 开放式基金 封闭式基金 资产管理

领　　域： [经济管理—金融学]