我國證券投資基金業(yè)的結構-行為-績效（SCP）研究.pdf

1、復旦大學博士學位論文我國證券投資基金業(yè)的結構行為績效（SCP）研究姓名：朱煥申請學位級別：博士專業(yè)：產(chǎn)業(yè)經(jīng)濟學指導教師：王家瑞20040430A8S撇eTABSTRACTSincethepromulgationoftheTemporaryMeasuresoftheManagementofSecuritiesInvestmentFundsinNovember1997，thesecuritiesinvestmentindustryofthe

2、PRChasobtainedfastgro賊hwithinashortperiodoftimeof6years。ThispaperadoptstheSCPanalysisstructureandconductsresearchandinvestigationoftheinterconnectedeffectsandfunctionsofthemarketstructure，marketconductandmarketresultsoft

3、hefundindustryinthePRCviaindustryorganizationtheoryThefundindustryhasbeendevelopedundertheleadershipofthePRCgovernment，thereforetheinitialmarketstructurehadthetypicalmonopolisticcharacteristicswhichwasaresultoftheadminis

4、trativemonopolyThistypeofmarketstructuredeterminedtheconductandthemarketperformanceofthefundmanagementcompaniesatthattimeAsthePRCfundmarketcontinuouslyexpands，themarketstructureistransformingfromamonopolyonetoacombinatio

5、nofbothmonopolyandcompetitionThestrengtheningofmarketcompetitivefactorshaspositiveeffectsonconditioningmarketconductandperformance確egovernmentshouldworkhardoeliminateadministrativebarriers，toimprovemarketconductofthefund

6、managementcompaniesandtoliftthemarketperformanceofthethndindustrythroughdevelopingacompetitivefundindustrymarketstructureOntheotherhand，itisshownthroughtheSCPanalysisthatotherenvironmentfactorsincludingthedevelopmentofth

7、ecapitalmarkettheinvestmentculturefactor(unofficialpolicies)，theinstitutioninplacehasplacedveryobviousrestrainandinfluencesonthemarketconductandmarketperformanceThispaperdoesnotdiscussindetailsofthecapitalmarketandthecul

8、turefactorsanditplacesheavyemphasisoninvestigatingtheeffectofthepoliciesonthefundindustrymarketconductandmarketperformanceTheinstitutionofthefundindustrydeterminesthemarketbehaviourofthefundmanagersandthemarketperformanc

9、eofthefundindustryViewingvariousissuesandproblemsconfrontingthePRCfundindustryaconclusioncanbedrawnthattheinstitutionishighlydeficientInvestmentfundindustryasapoliciesarrangement，itsexistenceanditsdevelopmentsbasedonthep

10、remisethatthedealcostsoflnvestorparticipatinginthefinancialmarketwillbeeffectivelyreducedThedealcostsmainlyincludethedecisioncostsandcoststopreventtheopportunisticbehavioursoftheagentsThecostsofthedealsdeterminetheeffici