我國證券投資基金業(yè)的結(jié)構(gòu)-行為-績效（SCP）研究.pdf

1、復(fù)旦大學(xué)博士學(xué)位論文我國證券投資基金業(yè)的結(jié)構(gòu)行為績效（SCP）研究姓名：朱煥申請學(xué)位級別：博士專業(yè)：產(chǎn)業(yè)經(jīng)濟(jì)學(xué)指導(dǎo)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