ֻ13जֻ3௹ܵ ॓ ࿐ ࿐ Б 2010୍3ᄅ ࠎࣁ༢ଽ҆ࢌҭҀ์ྛູ࣮¹刘志新,许 宁(Кࣘݴॢݴ฿ն࿐ࣜ࠶ܵ࿐ჽ,Кࣘ100191)ᅋေ:从基金基本特征)费用a业绩和年龄入手,利用面板数据固定效应模型对基金系内部交叉补贴行为进行考察.发现基金系内部老基金对新基金a高业绩基金对低业绩基金交叉补贴行为最显著,对费用途径考察结果不明显.文章还对基金系特征与基金系内部交叉补贴途径进行研究,发现大规模基金系与小规模基金系相比,内部交叉补贴现象更为明显.ܱՍ:基金系;交叉补贴;面板数据ᇏٳোݼ:F830 ໓ངѓ്:A ໓ᅣщݼ:1007-9807(2010)03-0073-080 ႄ 1 ཌྷܱ໓ང߭ܤࢌҭҀ์(cross-subsidization)ቔູ၂ᇕקࡎݓຓܱႿࠎࣁ༢ࢌҭҀ์ྛູ֥໓ངᇶေࠢᅞ,൞ܼٗႋႨႿྐa৯ྛြູൌགྷః௴ђᇏᄝࠎࣁ༢ࢌҭҀ์ၹࠣࢌҭҀ์ࣥਆڛༀطҐ౼֥ሧࣁԔծ൭؍,ఃࠎЧቓم൞๙ݖٚ૫.Ⴕၩ്ֹၛႪ߲മᇀЧ֥ࡎ۬ԛ൲၂ᇕӁ,ܱႿࠎࣁ༢ࢌҭҀ์ྛູӁളၹ֥໓ངղ֞՜ࣉཧ൲۷؟႔০Ӂ֥ଢ֥.Gaspar֩[1]Ⴕ:M[2]assaಪູ൧ӆٳ۩ބࠎࣁَᆲॖၛФुϜᆃ۱ۀႄೆ֞ؓࠎࣁြ֥ٳ༅ᇏ,ႄണູࠎӮ൞ࠎࣁ༢ູડቀሧᆀၳᇉྟطҐ౼֥൧ӆࣁ༢º(fundfamily)ଽູ҆ൌགྷଖ၂োࠎࣁ֥ࡎҦ,ѩࢳࠎࣁᇕোބࠎࣁَᆲູࠎࣁྛြᆴ,ؓھোࠎࣁࣉྛ์Ҁ,طࢆ֮ఃࠎࣁြ֥ࠛิ܂ਔห൹֥ັܴࠎԤ)))ࠧ၂۱/ૼྒ0ࠎࣁྛູ.ᆃᇕྛູສສؿളᄝ၂ࠎࣁ܄ඳ֥ܵॖၛູ༢ଽఃࠎࣁջটᆞ֥ၮԛིႋ.҂ࠎࣁᆭࡗࣉྛ.Nanda֩[3]ൌᆣ࣮ਔࠎࣁ༢൞ڎᄝख़ၩֹ๙ෛሢݓࠎࣁြ֥ؿᅚ,ࠎࣁ܄ඳඔਈ҂؎ݖิۚࢌҭࠎࣁ߭Б֥҂၂ᇁࠇ༢ଽࠎࣁ֥ඔᄹ؟,ࠎࣁ܄ඳఋ༯ࠎࣁඔଢ҂؎ঔն,࣮ݓਈ,Ֆطᇅᄯૼྒࠎࣁᆃᇕྛ.ູࢲݔؿགྷಒൌࠎࣁ൧ӆഈ,၂ࠎࣁ༢ଽ҆൞ڎթᄝࢌҭҀ์թᄝᆃᇕࠎࣁ༢Ҫ૫֥ྛູ,ૼྒࠎࣁა༢ଽྛູऎႵᇗေ֥གྷൌၩၬ.ཋႿࠎࣁ༢ଽ҆ࢌၞఃࠎࣁཌྷбࠆ֤ਔ۷֥ۚགྷࣁੀ,ሧҦඔऌၛࠆ౼,Ч໓ՖࠎࣁࠎЧหᆘ)ٮႨaြҵၳն֥ࠎࣁ༢,۷ಸၞӁളᆃᇕྛູ,طሧࠛބ୍ਭ3ٚ૫ೆ൭,০Ⴈ܄षඔऌ,ؓࠎࣁ༢ଽᆀಏ҂၂קିܔ๙ݖᆃᇕྛູࠆ֤۷֥ۚ߭҆ࢌҭҀ์֥ࣥ(ٮႨaြࠛބ୍ਭ)ቓԛࡌഡБ.Guedjބ[4]PapastaikoudiؓඋႿնࠎࣁ༢֥ѩࣉྛൌᆣဒ,ᄝՎࠎԤഈ,ࣉ၂҄ॉҳࠎࣁ༢ဢЧࣉྛ࣮,ؿགྷᄝնࠎࣁ༢ଽࠎࣁིࠛӻหᆘაࢌҭҀ์ࣥ࿊ᄴ֥ܱ༢.࿃ൈࡗ۷Ӊ,ᄝ1۱ࠎࣁ༢ଽ,іགྷࢠݺ֥ࠎࣁႵ¹൬۠ರ௹:2008-07-17;ྩרರ௹:2009-04-08.ࠎࣁཛଢ:ݓࡅሱಖ॓࿐ࠎࣁሧᇹཛଢ(70521001);࢝ტ҆ྍൗࡀႪྮದҌᆦӻ࠹߃ሧᇹཛଢ(NCET050184).ቔᆀࡥࢺ:ਾᆽྍ(1963)),ଳ,ފКડӬದ,Ѱൖ,࢝൱,Ѱൖള֝ഽ.Emai:lliuzhixin@ºࠎࣁ༢(fundfamily)ᆷఋ༯ႚႵᇙ؟ࠎࣁ֥ࠎࣁ܄ඳ.
)74)ܵ ॓ ࿐ ࿐ Б2010୍3ᄅࠏ߶ࠆ֤۷؟֥ሧჷ,ࠎࣁ༢൞οᅶࠎࣁི֥ࠛࡎ6](ٓდބшᬫ[1)aࠎࣁࣜ࿊ܢି৯(້༵б২ٳሧჷ,ط҂൞οᅶࠎࣁ֥ླေࣉྛٳ,֩[17])ބࠎࣁሧ(ᆀ)ྛູ(ᅦൗႇބඪૼࠎࣁ༢Ⴕଢֹ֥ᄝࠎࣁࡗࣉྛ҂܄ሧჷٳת[18]aಳ֩[19]).ଢభ,ؓࠎࣁ༢ྛູ֥࣮ԩ.M[5]assa࣮ਔૅݓᆜ۱֥ࠎࣁြࢲܒ,ؿགྷႿॢϢ.ࠎࣁ༢ؓࠎࣁྛູaࠎࣁࡗིܱࠛ༢aࠎࣁَᆲބЧ໓ࡼ൮Ցᅟᄝࠎࣁ༢࢘؇,Ֆࠎࣁ֥3۱ࠎࣁӁ؟ဢ߄֥႕ཙ,ࢲݔіૼࠎࣁӁ؟ဢหᆘ)ٮႨaြࠛބ୍ਭೆ൭,ؓࠎࣁ༢ࢌҭҀ์߄֥ӱ؇ڵ૫႕ཙਔࠎࣁࠛ,ིᆞ૫႕ཙਔࠎࣁࣥٳљቓԛ3ᇕࡌഡ,ಆ૫ॉҳࠎࣁ༢ଽَ֥҆ᆲ.ᆃඪૼࠎࣁ༢ଽ҆ಒൌթᄝࢌҭҀ์ྛູࢌҭҀ์ྛູ.֥ࠏ.۴ऌഈඍ໓ང,G1]asparބM[assa൮Ցิԛࠎࣁ༢ଽ҆թᄝࢌҭҀ์ྛ,ູ࣮ਔࠎࣁ༢2 ࠎࣁ༢ଽ҆ࢌҭҀ์֥3่ࡌഡ൞ڎᅞྟֹᄝࠎࣁ༢ଽ҆ࣉྛြࠛԮൻ,Ֆطิശପུ۷ିิۚᆜ۱ࠎࣁ༢০ၭ֥ࠎࣁြࠛࣥ.ؿགྷࠎࣁ༢ଽ҆ಒൌթᄝၛ།വ֮ࡎᆴࠎࣁູսࡎ,Ҁ์ۚࡎᆴࠎࣁࡌഡ1 ࠎࣁ༢ଽ҆ၛ།വ֮ٮႨࠎࣁູս.ࠎࣁ༢ଽ҆࿊ᄴြࠛࣥࣉྛࢌҭҀ์ٚ૫ࡎ,ཟۚٮႨࠎࣁࣉྛҀ.์֥໓ངႵ[6]ࠎࣁ൬ٮᄀۚ,ࠎࣁ܄ඳ෮ࠆ֤֥০ᄀ؟.:Spritz,Sm[7]ith֥࣮іૼࠎࣁགྷࣁੀೆაࠎࣁြࠛᆞཌྷ[8][9]ؓఋ༯ࠎࣁ൬౼҂֥ٮႨ߶౺ࠎࣁ܄ඳᄝః;ܱIppolito,Gruber,Goetzm[10]anބPଽ҆,ູิۚࠇЌӻۚٮႨࠎࣁြࠛط།വ֮ٮeles,C[11]hevalierބEllison,Sirriބ[12]Tufano֩नؿགྷሧᆀܓઙࠎࣁ֥थҦ൞Ⴈࠎࣁ,ؿളࢌҭҀ์ྛ.ູݓࠎࣁ֥ٮႨЇওࠎႿࠎࣁ֥ൎြࠛၛ༯ࠫ҆ٳ:ܵٮႨaກܵٮႨaಪܓٮႨaണܓ,൬ၭஆቋ֥ۚࠎࣁ༯၂௹ࠆ֤ሧᆀೆ֥ሧࣁቋ؟ٮႨބඁ߭ٮႨ.ࠎࣁ܄ඳܵٮႨࢠູܥק,ູ.ࠎࣁ༢ଽ҆࿊ᄴ୍ਭࣥࣉྛࢌҭҀ์ٚ૫%»,ກܵٮႨܥקູ%,ᄝܵٮႨބ֥໓ངႵ:C[13]hກܵٮႨഈޓٳۚٮႨބ֮ٮႨࠎࣁ.෮ၛevalierބEllisonဒਔࠎࣁሧᆀაࠎࣁ܄ඳ֥؛,ࠧሧᆀ௹ຬࠎࣁ߭Бቋᄝࠎࣁ༢ଽ,۲ࠎࣁ֥ٮႨҵၳᇶေุགྷᄝಪܓն߄طࠎࣁ܄ඳܱྏ֥ᄵ൞ሱദࡎᆴቋն߄ٮႨaണܓٮႨބඁ߭ٮႨഈ.ಪܓٮႨaണܓٮ.ҐႨ϶ҕඔଆܙ࠹ਔགྷࣁੀೆაི֥ܱࠛ༢Ⴈބඁ߭ٮႨοླྀၰࠎࣁ܄ඳބսཧࠏܒٳӮ,,ಪູིࠛؓሧࣁੀ֥ૹۋྟࠣ٤ཌྟ֥ྙሑ౼थೂݔᆃࠫཛٮႨࢆ,֮൞൳ሧᆀߋ႒,֥սཧႿࠎࣁ֥ӻ࿃ൈࡗ.ਸ਼ຓߎؿགྷࠎࣁ֥གྷࣁੀؓࠏܒ߶ၛՎູذ(սཧࠏܒ္ॖି߶ॉ੮ࢆ֮ಪြ֥ࠛૹۋྟ۷ࡆౠཟႿପུࢠྍ֥ࠎࣁ,ᆃ൞ܓaണܓٮੱ֩ࡼ֝ᇁཧ൲ሹਈഈശᆃ၂ၹ).ၹູࠧൈིࠛؓႿሧᆀਔࢳࠎࣁ֥ࣜି৯۷ࢲݔ൞ࠎࣁᄀ൳ሧದߋ႒,սཧࠏܒᄀીႵࡆऎႵྐ༏ྟ[14];KhoranaބServaes০Ⴈ1979⚷৯ಀཧ൲.ࠎࣁܵ܄ඳ္ॖି߶აսཧࠏܒਸ਼1992୍௹ࡗဢЧྛղӮླྀၰ,ၛҀӊսཧࠏܒၹ֮ಪܓaണܓٮੱ,࣮ਔ႕ཙࠎࣁ֥थקၹ,ಒקࠎࣁ༢ഡ৫ྍࠎࣁ֥ჰၹ,ೂܿଆࣜ࠶aٓຶ֩෮Ӂള֥൬ೆҵࡎ,ߎ൞ඪૼᆃࠫཛٮੱ߶ࣜ࠶aࠎࣁ༢֥ൎြࠛބࠎࣁሧ֥ᆜุඣ,႕ཙࠎࣁ܄ඳ֥ᅞྛູ.ܣุູགྷࠎࣁ֥ሹุؿགྷնࠎࣁ༢ބݖಀႵࢠ؟ؿྛࠎࣁࣜဒ֥ࠎࣁٮႨ,ԢກܵٮႨຓ,ࡼఃჅ4ཛٮႨᆭބቔູࠎ༢۷ಣᇓႿؿྛྍࠎࣁ.ູࢳࠎࣁ༢ູޅ۷ொࣁ֥ሹٮႨ.ݺྍࠎࣁ,Mam[15]ayskyބSpiegelҐႨࠎࣁြ֥ࡌഡ2 ࠎࣁ༢ଽ҆ၛ།വ֮ြࠛࠎࣁູսစളनޙଆіૼࠎࣁ༢ؿྛྍࠎࣁ൞ູਔડቀࡎ,ཟۚြࠛࠎࣁࣉྛҀ.์ሧᆀ֥ؓԊླေ.ݓຓնਈ֥࣮іૼ,ࠎࣁြࠛაሧࣁੀೆݓଽܱႿࠎࣁ֥࣮ᇶေࠢᇏᄝࠎࣁིࠛᆞཌྷ,ܱ൞ݦඔ֥ܱ༢[6](Spitza[8]IppolitoaSirri»ᅏಊaࠊлބᆷඔࠎࣁܵٮႨေཬႿ%,Ч໓ࣇॉ੮ொܢࠎࣁ,ொܢࠎࣁܵٮႨ؟ູ%.
ֻ3௹ਾᆽྍ֩:ࠎࣁ༢ଽ҆ࢌҭҀ์ྛູ࣮)75)ބ[12]Tufano).ࠧࠎࣁြࠛิۚ,൳֞ሧᆀಪ܄ඳ.ࢩᇀ2007୍,ָݓၘࣜӮ৫58ࡅࠎࣁॖ,ሧᆀ߶ᄹࡆണܓ,ࠎࣁܿଆঔն,ࠎࣁܵ܄ඳ,ဢЧ࿊౼ჰᄵ൞,֒ଖࠎࣁ܄ඳఋ༯֥ொܢᆀ֥ܵٮ൬ೆิ;ۚ֒ࠎࣁ֥ြࠛэҵൈ,ሧࠎࣁӑݖࠇ֩Ⴟ3ᆺ,۲ொܢࠎࣁӮ৫ൈᆀ๙ݖඁ߭ࠎࣁ֥ٚൔӜԛሧࣁ,ࠎࣁܿଆࡼ҂ࡗᄝ϶୍ၛഈ,ھࠎࣁ܄ඳࣉೆЧ໓֥ဢЧ.οՎ؎ຽ෪.ิശۚြࠛࠎࣁི֥ࠛაิശ֮ြࠛࠎჰᄵ,܋࿊౼36ࡅࠎࣁ܄ඳቔູဢЧ,ടࠣ170ࣁི֥ࠛཌྷб,ି་ႄ۷؟֥གྷࣁੀ,ܿଆ֥ঔնᆺொܢࠎࣁ.ඔऌটჷႿWindඔऌ९.္ॖၛࠎࣁ܄ඳิ౼۷؟֥ܵٮ.ᆞ൞ႮႿ ဢЧ૭ඍྟ࠹ࠎࣁགྷࣁੀೆؓࠎࣁြ֥ࠛૹۋ,ྟॖି߶֝ᇁ۴ऌభ૫֥ࡌഡ,Ϝࠎࣁ༢ଽ҆ࢌҭҀ์߃ࠎࣁ܄ඳؓପུۚြ֥ࠛࠎࣁࣉྛҀ,์ࣉ၂ٳູၛ༯3ᇕࣥ:ٮႨaြࠛބ୍ਭ.ఃᇏ,ٮႨ҄ิശପུۚြࠛࠎࣁི֥ࠛ.ࠎࣁ܄ඳᆃᇕູ۲ࠎࣁ֥ܵٮႨaກܵٮႨaಪܓٮႨaണܓྛູߎॖၛյᄯ܄ඳ֥/ૼྒ0ࠎࣁ,ࡹ৫இٮႨބඁ߭ٮႨᆭބ;ြູࠛࠎࣁՖӮ৫ᇀဢЧིႋ.௹ଌ֥࠹൬ၭ;ੱ୍ਭູࠎࣁՖӮ৫ᇀဢЧ௹ࡌഡ3 ࠎࣁ༢ଽ҆ၛ།വࠎࣁູսࡎ,ଌ୍֥ඔ.ཟྍࠎࣁࣉྛҀ์.οᅶᆃ3ᇕࣥ,Ϝૄ۱ࠎࣁ܄ඳଽ֥ࠎࣁChevalier֩[11]ބKhorana֩[14]नؿགྷࠎࣁٳູۚࡎᆴࠎࣁބ֮ࡎᆴࠎࣁ,οᅶٮႨaြࠛބ֥གྷࣁੀؓြ֥ࠛૹۋྟ۷ࡆౠཟႿପུࢠྍ୍֥ਭؓ၂ࠎࣁ༢ଽ֥ࠎࣁࣉྛஆ.ᄝᆃေࠎࣁ,ᆃඪૼࠎࣁ༢бࢠொݺପུࢠྍ֥ࠎࣁ.ᇿၩ,ؓႿٮႨބြࠛ,οᅶՖն֞ཬ֥ඨࣉྛݓ࿐ᆀᄻ֣ૼ֩[20]္࣮іૼࠎࣁ୍ਭაࠎࣁஆ;طؓႿ୍ਭ,ࡼࢠྍ֥ࠎࣁקၬູۚࡎᆴࠎིࠛڵཌྷ,ܱჰၹॖିࣼᄝႿࠎࣁ༢ၛ།വࠎࣁ,ࡼࠎࣁקၬູ֮ࡎᆴࠎࣁ.ஆᄝభ50%֥,ࣁູսࡎ,ཟྍࠎࣁࣉྛҀ์.ӫູۚࡎᆴࠎࣁ;ஆᄝު50%,֥ӫູ֮ࡎᆴࠎࣁ.ᄝԎ౼ဢЧൈ,ҕॉӤྒ֥ࠩࠩѓሙ¼,3 ဢЧ࿊౼ބ૭ඍྟ࠹ٳљԎ౼భ35%֥ۚࡎᆴࠎࣁބު35%֥֮ࡎᆴࠎࣁቔູဢЧ.ఃᇏ,ٮႨࣥԎ౼ਔ85ؓ ဢЧ࿊౼ࠣჰᄵ(ۚࡎᆴࠎࣁބ֮ࡎᆴࠎࣁ),ြࠛࣥԎ౼ਔЧ໓ဢЧ௹ཋູ2003୍1ᄅᇀ2008୍2ᄅ103,୍ؓਭࣥԎ౼ਔ107.ؓԎ౼ࠎࣁ֥૭ඍָ֥ᇛඔऌ,܋163ᇛ.࣮ؓའູݓ֥ࠎࣁܵྟ࠹і1.і1 ۚࡎᆴࠎࣁބ֮ࡎᆴࠎࣁ૭ඍྟ࠹Table1High-valuefundsandlow-valuefundsdescriptivestatisticsٮႨြ୍ࠛਭۚࡎᆴ֮ࡎᆴ֮ࡎᆴࠎࣁࠎࣁpᆴۚࡎᆴ֮ࡎᆴࠎࣁࠎࣁpᆴۚࡎᆴࠎࣁࠎࣁpᆴሹ࣪ሧӁ/ၡჭ******ٮႨ(%)******ြࠛ(%)******୍ਭ/୍********ࠎࣁဢЧඔଢ/ᆺ8585103103107107* ᇿ:սі10%ඣཁᇷ**,սі5%ඣཁᇷ***,սі1%ඣཁᇷ,༯.¼၂ྒaؽྒ֩ۚྒࠩࠎࣁᅝሹุ֥%,ඹྒaྒ֮֩ྒࠩࠎࣁᅝሹุ֥%
)76)ܵ ॓ ࿐ ࿐ Б2010୍3ᄅ Ֆі1֥࠹ࢲݔॖၛुԛ,ՖٮႨ࢘؇,ࠎࣁ༢֥ؓбቆ(ؓбቆᇏᆺႵ୍ਭٳো֥ҵࠎࣁ༢ؓႿۚࡎᆴࠎࣁ൬౼֥नٮႨູၳࢠཁᇷ).ܴҳpᆴ,ؿགྷՖြࠛބ୍ਭ࢘؇ु,511%,طؓႿ֮ࡎᆴࠎࣁ൬౼֥नٮႨູൌ࠽ቆაؓбቆթᄝཁᇷҵљ,طٮႨ࢘؇ᄵ316%,pᆴіૼؽᆀᆭࡗႵཁᇷҵၳ.൞ۚࡎૼཁၳ.ᆴࠎࣁބ֮ࡎᆴࠎࣁ֥ြࠛ(࠹൬ၭੱ)ཁ ൌᆣ࣮ݖӱᇷҵљ. 面板模型的选择Ֆြࠛ࢘؇ु,ۚࡎᆴࠎࣁ֥࠹൬ၭੱູؓඔऌࣉྛHausmanෛࠏིႋဒ,ࢲݔ%,ჹնႿ֮ࡎᆴࠎࣁ%.൞ۚࡎᆴࠎі3.ඪૼჰࡌഡH0҂Ӯ৫,3ᇕࣥཁᇷऋधࣁބ֮ࡎᆴࠎࣁ֥ٮႨૼཁҵљ.ෛࠏིႋଆ,ܣЧ໓ႋҐႨܥקིႋଆ.Ֆ୍ਭ࢘؇і3 Hausmanဒࢲݔ,ुۚࡎᆴࠎࣁ֥न୍ਭᄝ112,୍֮ࡎᆴࠎࣁ֥न୍ਭᄝ,୍ఃჅ۲Table3Hausmantestresultsཛҵၳ္ޓཁᇷᆴٮႨ***ြࠛ***4 ࣮නਫ਼ބൌᆣٚم୍ਭ*** 固定效应(fixedeffects)面板模型的建立.1 ࣮නਫ਼ູಒק๙ݖᆃ3ᇕࣥࣉྛࢌҭҀ์ྛູ൞۴ऌݓൌ࠽౦ঃ,ᄝࡹ৫ଆൈႋॉ੮ၛ၂ᇕࠎࣁ༢֥ଽ҆ྛູ,Ч໓ࡼଖ၂ࠎࣁ༢ଽ֥༯ਆ:֮ׄࡎᆴࠎࣁูߐӮඋႿ҂ࠎࣁ༢֥ཌྷোර֥֮1)ଆႋିّ႘ԛࠎࣁ༢ଽ҆൞ڎթᄝࢌࡎᆴࠎࣁ,ูߐൈҐ౼ෛࠏԎ౼ჰᄵ,Ԏ౼֥֮ҭҀ์ྛ,ູೂթᄝ,๙ݖଧᇕਫ਼ࣥࣉྛԮൻ.ࡎᆴࠎࣁಯಖڛՖభ૫෮ิԛ֥߃ٳѓሙ(ٮ2)ଆႋିّ႘ԛ၂ࠎࣁ༢ଽ,ᇕڄ۬Ⴈaြࠛa୍ਭ),აФูߐ֥֮ࡎᆴࠎࣁሧࠎࣁ֥ҵၳӱ؇.ᄝ၂Ϯ౦ঃ༯,၂܄ඳ֥ܵڄ۬ཌྷaӮ৫ൈࡗཌྷ࣍.ӫ၂ࠎࣁ༢ଽ֥ۚࡎ҂ሧቆކॖିႮႿሧڄ֥۬҂طӁളြᆴა֮ࡎᆴࠎࣁູൌ࠽ቆ,ٳඋႿ҂ࠎࣁ༢֥ࠛҵၳ,ሧڄ۬ཌྷර֥ሧቆކ֥ြࠛ൞նۚࡎᆴა֮ࡎᆴࠎࣁӫູؓбቆ.ೂݔᆃᇕࢌҭุཌྷර֥.҂ሧቆކᆭࡗթᄝြࠛҵၳ,ॖିҀ์ྛູ൞ࠎࣁ༢֥ଽ҆ྛ,ູൌ࠽ቆᇏۚࡎᆴ൞ႮႿग़ܴҠቔඣ֥ҵၳ,္ॖି൞ႮႿ҂ࠎࣁა֮ࡎᆴࠎࣁ֥൬ၭҵљႋھۚႿؓбቆᇏሧቆކᆭࡗթᄝሢᇶܴ֥ࢌҭҀ์֥ྛູ.ۚࡎᆴࠎࣁა֮ࡎᆴࠎࣁ֥൬ၭ.ऌՎܣՎၹ္ႋବೆ֞ଆᇏ.,ؓൌ࠽ቆބؓбቆࣉྛбࢠॉ੮ၛഈၹ,ҕᅶGaspar֩[1]֥ࡹଆٚ(і2).і2 ൌ࠽ቆაؓбቆ֥бࢠم,ࡹ৫࠹ਈࣜ࠶ଆTable2ComparisonofactualgroupandmatchedgroupHighfund_return-Lowfund_return=itjtۚࡎᆴࠎࣁა֮ࡎᆴࠎࣁ֥ᇛ൬ၭੱᆭҵ B0+B1(Same_family)+ൌ࠽ቆؓбቆpᆴ B2(Same_style/Same_family)+controls+EٮႨ%***%(1)ြࠛ%***%***ఃᇏHighfund_returnitսіۚࡎᆴࠎࣁiֻt୍ਭ%***%******ᇛ൬ၭੱ,Lowfund_returnjtսі֮ࡎᆴࠎࣁjֻt і2ᇏ,ൌ࠽ቆაؓбቆ֥ඔሳٳљіൕۚᇛ൬ၭੱ,ཌྷࡨіൕؽᆀᆭࡗ֥ҵၳ.Same_fami-ࡎᆴࠎࣁა֮ࡎᆴࠎࣁᇛ൬ၭੱᆭҵ֥नᆴ,ply൞эਈ,іൕೂݔۚࡎᆴࠎࣁiა֮ࡎᆴࠎᆴսіൌ࠽ቆაؓбቆᆭࡗҵၳ֥ཁᇷӱ؇.ॖࣁjඋႿ၂۱ࠎࣁ༢(ൌ࠽ቆ),ఃᆴ֩Ⴟ1;ೂၛुԛ,ൌ࠽ቆᇏ,උႿ၂ࠎࣁ༢֥ۚࡎᆴࠎࣁٳљඋႿ҂ࠎࣁ༢(ؓбቆ),ᄵఃᆴູა֮ࡎᆴࠎࣁҵၳޓཁᇷ,ૼཁ఼ႿٳඋႿ҂_style/Same_family္൞эਈ,іൕೂݔۚࡎᆴ
ֻ3௹ਾᆽྍ֩:ࠎࣁ༢ଽ҆ࢌҭҀ์ྛູ࣮)77)ࠎࣁა֮ࡎᆴࠎࣁඋႿ၂۱ࠎࣁ༢ؽᆀڄ۬ੱაଆᇏэਈ၂၂ؓႋ.၂ᇁ,ఃᆴ֩Ⴟ1;ّᆭູ0.ೂݔࠎࣁ༢ଽ҆թᄝࢌҭҀ์ྛູ)))ၛ།5 ൌᆣဒࢲݔവ֮ࡎᆴࠎࣁູսࡎิശۚࡎᆴࠎࣁြࠛ,ႋିܴҳ֞ൌ࠽ቆᇏۚࡎᆴࠎࣁა֮ࡎᆴࠎࣁ֥ҵၳϜൌ࠽ቆބؓбቆࡆ֞ଆ[ൔ(1)]ᇏ,ཁᇷۚႿؓбቆ,Վൈ,B1ႋཁᇷູᆞ;ೂݔ၂ູཨԢޘࢩ૫ၳٚҵ,ႨջႵࢩ૫ࡆಃܼၬቋࠎࣁ༢ଽ,ᇕڄ۬ࠎࣁ֥ҵၳӱ؇ࢠն,ᄵB2ཬؽӰم(GLS)֥ܥקིႋଆؓଆ[ൔ(1)]္ႋཁᇷູᆞ.ࣉྛܙ࠹,ࢲݔі4.і4ٳљ۳ԛਔοᅶЧ໓ਸ਼ຓՖі1ॖၛुԛ,ࠎࣁ୍ਭၹؓႿࢌ֥3۱ࡌഡ(ࠎࣁ༢ଽ҆๙ݖٮႨaြࠛބ୍ਭҭҀ์֥3ᇕࣥႵᇗေ႕ཙ.ۚٮႨࠎࣁ֥ᆃ3ᇕࣥࣉྛࢌҭҀ์)֥݂߭ࢲݔ.ࠎࣁ୍ਭࢠ,֮ٮႨࠎࣁ֥ࠎࣁ୍ਭࢠն,ؽᆀՖі4ॖၛुԛၛ༯ࠫׄ:ऎႵཁᇷҵၳ,ჰၹᄝႿ2006୍ު,ݓܢ൧ࣉ1)ՖٮႨ࢘؇ु,B1>0,ᄝ၂ࠎࣁ༢ଽ,֮ೆ൧,ྍؿྛ֥ࠎࣁ൬౼ࢠ֥ۚٮႨ;ؓႿြࡎᆴࠎࣁູۚࡎᆴࠎࣁ܊ངਔ8۱ࠎི֥ׄࠛ,ࠛѓሙ,൞οᅶ࠹൬ၭੱࣉྛஆ,ြࠛۚ(҂ཁᇷ(tᆴࣇູ).෮֤ࢲݔ҂ཁᇷ,ᆃॖ࠹൬ၭੱۚ)֥,୍ਭࢠն,ြ֥֮ࠛ(࠹൬ၭି൞ႮႿݓ֥ࠎࣁᄝ൬౼ಪܓaണܓaඁ߭֩ٮੱ֮)୍ਭࢠ,ؽᆀဢऎႵཁᇷҵၳ,ᆃඪૼႨഈෙಖႵ၂קҵၳ,ҵљ҂ն,ؓЧ໓ࢲݔᄯࠎࣁ୍ਭؓᆃ3ᇕࣥऎႵࢠ఼֥႕ཙቔႨ.Ӯ႕ཙ.ਸ਼ຓ,ᄝಪܓaണܓaඁ߭֩ٮႨᇏ,սཧܣᄝଆ[ൔ(1)]ᇏࡆೆHighage(ۚࡎᆴࠎࣁࠏܒ֥ٳӮඔऌمࠆ֤,ᆃࠫཛٮႨ൞ၛሧ୍ਭэਈ)ބLowage(֮ࡎᆴࠎࣁ୍ਭэਈ)ਆᆀᆦڱ֥ط٤ࠎࣁൌ࠽ࠆ֤֥൬ೆູѓሙ,ܣᆃ۱॥ᇅэਈ,ᄝଆᇏႨcontrolsіൕ,οᅶᇛᇕԩ္ॖିࢲݔ҂ཁᇷ.і4 ࠎࣁ༢ଽ҆ࢌҭҀ์ࣥဒࢲݔTable4Testsofstrategiccross-fundsubsidizationٮႨြ୍ࠛਭ()()()-0*.0025**(Same_family)()()()(Same_style/Same_family)()()()*********Highage()()()***0*.0012*Lowage()()()טᆜܴҩဢЧඔ122581374813610 2)Ֆြࠛ࢘؇,ुB1()ཁᇷູڵ,൞ݦඔ֥ܱ༢.ݓ࿐ᆀಳ֩[19]ܴׄაՎཌྷۚြࠛࠎࣁّطཟ֮ြࠛࠎࣁ์Ҁ25۱ࠎׄ.Ч,ّૌ֥࣮ࢲݔіૼ,ᇏݓष٢ൔࠎࣁ֥ြࠛ໓֥ࢲݔაG[1]aspaބMassa֥ܴׄࢩಖ҂,ࠣሧࣁੀ֥ܱ༢აӮඃ൧ӆ҂,ӯགྷڵཌྷܱGaspa֩ಪູࠎࣁ༢ଽ֮҆ြࠛࠎࣁཟۚြࠛࠎູχྙ,ሧᆀౠཟႿඁ߭ြࠛݺaܿଆն֥ࠎࣁࣉྛࢌҭҀ.์Ч໓֥ൌᆣࢲݔაՎཌྷّ,ჰၹࣁ.Ч໓ؓՎ္ࣉྛਔဒ,ٳљႨCAPMֆၹᄝႿ,ݓຓ࣮іૼࠎࣁြࠛაሧࣁੀೆᆞཌྷܱ,aFama-French3ၹބ࣪ᆴ൬ၭੱაࠎࣁགྷࣁ
)78)ܵ ॓ ࿐ ࿐ Б2010୍3ᄅੀࣉྛ૫ϰ߭,݂ࢲݔіૼࢥཁᇷູڵ½.ᆃࣼਸ਼ຓ,ؓB2ࣉྛॉҳ,ؿགྷഈඍ3ᇕ֥֤ࣥࠎࣁܵ܄ඳҐ౼/ّཟҠቔ0ྛ,ູႮۚြࠛB2न҂ཁᇷ,ඪૼ၂ࠎࣁ༢ଽᇕڄ۬ࠎࣁᆭࠎࣁҀ์֮ြࠛࠎࣁ,Ч໓֥ࢲݔ္Ֆҧ૫ࢳࡗ҂թᄝཁᇷҵၳ.ਔݓࠎࣁ൧ӆഈࠎࣁஆ/ݖӚ0ܯགྷའ.3)Ֆ୍ਭ࢘؇ु,B1()ཁᇷູᆞ,ඪ6 ࠎࣁ༢หᆘაࠎࣁ༢ଽ҆ࢌҭҀૼࠎࣁ༢ଽ֥҆ಒթᄝࠎࣁཟྍࠎࣁࢌҭҀ์֥ྛ,ູࡌഡ3Ӯ৫.ᄝݓࠎࣁ൧ӆ,၂ᆰթᄝ์֥ࣥ࿊ᄴࠎࣁཟྍࠎࣁࣉྛ০ၭൻෂᆃᇕඪم,ჰၹࣼᄝႿࠎࣁ܄ඳູᄹࡆྍࠎࣁ֥ཧ൲,ิۚሧᆀభ૫֥ൌᆣࢲݔၘࣜᆣૼࠎࣁ༢ଽ҆ಒൌթಪᆩ؇ᄝࢌҭҀ์ྛ,ູࣉطՖࠎࣁ༢ܿଆ,طҐ౼֥ᅞྛ,ູਸ਼ຓྍࠎࣁြ֥ࠛᄹa༢ଽࠎࣁඔࡆّݖটႻିջࠎࣁ֥ཧ൲,Ֆطൌགྷࠎࣁਈބ୍ਭ3۱Ҫ૫,ॉҳࠎࣁ༢หᆘაଽ҆ࢌҭ܄ඳሹุ֥ླྀིႋҀ์ࣥ࿊ᄴؽᆀᆭࡗ֥ܱ༢..і5 ࠎࣁ༢หᆘაࠎࣁࢌҭҀ์ࣥ࿊ᄴTable5Familycharacteristicsandthewayofcross-fundsubsidizationٮႨြ୍ࠛਭۚႿ-0**.ࠎࣁ༢ܿଆनܿଆ()()()֮Ⴟनܿଆ()()()ۚႿ**ࠎࣁ༢ଽࠎࣁඔਈनඔਈ()()()֮Ⴟनඔਈ()()()ۚႿࠎࣁ༢୍ਭन୍ਭ()()()֮Ⴟ***न୍ਭ()()() ۴ऌଆ[ൔ(1)],ঔᅚԛၛ༯ଆHighfund_retrunit-Lowfund_retrunjt=B0+B1(Aboveaverage/family_sizeanumberaage)+B2(Belowaverage/family_sizeanumberaage)+B3(Same-style/Same_family)+E(2)ఃᇏ,Aboveaverage/family_sizeanumberaage൞ 2)ႚႵࢠ؟ࠎࣁඔਈ֥༢۷ࡆொݺႿؓྍэਈ,іൕۚႿ༢नܿଆa༢ଽࠎࣁඔਈބ༢୍ࠎࣁ֥ړӻ(,ޓཁᇷ);طႚႵࠎࣁඔਈਭൈ,ఃᆴູ1;ّᆭູ ཋႿږૌીႵ۳ԛऎุࢲݔ,ೂླေॖཟቔᆀ෬ေ.
ֻ3௹ਾᆽྍ֩:ࠎࣁ༢ଽ҆ࢌҭҀ์ྛູ࣮)79)طЧ໓֥ࢲݔᆞݺაՎཌྷّ,ᆃ൞ႮႿݓࠎࣁ7 ࢲ ં൧ӆ൞ྍྖ൧ӆ,ࠎࣁြࠛაགྷࣁੀೆӮّб(໓ང[19]),ႮՎ,ݓࠎࣁ܄ඳҐ౼/ّཟҠЧ໓০Ⴈ܄षඔऌ,ؓࠎࣁ༢ଽ҆ࢌҭҀ์ቔ0)))ࠧҐ౼ۚြࠛࠎࣁҀ์֮ြࠛࠎࣁ֥Ҧྛູࣥቓԛ3ᇕࡌഡ:ࠎࣁٮႨaࠎࣁြࠛބࠎ.Վؿགྷ္ູݓࠎࣁஆ/ݖӚ0གྷའิ܂ࣁ୍ਭ,ҐႨൌᆣٚم,ඔਈ߄ᆣൌਔᄝݓଽࠎࣁਔቑᆣ.൧ӆࠎࣁ༢ଽ҆ࢌҭҀ์ྛູ֥թᄝ.ऎุࢲં3)Ⴎ֮ٮႨࠎࣁཟۚٮႨࠎࣁࢌҭҀ์֥ೂ༯:ྛູ҂ཁᇷ,طGaspar֩[1]֥࣮ᄵіૼࠎࣁ༢1)ࠎࣁ༢ଽ҆ࠎࣁཟྍࠎࣁࣉྛࢌҭҀଽ҆ؓۚٮႨࠎࣁࣉྛҀ์ޓཁᇷ.ᆃᇶေ൞Ⴎ์֥ྛູޓཁᇷ.ݓ֥ࠎࣁ܄ඳ۷ࡆொݺྍࠎૅݓ܋ࠎࣁૄ୍֥ᄎႏٮੱ൪ࠎࣁ֥Ҡቔڄ۬ࣁ,၂ٚ૫ᄝႿྍࠎࣁ֥ࠧൈིࠛაࠎࣁཌྷб,ބࣜႏӮЧطק,Ⴕޓ఼֥ਲࠃ,ྟ၂Ϯ҂ӑݖ۷ࡆಸၞФሧᆀܴҳ֞,ܣࠎࣁ܄ඳູঔնྍ%;طݓࠎࣁ܄ඳܵٮႨࢠູܥק,၂Ϯࠎࣁܿଆࠇᄹࡆሧᆀؓྍࠎࣁ֥ണܓ,ؓఃࣉູ%,֤ࠎࣁࡗሹٮႨҵၳޓཬ,֝ᇁࠎࣁྛࢌҭҀ;์ਸ਼၂ٚ૫,ݓ2006୍֥൧္ູ܄ඳҐ౼ՎᇕҀ์ྛູ֥৯҂ቀ.ࠎࣁ܄ඳཟྍࠎࣁࣉྛሧჷౠོิ܂ਔਅݺ֥ൈ4)նܿଆࠎࣁ༢აཬܿଆࠎࣁ༢ཌྷб,ଽ҆ࠏ.ᆃაC11]hevalierބE[llisonaKhoranaބࢌҭҀ์གྷའ۷ູૼཁ.൮༵,ܿଆն֥ࠎࣁ༢၂[14]Servaes֥ܴׄ၂ᇁ.Ϯ္ႚႵࢠ؟ඔਈ֥ࠎࣁ,ఋ༯ᇙ؟֥ࠎࣁູն2)ࠎࣁ༢ଽ҆ۚြࠛࠎࣁཟ֮ြࠛࠎࣁࢌܿଆࠎࣁ༢ൌീࢌҭҀ์ྛູิ܂ਔь০่ࡱ.ҭҀ์֥ྛ္ູޓཁᇷ.Gaspar֩[1]ಪູႮႿࠎఃՑ,նܿଆࠎࣁ༢๙ݖؓ༢ଽࠎࣁൌീࢌҭҀࣁြࠛაགྷࣁੀೆӮᆞб,ࠎࣁ༢߶Ґ౼ၛ།വ์ᅞ,յᄯࠎࣁ༢֥ૼྒࠎࣁ,་ႄሧᆀင֮ြࠛࠎࣁູսࡎ,ิശۚြࠛࠎࣁ߭Б֥Ҧ.౯,Ֆطູࠎࣁ༢ջট۷؟֥০ၭ.ҕॉ໓ང:[1]GasparJM,MassaM,
)80)ܵ ॓ ࿐ ࿐ Б2010୍3ᄅ[12]SirriE,[J].JournalofFinance,1998,53(4):1589-1622.[13]ChevalierJ,[J].JournalofPoliticalEconomy,1997,105(6):1167-1200.[14]KhoranaA,[J].ReviewofFinancialStudies,1999,12(3):1043-1074.[15]MamayskyH,:OptimalFundObjectivesandIndustryOrganization[R].YaleSchoolofManagement,2001.[16]ٓ დ,шᬫ.ࠎႿؓҦDEA֥ሧࠎࣁြࠛܙ[J].ܵ॓࿐࿐Б,2005,8(3):,-DEAmodels[J].JournalofManagementSciencesinChina,2005,8(3):41-49.(inChinese)[17]້༵,ᇫൗ,ਃޙၬ.ޙਈࠎࣁࣜ/ѯ؍Ҡቔି৯0֥ٚم[J].ܵ॓࿐࿐Б,2003,6(6):-hua,ZhuSh-iwu,[J].JournalofManagementSciencesinChina,2003,6(6):21-27.(inChinese)[18]ᅦൗႇ, ת.ࠎࣁሧྛູࠣఃࡓ֥ܵଆෛࠏં࣮[J].ܵ॓࿐࿐Б,2000,3(1):-iying,-chasticsystem[J].JournalofManagementSciencesinChina,2000,3(1):58-65.(inChinese)[19] ಳ,ӧϤᇹ,֩.ࠎࣁြࠛაሧᆀ֥࿊ᄴ)ᇏݓष٢ൔࠎࣁඁ߭ၳӈགྷའ֥࣮[J].ࣜ࠶࣮,2007,42(6):,ChenBa-izhu,)Analysisontheredemptionpuzzleofopen-endfundmarketinChina[J].EconomicResearchJourna,l2007,42(6):39-50.(inChinese)[20]ᄻ֣ૼ,Ұ ᠱ,֩.ࠎࣁหᆘaܵหྟაࠎࣁིܱࠛ༢֥ൌᆣ࣮[J].ܵ࿐Б,2006,(3):-ming,ZhaQ,:Relationoffundperformancetofundcharacteristicsandmanagerialattributes[J].ChineseJournalofManagement,2006,(3):347-353.(inChinese)Cross-fundsubsidizationbehaviorinmutualfundfamiliesLIUZhi-xin,XUNingSchoolofEconomicManagemen,tBeihangUniversity,Beijing100191,ChinaAbstract:Weinvestigatewhethermutualfundfamiliestransferperformanceacrossmemberfundstofavorthosemorelikelytoincreaseoverallfamilyprofitsbasedonfundcharacteristicoffees,-specttoperformance,,:fundfamily;cross-subsidization;paneldata.
