Ownership Structure of Fund Management Company and Fund Performance
基于2004-2010年中国股票型开放式共同基金数据，使用Carhart四因子模型评估基金业绩，发现国有控股或合资基金管理公司管理的基金业绩优于同行，表明国有所有权和外资所有权对基金业绩有积极影响。
This paper investigates the relationship between ownership structure of fund management company and fund performance using a sample of stock-type open-ended mutual funds in China from 2004-2010.Using Carhart 4-factor model to evaluate fund performance and controlling for fund characteristics and fund manager features, the paper finds that fund managed by a state-controlled fund company or a joint-ventured fund management company outperforms their peers.This finding suggests that state ownership plays a helping hand effect on fund performance,and foreign ownership benefits fund holders with superior investment experience.