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为什么近年来国内股市低位震荡,而新基金产品却密集增长?从国外经典研究来看,这是理性的基金管理机构利用个人投资者的异质性与有限理性,为规避业绩竞争而采取的产品差异化策略。我们认为,在管制严格与退出机制缺失的国内基金市场,对基金发行管制所产生的牌照收益,也是其重要原因。2013年新《基金法》放松基金发行管制提供的自然实验,为以上观点提供了经验证据。面板数据DID方法研究结果显示,放松基金发行牌照管制能降低管理公司新基金发行战略带来的收益,能促进基金市场的新产品创新。据此,本文针对基金市场的改革与监管提出了政策建议。
Why the domestic stock market in recent years, low volatility, but the intensive growth of new fund products? From the classic study of foreign point of view, this is a rational fund management institutions using the heterogeneity and limited rationality of individual investors to avoid performance competition to take the product Differentiation strategy. In our view, the revenue generated from the issuance of licenses for fund issuance is also an important factor in the domestic fund market with a rigorous regulation and exit mechanism. The natural experiment provided in the new “Fund Law” in 2013 to ease the control of fund issuance provides empirical evidence for the above point of view. The panel data DID method research shows that the relaxation of the issuance of license control of the issuance of the Fund can reduce the company’s new fund distribution strategy proceeds, can promote the new product innovation fund market. Accordingly, this article puts forward policy suggestions for the reform and supervision of the fund market.