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本文运用非平衡面板数据的计量方法,利用33只封闭式基金1999～2002年的93个有效年度数据并借鉴学术界通用的对数转换模型对我国封闭式基金的规模经济问题进行了较为深入的实证考察。本文的主要结论如下:第一,在小型基金、大型基金和全体样本基金三个分组中,基金平均费用存在完全不同的水平和趋势;第二,在大型基金组中,我们发现了显著的规模经济,相反,在小型基金中则存在明显的规模不经济;第三,对所有样本基金进行考察,其费用弹性的估计值小于1,这说明我国封闭式基金总体上存在规模经济;第四,代表性封闭式基金的平均成本曲线在所有样本基金净资产范围内是随其增加而下降的,而平均费率值在约50亿元处取最小值,国内目前还没有净资产超过这一规模的封闭式基金,因而我国封闭式基金在管理上还有很大潜力可挖。
In this paper, using non-equilibrium panel data measurement methods, the use of 33 closed-end funds from 1999 to 2002, 93 effective annual data and learn from the common logarithm transformational model of China’s closed-end fund scale economy issues are more in-depth Empirical study. The main conclusions of this paper are as follows: First, in the three sub-groups of small funds, large funds and sample funds, there are totally different levels and trends of fund average costs; second, in large funds, we find significant scale Economy, on the contrary, there is a clear diseconomy of scale in small funds. Thirdly, for all sample funds, the estimated cost elasticity is less than 1, indicating that there is scale economy in China’s closed-end funds in general. Fourthly, The average cost curve of the representative closed-end funds decreased with the increase of the net assets of all the sample funds while the average rate was at a minimum of about 5 billion yuan. At present, there is no net assets above this scale Of closed-end funds, so China’s closed-end funds in the management there is still great potential to dig.