基金公司竞争策略研究——基于产品创新和机制创新视角

doi:10.16381/j.cnki.issn1003-207x.2015.12.006

Abstract

Abstract: In this paper, the effectiveness of product innovation strategy and mechanism innovation strategy in fund company competition during 2004-2012 are examined. Taking market share as entry point with a dynamic panel data model estimated by system general moment method (system GMM), the empirical result shows that historical performance is an important factor that affects the market competition results. Meanwhile investors prefer the fund company with superior product innovation ability and enterprising spirit of mechanism innovation, rather than fund companies with a long history and many funds under management. The fund company ownership is irrelevant. Segmenting the fund market by investment targets, it's demonstrated that in the stock fund market, star strategy is particularly important, while in the bond fund market, the increasing supply of new funds and relative supply intensity is the optimal strategy. The same as in the stock fund company, to gain more market share fund company should provide new funds with substantial innovation characteristics and increase the number of funds that fund practitioners hold. Therefore, decision-makers of fund company should take fund investors' improved cognitive ability of product innovation and the need to bind the interests of related agents into consideration, and formulate the competition strategy according to different types of fund.

Key words: fund company, market share, product innovation, mechanism innovation

CLC Number:

F830.9

JIANG Yun-bing, WANG Yan-ming, WANG Shu-hui, LI Sheng-lan. Research on Fund Companies Competition Strategy——Based on Product Innovation and Mechanism Innovation Perspective[J]. Chinese Journal of Management Science, 2015, 23(12): 45-52.

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Research on Fund Companies Competition Strategy——Based on Product Innovation and Mechanism Innovation Perspective

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