從生產與財務效率的觀點探究中國基金管理公司的競爭力

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Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/48562

Title:	從生產與財務效率的觀點探究中國基金管理公司的競爭力 The Competitiveness of China Fund Management Firms: Production and Financial Efficiency Perspectives
Authors:	丁清嫻(DINH THANH NHAN)
Contributors:	國際企業管理學系
Keywords:	China fund management firm China stock market competitiveness network DEA stock selection
Date:	2020
Issue Date:	2020-09-08 14:35:59 (UTC+8)
Abstract:	During the last 20 years, China fund management firms have become one of the fastest-growing forces in Asia which turn to the second-largest asset management market globally. To meet the practice, this research aims to study the competitiveness of China fund management firms in the perspectives of production and financial efficiencies. Due to the main operation of these fund management firms is trading stocks in their portfolios, their competitiveness largely depends on defining the potential stocks to hold. Fund managers normally employ fundamental or technical analysis approach to evaluate the profitability of stock before choosing it into their fund’s portfolio. Reviewing the complementary applications in creating the insight of listed stocks, this paper employs meta-frontier and group frontier of two-stage network directional distance function to measure the production and financial efficiency scores. Next, the categories of stocks for investing in priority are identified. Later then, these efficiency scores and categories that are considered as references to the fund management firms’ investment decisions could have an impact on firms’ performances. 1. The quarterly data of investment portfolio and performance of China fund management firms; 2. The quarterly data of listed firms in China stock markets extracted from the financial statements and stock market indicators. The empirical findings prove that the fundamental and technical analysis and their integration are suitable in identifying the promised future return stocks with a proposed stock selection strategy classified into Star, Cash Cow, Risky, and Dumpling categories. Furthermore, China fund management firms approve higher competitiveness if their investment portfolio contains relatively high-efficiency score stocks. In conclusion, this study has two main contributions. In terms of methodology contribution, this research first takes advantage of the meta-frontier and group frontiers of the two-stage network directional distance function in the area of the financial market to explore the integration of fundamental and technical analysis. In terms of application contribution, the proposed stock selection strategy that composes multiple preferences of stock characteristics into funds’ portfolio is firms’ competitiveness that is expected to support or orient fund managers to select stocks and to improve their performance.
Appears in Collections:	[Department of Business Administration & Graduate Institute of International Business Administration ] Thesis

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