자산운용사의 지배구조가 펀드성과에 미치는 영향

The Effect of Asset Management Firm’s Governance Structure on Fund Performance

본 연구는 자산운용사의 지배구조가 펀드의 성과에 영향을 주는지를 실증분석한 연구이다. 지배구조 변수로는 이사회의 규모, 이사회의 회의횟수, 사외이사의 비율, 감사위원수, 이사회보수율 등의 변수를 사용하였고, 펀드의 성과는 펀드의 수익률평균, 젠센의 알파, 샤프지수, 트레이너지수 등을 사용하였다. 실증분석 연구결과 이사회의 이사총수와 감사위원수는 적을수록 펀드성과에 양의 영향을 주는 것으로 나타났으며 사외이사의 비율, 이사회의 보수율, 이사회의 회의횟수는 많을수록 펀드성과에 양의 영향을 주는 것으로 검증되었다.

Our study conducted on how much governance structure of asset management firms has been affecting on fund performance considering that domestic funds mainly belong to investment trust type. Data for an actual proof study selected a sample through fund performance material of 3 year -period and a governance structure material of asset management firms until the end of fiscal year from 2004 to 2006. An analysis of an actual proof was used with SAS program. In model, the influence of governance structure variable of asset management firms caused on fund performance of a dependent variable (results of asset management firms) was drawn into a multi-variate regression analysis. In terms of a study result drawn from our study, model showed that as total number of directors on the board and the number of auditors are less(-), it affected better(＋) on fund performance, a percentage of non-interested directors on board, a commission rate of board of director, the number of board meeting are higher, it had better(＋) influence on fund performance. However, the effect on governance structure of asset management firms was analyzed applying an average return of stock type fund of the asset management firms, even a regression method was drawn, other independent variables was not a significant difference except the commission rate of board of director. Even our study was something that was done in Korea for the first time, it has some limits, which are first the difficulty of material collection. secondly, the weakness of fund market of investment company type called mutual fund, thirdly, analyzing only measuring variable focused on role of board represented by governance structure variable of asset management firms.