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济安金信|从“重规模”到“重能力”:规模适度性引导行业理性健康发展
Xin Lang Ji Jin·2025-09-23 02:38

Core Viewpoint - The public fund industry in China is experiencing rapid growth, but this expansion has revealed several underlying issues. The China Securities Regulatory Commission (CSRC) has introduced an action plan aimed at promoting high-quality development in the public fund sector, focusing on shifting the industry's emphasis from scale to returns [1]. Group 1: Industry Challenges - The profitability of fund managers has historically relied on a fixed management fee model tied to asset scale, leading to a situation where fund companies benefit regardless of investor returns [1]. - The industry's focus on scale as a core performance metric has resulted in a misalignment between management capabilities and investor returns, necessitating a shift in evaluation criteria [1]. Group 2: Fund Size and Performance - There is a non-linear relationship between fund size and performance, where moderate growth in fund size can enhance returns due to economies of scale, but excessive growth leads to diminishing returns [2]. - Empirical research indicates that for actively managed funds, once the asset size exceeds a certain threshold, performance begins to decline, demonstrating a typical inverted "U" relationship [2]. Group 3: Regulatory Response - The CSRC's action plan aims to reduce the emphasis on size-related performance metrics and encourage fund companies to focus on enhancing investment management capabilities and delivering long-term value to investors [1][16]. - The plan includes measures to limit the number of products managed by individual fund managers and to ensure that fund size aligns with investment and risk management capabilities [16]. Group 4: Scale Appropriateness Indicator - The Jinan Jinxin Fund Evaluation Center has developed a scale appropriateness indicator to assess fund companies' management of asset sizes, advocating for a balanced approach to scale that prioritizes investor interests [11][14]. - This indicator provides a quantitative measure for investors to evaluate fund companies, helping them make informed decisions and avoid blindly pursuing large funds [14]. Group 5: Future Directions - The action plan represents a critical response to the industry's current challenges and aims to realign the focus towards sustainable growth and investor returns [16]. - The Jinan Jinxin Fund Evaluation Center plans to continue its research on scale appropriateness and assist regulatory bodies in implementing effective policies to protect investor interests [16].