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论文编号：	11380
作者编号：	2320170298
上传时间：	2019/12/13 12:25:34
中文题目：	L基金公司权益类基金销售分析与提升策略—基于银行零售端业务的研究
英文题目：	Research on Equity Funds Sales Analysis and Promotion Strategy of L Fund Company: Evidence from Retail Banking Business
指导老师：	张苏
中文关键字：	权益类基金；销售分析；提升策略；银行零售端业务
英文关键字：	Equity Fund；Sales Model Analysis; Promotion Strategy；Retail Banking Business
中文摘要：	我国公募基金行业已经历二十一年的发展，相较于发达国家的成熟资本市场，发展历程相对较短，市场波动大，投资者认购、申购、赎回比较频繁。大家逐渐意识到对基金公司的销售模式分析，尤其是面向普通投资者的银行零售端销售模式的研究尤为必要。本文基于对L基金公司银行零售端权益类基金的销售模式分析，有助于基金市场参与者更全面的了解基金公司权益类基金的销售特征，能够给予公募基金行业的各方参与者提供有意义的参考。 本文重点研究L基金公司销售业务板块中的零售业务，聚焦在银行零售业务端，并以权益类基金为研究对象。重点从权益类基金的流入流出规模入手，以权益类基金的新发行（认购）、持续销售（申购和定投）和流出三个维度分析L基金公司银行零售端的销售模式和形成原因，得到了一些启发式的结论： 第一、L基金公司“牛市+”销售模式是常见的短期提升公司管理规模的方式。股票市场呈现向上趋势时，例如，牛市中，无论是新发行、持续销售和流出均会出现明显的资金规模放大的现象。 第二、存量基金的持续流入不足，与流出节奏接近一致，对提升公司保有规模贡献不足；新成立基金是最重要的流量和规模来源，对于L基金公司保有规模贡献较为显著。 第三、L基金公司发展初期以销售驱动规模增长为主，销售体系紧跟公司整体战略提升，完成自我升级。 第四、银行零售端代销业务属性，由销售额驱动收费模式下的银行考核机制，形成“重销量”、“轻保有”的渠道生态。 第五、现有销售模式下，基金持有人体验得不到保障，难以形成基金销量和业绩的良性循环。 本文针对目前银行零售端权益类基金销售模式和存在问题提出销售提升策略：首先要风险匹配，适当性销售；尽可能选择在指数估值合理的区间内销售产品；销售和产品业绩双轮驱动，实现资产规模可持续、良性增长；对银行零售端产品账户化管理，以买方投顾的思维与银行代销渠道开展业务合作。
英文摘要：	The mutual fund industry in China has experienced 21 years of development，its development course is relatively short and the investors purchase and redeem more frequent. People realize that it is necessary to study the sales model for ordinary investors of retail banking business. This paper, which based on the analysis of the equity fund sales model of L fund company's retail banking business, is helpful for the mutual fund market participants understanding the fund company equity fund sales model characteristics more comprehensively. This paper takes the equity funds of L fund company's retail banking business as the research object. We analyze the sales model and formation reasons of L fund company's retail banking business, which started from the inflow and outflow scale of equity funds, and draws some heuristic conclusions: First, L fund company's "bull market plus" sales model is a common way to improve the company's asset under management in the short term. When the stock market shows an upward trend, for example, in a bull market, there will be obvious enlargement of the fund scale whether it is new issue, continuous sales or outflow. Second, the continuous inflow of equity funds is insufficient and does not contribute enough to the improvement of the company's scale. The newly established funds are the most important source of flow and scale of L fund company. Third, the fund sales is driven by the bank assessment mechanism, which lead to sales are more important than retained size. So The interests of fund holders are not guaranteed, and it is difficult to form a virtuous circle of fund sales and performance. Eventually, there are some promotion strategies: First of all, we should achieve products risk matching with the investors; Secondly, as far as possible, we shall choose to sell at a reasonable range of the index valuation; Thirdly, the asset under management growth should be driven by sales and product performance together.
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