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金融行业是高度管制的行业,其产业竞争力深受政策开放的影响。伴随当前大陆资本市场开放进程加速,国内基金市场开放也日益深化。本文以基金公司的管理资产规模(AUM)为基金行业核心竞争力指标,采用双重差分方法(Di D)与结构性改变检验,分析台湾地区开放境外基金销售后对本地基金行业竞争力的影响,这对于证券市场开放历程和投资人行为类似的内地市场而言,具有重要的借鉴意义。
The financial sector is a highly regulated industry whose industrial competitiveness is greatly influenced by the opening up of the policy. With the current acceleration of the opening up of the mainland capital market, the domestic fund market has also been deepening. This paper takes AUM as the index of core competence of the fund industry, uses the double difference method (Di D) and structural change test to analyze the impact on the competitiveness of the local fund industry after the sale of open-end funds in Taiwan, This is of great significance to the Mainland market for the securities market opening up process and investor behavior.