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- All Subjects: Market share
- Creators: Chang, Chun
Description随着中国经济过去30多年的高速发展，出现了一大批的高收入人群，他们更注重生活的品质，如追求自然、简约、低调的休闲生活方式，更看重健康生活、自身的身心修养，和提高自身修养的内涵式生活，以及注重子女的内涵气质教育。
同时，具有很强烈地获得心理认同的需求，参加各种以消费和交往为媒介和主体活动的社群或“社交圈子”，在心理和情感上自我获得与其在财富、生活方式以及生活品位等诸方面都类似的群体间的身份认同感和归属感；更看着与其社会阶层相匹配的身份地位、社交人脉、兴趣爱好等。
因此，从运营的角度来看，如何增加上述这些高净值人群对高净值社群的归属感，进而提高其对高净值社群的忠诚度，是高净值社群进一步可持续经营和发展的基石。本研究以上海嘉庭俱乐部为例，在对问卷调查的基础上，通过实证研究，探讨影响高净值社群归属感与忠诚度的关键因素，高净值社群中会员的归属感与忠诚度的关系，会员生活型态的差异使得归属感与忠诚度的影响关系呈现显著的不同。
实证研究表明，“时尚流行”会员较为理性，其更注重休闲风尚；而“优雅休闲与享受尊荣”的会员则偏感性，其相当注重心灵感受与宁静舒适的感觉，强调全家共享以及纯封闭式的会员享受，能够更多地认识到与个人品味和品位相同的人，如对生活品质的追求、价值观、子女教育等；内心更开放、所接受教育程度更高的家庭，在嘉庭会感受到的归属感意识更高、其忠诚度也更高。
同时，具有很强烈地获得心理认同的需求，参加各种以消费和交往为媒介和主体活动的社群或“社交圈子”，在心理和情感上自我获得与其在财富、生活方式以及生活品位等诸方面都类似的群体间的身份认同感和归属感；更看着与其社会阶层相匹配的身份地位、社交人脉、兴趣爱好等。
因此，从运营的角度来看，如何增加上述这些高净值人群对高净值社群的归属感，进而提高其对高净值社群的忠诚度，是高净值社群进一步可持续经营和发展的基石。本研究以上海嘉庭俱乐部为例，在对问卷调查的基础上，通过实证研究，探讨影响高净值社群归属感与忠诚度的关键因素，高净值社群中会员的归属感与忠诚度的关系，会员生活型态的差异使得归属感与忠诚度的影响关系呈现显著的不同。
实证研究表明，“时尚流行”会员较为理性，其更注重休闲风尚；而“优雅休闲与享受尊荣”的会员则偏感性，其相当注重心灵感受与宁静舒适的感觉，强调全家共享以及纯封闭式的会员享受，能够更多地认识到与个人品味和品位相同的人，如对生活品质的追求、价值观、子女教育等；内心更开放、所接受教育程度更高的家庭，在嘉庭会感受到的归属感意识更高、其忠诚度也更高。
ContributorsLi, Hailin (Author) / Gu, Bin (Thesis advisor) / Chen, Xinlei (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2019
Description
Since the 2008 financial crisis, the total assets managed by U.S. mutual funds have frequently hit new highs and the industry has become increasingly concentrated. In the meantime, two strategies have emerged in the American mutual fund industry: active and passive management. What factors affect the market shares of firms that adopted these two different strategies?
Building on strategic management theories, I suggest that mutual fund families that adopted active and passive management strategies tend to compete in different dimensions. Active management fund families tend to implement the product differentiation strategy, competing on “product quality” through excess-returns, innovative and differentiated fund products; passively managed fund families focus more on "price competition" by conducting an overall cost leadership strategy.
This research examines the driven factors of fund families’ market share. The results show that: the market share of actively managed fund families is more sensitive to positive impact of fund performance, while passive management firms are more sensitive to negative effect of management fees and total loads; 12b-1 expense improves the competitiveness of active fund families and thus enhance their market shares but it has negative impact on passive fund families. In addition, high turnover decreases the market share of all fund families, especially for passively managed families. The outcome reveals the latest US mutual industry orientation: products differentiation, turnover, management fee have greater impact on market share while the competition of fund performance is diminishing. The Matthew effect in US mutual fund industry is outstanding. Industrial competition dimension expands from performance and products to cost cutting.
Empirical analysis on Chinese mutual fund families is also conducted. Different from the US, there is only small number of mutual fund families targeting passive management products. The results show that the distribution channel has the largest impact on Chinese mutual fund family market share and investors are more willing to chase performance than to consider cost-efficient fund families. This study then analyses reasons behind the difference of Chinese and American mutual fund industries.
Building on strategic management theories, I suggest that mutual fund families that adopted active and passive management strategies tend to compete in different dimensions. Active management fund families tend to implement the product differentiation strategy, competing on “product quality” through excess-returns, innovative and differentiated fund products; passively managed fund families focus more on "price competition" by conducting an overall cost leadership strategy.
This research examines the driven factors of fund families’ market share. The results show that: the market share of actively managed fund families is more sensitive to positive impact of fund performance, while passive management firms are more sensitive to negative effect of management fees and total loads; 12b-1 expense improves the competitiveness of active fund families and thus enhance their market shares but it has negative impact on passive fund families. In addition, high turnover decreases the market share of all fund families, especially for passively managed families. The outcome reveals the latest US mutual industry orientation: products differentiation, turnover, management fee have greater impact on market share while the competition of fund performance is diminishing. The Matthew effect in US mutual fund industry is outstanding. Industrial competition dimension expands from performance and products to cost cutting.
Empirical analysis on Chinese mutual fund families is also conducted. Different from the US, there is only small number of mutual fund families targeting passive management products. The results show that the distribution channel has the largest impact on Chinese mutual fund family market share and investors are more willing to chase performance than to consider cost-efficient fund families. This study then analyses reasons behind the difference of Chinese and American mutual fund industries.
ContributorsLiu, Jianping (Author) / Zhu, Hongquan (Thesis advisor) / Chang, Chun (Thesis advisor) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2018