펀드판매사의 계열펀드 판매집중도와 판매보수, 운용성과, 현금흐름

An excessive transactional concentration among affiliated financial companies may cause conflict of interest with policy objectives such as investor protection, soundness of financial companies, and fair competition in the capital market. If synergy between financial affiliated companies is overly emphasized, it may bring about an unfair transaction and distort market structure. Because they may prioritize the profits of affiliated companies over those of shareholders and encourage transacting with insolvent affiliates, vertical relations negatively affect the whole financial market as well as financial consumers. In particular, the practice of intentional sale concentration in affiliated firms without enough explanation to investors can lead to investor losses. Therefore, this study analyzes whether financial consumers have been damaged by vertically anti-competitive behaviors of financial companies. The results demonstrate that fund distributors' highly concentrated sales in the affiliated funds has the positive relationship with fund distribution fees and the negative relationship with fund performance. Moreover, we identify money flows from affiliated distribution channels are relatively stable. These results contribute to provide the insight that changes in the incentive structure of distribution channels may lead to different outcomes in terms of investor protection and market competition.