摘 要
证券投资基金（简称基金）作为一种可以满足人们投资需求的特殊商品，是资
本市场发展的必然产物。在国内，基金业经历了十几年的蓬勃发展，资产规模已经
超过 2.6 万亿元。目前，国内基金产品的销售主要依赖渠道代销，因此在行业内，
基金产品的销售工作都是特指渠道销售。本文作者在 YM 基金公司市场部工作期间，
发现基金产品在渠道销售过程中，受内外部环境因素的影响非常显著，投资业绩、
市场环境都会增幅或抵消销售人员的工作成果。因此，在实际工作中渠道销售人员
的付出与销售成果不能完全匹配，而当前的绩效考核体系又无法进行有效地调整，
从而导致无法科学、公平、公正的评价渠道销售人员的工作绩效。甚至在极端环境
下，还可能出现无法开展绩效考核的情况。这些问题不仅严重影响 YM 基金公司绩效
管理公平公正的实施，还会影响渠道销售人员的合理权益，阻碍公司持久健康稳定
的发展。
作者凭借工作关系对全行业的渠道销售人员绩效考核工作进行调研发现，针对
上面所述的情况，基金公司多是通过团队绩效的方式回避个人工作与成果不匹配的
问题，还有很少数基金公司是通过更细致复杂的考核指标减少工作与成果的不匹配。
但这些方法只能起到改善作用，并不能从实质上解决问题，除非以公司为单位进行
考核。作者发现基金行业内一直缺乏有效的解决方案，为此，作者通过查阅国内外
大量的相关文献资料，对国内外基金行业的绩效考核现状进行研究分析，希望可以
找到有效的解决方案。但是，却发现这种情况是中国独有的，没有现成可以借鉴的
解决方案，只能依靠自己找出有效的解决方案。
本文以 YM 基金公司渠道销售人员的绩效考核体系为研究对象，结合多年的基金
产品销售经验，通过对影响渠道销售的内外部因素进行深入细致的分析，找出渠道
销售人员的付出与成果不成比例的问题根源，并在前人相关研究的基础上，引入相
对考核指标和动态管理理念，设计构建出符合基金产品销售规律的科学公正的绩效
考核体系，从而改善提高 YM 基金公司的绩效管理水平，保证渠道销售人员得到公平
公正的绩效考核成果，促进公司战略目标的实现，并且为其他基金公司解决类似问
题提供参考借鉴。
关键词：基金公司 渠道销售人员 绩效考核
ABSTRACT
Securities Investment Fund, as a special commodity to meet the people's demand
for investment, is the inevitable outcome with the development of capital markets. In
China, the Fund industry has experienced vigorous development in the past 10 year,
achieving the asset size over RMB2.6 trillion. At present, majority of the fund has been
sold through commercial banks, therefore, fund sales are specifically refer to the fund
channel sales in the industry. While working in Sales and Marketing Dept of YM Fund
Management Company, (named YM below) the author aware that the performance of the
channel sales is highly impacted by overall security market environment and the
investment performance. As a result, the final performance can’t be well reflected the
contribution of the sales person. In addition, because the current performance appraisal
system is unable to effectively adopted, the channel sales person could not be given a fair
and impartial evaluation. Even worse, under extreme conditions, the performance
appraisal process may also be unable to carry out. It will not only seriously block the
normal implementation of performance management; it may also affect the morale of the
channel sales, which finally limit the sustainable growth of the company performance.
Base on the research of several fund management companies’ performance
appraisal process and policy, it’s found that team performance is assessed in most
companies instead of individuals’ in order to avoid the issues mentioned above. In some
company, complex measurement indicators are listed to minimize the gap between
performance vs contribution. However, none of the approaches can be effectively solve
the issues. References lots of previous research findings, the author attempts to develop a
more scientific and practical evaluation system through an in.depth analysis of the
existing one.
The thesis is target to the study of the existing performance appraisal system of YM.
By analyzing the internal and external factors which might impact the sales performance,
the author attempts to identify the root cause of the mismatch between the sales person’s
contributions of their final performance. Base on the previous research findings, the
author intends to develop a performance appraisal system with relative measurement
indicators and dynamic variables in order to well align with the characteristic of the fund
industry. The author expects a fair and transparent evaluation to be conducted under this
system and finally to realize the company’s strategic objective.
KEY WORDS ： Fund Management Company, Channel Sales, Performance
Evaluation