投资者行为侵蚀、基金经理努力和基金业绩

Investor Behavior Erosion, Fund Manager Effort and Fund Performance

中文关键词:  基金业绩  换手率  基金经理技能  申购和赎回  投资者侵蚀  自由裁量交易

英文关键词:fund performance  turnover  fund manager skill  purchase and redemption  investor erosion  discretionary trading

中文摘要:

      近年来,共同基金已经成为居民家庭实现多元化投资的重要工具,对于居民财产性收益的稳健增长大有助益,基金业绩的驱动因素也随之成为学术界关注的热点话题。以2004—2017年中国441只共同基金作为研究样本,实证检验了投资者行为侵蚀、基金经理努力对基金业绩的影响。研究发现,共同基金的业绩不仅取决于基金经理的努力,还受投资者行为的影响。具体而言,中国共同基金投资者的申购和赎回行为会对基金经理非自由裁量交易产生影响,在控制基金投资者申购和赎回行为的影响下,基金经理的自由裁量交易对基金业绩将产生正向影响。研究结果表明,在中国共同基金市场,投机者和短视基金投资者的行为会对基金经理的努力产生侵蚀。因此,应加强基金投资者教育,增强基金投资者互动和信息沟通等,最大限度地减少基金投资者行为的不稳定影响,以提高基金业绩的可持续性。

英文摘要:

      In recent years, mutual funds have become an important tool for households to achieve diversified investment, which is of great help to increase residents' property income. The probe into the driving factors of fund performance has become a hot issue in academic circles. With the panel data of 441 mutual fund in China during the years from 2004 to 2017 as research sample, this paper empirically tests the impact of investor behavior erosion and fund manager's efforts on fund performance. The research finds that the performance of mutual funds depends not only on the efforts of fund managers but also on the behavior of fund investors. Specifically, the purchase and redemption done by Chinese mutual fund investors have an impact on fund managers' non-discretionary transactions. By controlling the impact of investors' fund purchase and redemption, fund managers' discretionary trading would have a positive impact on fund performance. The research results indicate that in the Chinese mutual fund market, the behavior of speculators and short-sighted fund investors erode the efforts of fund managers. Therefore, measures such as strengthening retail fund investors' education, enhancing the interaction and information communication, etc. can be taken to minimize the impact of unstable fund investor's behavior so as to improve the sustainability of fund performance. 