第
30
卷
摇
第
6
期 吴先红
,
刘文雯
,
何
摇
理
:
开放式基金中渠道营销对个人投资者的影响研究
率
,
即一年期定期存款利率除以
12
。
SMB
表示规模因子
,
等于小公司组合收益率减去大公司组合收益
;
HML
表示
B / M
因子
,
等于高
B / M
组合收益减去低
B / Mf
组合收益
。
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Research on Impact of Channel Marketing upon
Individual Investors of Mutual Fund
WU Xianhong, LIU Wenwen & HE Li
(
Peking University
,
Beijing 100871
,
China
)
Abstract
: The individual investors have taken a dominant part among China蒺s mutual fund investors. For these individual
investors, the convenience of purchase channel and the financial advice provided by commission agencies may have an impact on
their investment decisions to a certain extent. With 1026 kinds of China蒺s equity, bond, hybrid and monetary mutual funds during
the years from 2005 to 2014 as a sample,this paper studies the impact of mutual funds蒺 channel marketing on capital flow and
fund scale. The research shows that after controlling the past performance of mutual fund, the more efforts in channel marketing,
the more the net capital inflow into the fund and the more the fund scale. When the fund type is subdivided, it varies greatly as
to channel marketing蒺s impact on capital flow of different funds. Generally, channel marketing has an obvious positive impact on
investment decision of individual investors. Hence, more input in channel marketing will help the net capital inflow of the fund.
Key Words
: mutual fund; individual investor; channel marketing
(
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