是谁获得了更高的基金投资收益?——对个人投资者问卷调查的实证分析

Who Are the Winner in the Fund Market? An Empirical Analysis on the Survey Data of the Individual Fund Investors

基金市场上众多的个人投资者投资收益相差很大。本文主要探寻投资者基金投资收益与投资者自身属性之间的联系。数据来自2008年年底通过我国主要的43家基金公司收集的35866份对基金投资者的调查问卷。通过分组分析和多元分类评定模型回归,我们发现有三个因素对基金投资收益有重要作用:投资者的家庭月收入、投资总年限和资金时间约束,而年龄、基金投资规模等对收益无显著影响。

The individuals＇ investment performance in mutual funds is qtrite different. We investigate the relationship between investors＇ characteristics and their profits in the Chinese fund market. The results are based on the 35866 questionnaires from 43 major mutual-fund management firms at the end of 2008. The comparison and the Muhinomial Logit Model results show that three factors affect individual investors＇ performance： the family monthly income, the investment history and his time constraint of the capital. Other characteristics such as the investors＇ age, the total sizes of their financial asset have little effect on their performance.