基金家族影响投资者选择吗?——基于基金流量的实证分析

Do Fund Families Affect Investor Selection?——The Empirical Analysis Based on Fund Flows

鉴于基金流量对基金管理者和股市监管者的重要性,本文利用非平衡面板数据实证分析了基金家族特征是否影响基金流量。结果表明,基金特性对基金流量的长短期影响是一致的,表现为基金历史收益和收益波动与基金流量正相关。而家族特征对基金流量的长短期影响不同,长期下家族流量波动、历史收益、流量及基金数量均具有显著影响,而短期下只有家族流量和规模具有显著影响。在不同市场形态下,两者对基金流量的影响也是不一样的。熊市下,家族特征对基金流量的影响更全面,投资者也更理性。

Given the importance of fund flows for fund managers and the supervisors of stock market, this paper examines whether fund families affect fund flows based on unbalanced panel data. The results show that the impact of fund specific on fund flows in short-term is consistent with long-term impact, and historical return of fund and volatility of fund return have significantly positive impact on fund flows. In addition, the long- and short-term effect of fund families are different： in the long term, fund families＇ volatility of fund flows, historical return, the flows of families and the number of tund have significant impacts on fund flows, but in the short term, only the flows of families and the size of fund families have impacts on fund flows. Under different markets, the impact of fund specific and fund families on fund flows is also different. In bear market, the effects of family specific on fund flows are more comprehensive and investors are more rational.