明星现象、家族价值与家族竞争策略——基于中国股票型基金的经验证据

Star Phenomenon,Family Value and Family Competition Strategies——Evidence From the Equity Fund in China

文章研究了明星基金对基金家族资金流动与竞争策略的影响。基于单因素和三因素调整收益的家族业绩测量方法进行回归分析,发现明星基金对整个家族会产生"溢出效应"。研究同时发现,投资管理能力弱的基金家族会为了利用明星绩效的溢出效应而主动追逐"造星"策略,以吸引更多新增资金的流入;简单追逐"明星"家族的投资策略无法为投资者带来超额投资回报,而低离差明星家族的绩效要显著高于其他基金家族,它们才是最有可能为投资者带来超额回报的真正"明星"。

The paper examines whether the family＇s cash flows and family competitive strategies are affected by the star funds in the mutual fund family. Firstly, with the performance measure methods basing on one-factor and three-factor adjusted returns for regression analyzing, finding that the stellar funds have the spillover effect to the funds in their family. At the same time, finding that the families with low investment management ability would incline to pursue the ＂creating star＂ strategies for taking advantage of the star fired spillover effect in order to bring more money to all funds in the families. The result shows that the strategy of chasing ＂star＂ families could not deliver significant excessive benefits to an investor, but the star families with low cross-funds standard deviation have better performances than the others, then it could be the most possible real ＂stars＂ that couht bring excessive returns for an investor.