基金橱窗粉饰行为及其影响因素研究——来自中国开放式股票基金的证据

Research on Window-dressing of Fund and Its Influencing Factors ——Evidence from Chinese open-end stock fund market

旨在检验我国开放式股票基金市场是否存在季度橱窗粉饰现象,以及揭示基金经理特征和基金自身特征对于橱窗粉饰程度的影响。通过OLS回归,证实在季末存在着显著的窗饰现象。工作年限短、上任超过12个月的经理窗饰行为显著。规模小、多人掌管、历史业绩差的基金窗饰动机更大。而经理性别、学历、基金成立时间、风格、赎回压力等因素对于窗饰程度的影响微弱或没有影响。

Aims to study whether there is quarterly window-dressing behavior in Chinese open-end stock fund market, the influence of characteristic of fund managers and fund itself on window-dressing extent is disclosed.Using the methodology of OLS regression, the existence of window-dressing phenomenon in the quarter-ends is confirmed.For fund managers with short work experience and who were appointed exceed 12 months the window is dressed significantly.Funds which are smaller,have several managers and performed poorly in the past have greater motivation;factors such as gender,education,time of establishment,investment style and redemption pressure have no effect on window-dressing.