基金业绩、投资者有限注意力与基金申购

Funds Performance,Limited Attention of Investors and Funds Subscription

投资者注意力作为一种稀缺的认知资源对资产定价、投资决策等有重要影响。本文使用百度指数的用户关注度作为注意力的代理变量,考察了投资者有限注意力对基金投资决策的影响,分析了基金市场中影响投资者注意力的因素。当投资者购买基金时,由于面对可供选择的庞大数量基金,投资者的有限注意力将影响基金申购,而且有证据表明投资者注意到基金以后经过两到五周的时间才会申购基金;当投资者卖出基金时,由于仅面对少数几只己经买入的基金,投资者注意力不会影响基金赎回。此外,本文发现短期业绩较好和短期波动较大的基金更能吸引投资者的注意,同时基金的营销手段对于吸引投资者的注意力起到了良好的作用。

As a scarce resource, the attention of investors can greatly affect the pricing of assets and investment decision. By using Baidu＇s attention index as the proxy variable, the article examines the influence of limited attention of investors on investment decision, and analyzes factors that can affect the attention of investors in funds market. The limited attention of investors will affect funds subscription when huge amounts of funds are available, and evidences show that investors will purchase funds in about 2-5 weeks after they notice the particular funds; while the attention of investors will not affect the redemption of funds. Besides, the article finds out that funds with better short-term performance and greater volatility can better draw the attention of investors, and the marketing of funds also works well in drawing the attention.