投资者保护和基金投资业绩

Investor Protection and Performance of Mutual Fund Investment

本文从基金持仓股特征出发,研究了上市公司投资者保护与基金投资业绩的关系。由于投资者保护影响公司的盈利能力以及投资者获取信息的难易程度,基金在投资时更加偏好于投资者保护好的上市公司的股票。使用我国上市公司基金持股比例的数据,本文证实了这一结论。更为重要的是,本文发现对于有能力的基金,他们会投资于投资者保护比较差的上市公司的股票,从而获得更高的投资业绩。

This paper studies the impact of investor protection on the investment strategy and performance ot mu- tual funds from the characteristics of their holdings. Since investor protection affects firms＇ profitability and in- formation observed by investors, and thus fund managers prefer to invest in the stocks with better investor pro- tection. We empirically find that the data of stock holdings by mutual funds supports the above conclusion. In particular, for the funds with higher skill, they can earn more profit from investing in the firms with worse inves- tor protection.