分红、异常分红与我国开放式股票型基金业绩持续性研究

A Study of the Relationship between Dividend,Abnormal Dividend and Performance Persistence of China's Open-Ended Equity Fund

基于2006-2010年间的基金数据,从分红、异常分红角度对开放式股票型基金业绩持续性进行研究,结果表明:在基金业绩表现良好的情况下,分红是回馈投资者的行为,分红不但不会削弱反而会加强业绩的持续性,投资过去业绩好并分红的基金不失为一个好的投资策略;异常分红对表现好的基金业绩有强的负效应,对表现差的基金业绩有弱的负效应,异常分红是投资业绩差的基金的重要营销策略,能够缓解因基金业绩表现差而带来的赎回压力,在较长时间里可以增加流动性资产。

This article conducts an analysis of the performance persistence of open-end equity fund based on the data of funds during 2006-2010 from the perspective of dividend and abnormal dividend. The results show that when the fund performance is good, dividend is a behavior to give return to the investors. Dividend can enhance the performance persistence rather than weaken it. So investing a fund with good past performance and dividend is a good investment strategy. Abnormal dividend will have strong negative influence on the funds with good performance and weak negative effect on the funds with bad performance. Abnormal dividend is an important marketing strategy for investing the funds with poor performance, which can relieve the redemption pressure caused by poor fund performance and increase liquid assets in the long run.