基金营销与资金流动:来自中国开放式基金的经验证据

Marketing and Fund Flows:Evidence from Chinese Open-ended Funds

本文通过分析我国2005～2010年开放式基金研究基金营销对基金资金流动的影响。与营销能够影响产品销售的解释相一致,本文发现基金营销对基金资金净流入有显著影响,即基金营销机构、营销网点、专业营销人员的数量越多,基金资金净流入越多。平均来说,营销努力(营销机构、营销网点、营销人员)每增加10%,基金资金净流入增加1.1%～1.6%,基金规模增加0.5%。进一步分析发现,上一年业绩越差的基金,下一年的营销力度越大。相对于上一年度盈利基金,上一年亏损的基金在下一年度新增加的营销机构、营销网点、营销人员平均多出14%～60%。本文的结果证实我国基金"高费用,低业绩"的现象可能是由基金过度营销引起的。

Using open -ended funds data in China from 2005 -2010, this paper examines the effects of funds marketing on funds cash flows. Consistent with the explanation that marketing efforts can affect sales, we find that funds＇ marketing efforts can have significant effects on fund flows. Funds with more sales institutions, sales outlets and sales representatives have higher net fund flows. In particular, for each 10% increase in marketing effocts （sales institutions, outlets and representatives）, net flows of funds increase by 1.1 - 1.6%, and fund sizes increase by 0. 5%. Further analysis indicates that funds with negative returns in the prior year will signifi- cantly increase their marketing efforts by adding more sales institutions, sales outlets and sales representatives in the next year, on average an increase of 14 -60% in market efforts, than funds with positive returns in the prior year. Our research provides excess -marketing as an explanation to the ＂high fees but low performance＂ phenomenon among mutual funds in China.