营销投入与基金资金流动——基于中国开放式基金的经验证据

Marketing expenses and fund asset flows:Evidence from the Chinese open-end fund market

该文基于2005—2010年中国开放式基金市场的面板数据,运用固定效应模型分析了基金营销投入对投资者申购行为、赎回行为以及基金净资金流动的影响。结果表明:相对于已有文献讨论过的基金评级、基金业绩、机构投资者参与等因素,营销投入对中国开放式基金的资金流动具有更大的影响和更高的解释力。研究还发现,营销投入对基金资金流动的影响不是通过影响基金业绩来传导的,营销投入的增加在一定程度上降低了基金的净值增长率。

This study investigates the effect of marketing expenses on fund asset flows based on the Chinese open-end fund market data in the period of 2005--2010 using a fixed efiect panel data regression model. The results show that, compared with the factors of fund rating, fund performance, and institutional investor holding that may impact fund asset flows as shown in existed literature, fund marketing expenses have more prominent influence on investors＇ purchase and redemption behavior and net fund asset flows. The results also show that the increase o{ fund marketing expenses may hurt fund performance.