排名效应的存在性及其引导基金投资行为的有效性研究

Study on the Existence of Ranking Effect and Effectiveness of Guiding Fund Investment Behavior

基金投资行为对维护资本市场稳定起着重要作用,利用排名能否有效引导基金进行理性投资更是大家重点关心的问题。本文在揭示利用排名引导基金投资行为内在逻辑的基础上,提出了"排名效应"的概念。随后,在明星基金存在示范效应则存在排名效应的基础上,设计了明星基金示范效应的测算指标——示范效应系数。最后,结合我国股票型开放式基金的相关数据进行实证分析,结果表明,排名效应存在,利用排名引导基金投资行为有效。

How to lead the fund＇s investment behavior is an issue that both academia and businesses pay close attention to,and everyone is eager to know that the feasibility of using ranking guide fund＇s investment behavior. This paper puts forward a concept of＂Ranking Effect＂on the basis of internal logic about using ranking guide fund＇s investment behavior. Then,based on the fact that star funds＇ ranking can be driven by their demonstration effect,this paper designs a set of measure indicators,i. e. ＂Demonstration Effect Coefficient＂. It is found that ranking effect exists when measuring Chinese equity open-ended funds and using ranking guide fund＇s investment behavior is feasible.