基金持股的创新偏好与基金业绩研究

Does innovative preferences improve mutual funds performances

作为经济增长的重要推动力,企业创新持续吸引了政府、学者与媒体的关注.尽管研究表明创新会提升企业长期业绩,然而,在基金绩效评估中,针对基金经理对创新企业的偏好及其经济后果的研究依然较少.本文利用我国开放式基金的投资组合数据,考察基金偏好投资于创新型公司是否能提升基金业绩,并进一步基于基金特征与基金经理交易能力,深入探讨前述发现的横截面差异.研究发现:偏好投资于创新型公司的基金在长期能够创造更高的超额收益;基金的行业偏好、团队基金经理以及投资组合集中程度对基金投资于创新型公司存在正面影响.本文的结论对于投资者、基金公司以及监管部门在投资实践中如何评估创新型公司的影响提供了明确的政策借鉴.

Innovation is an important driver of economic growth.The enterprise innovation behavior continues to attract the attention of the government,academia and media.Although studies have shown that innovation improves firms'long term performance,however,in the evaluation of fund performance,there is little paper focus on the relationship between fund preferences for innovation firms and fund performance.In this paper,the mutual fund's portfolio data is employed to investigate whether mutual funds investment preferences for in・novative listed firms can improve funds performance and whether different degrees of innovation preferences and the characteristic of mutual funds can influence the performance of funds,which invest in innovative firms.Results show that funds investing more in innovative companies outperform others in long term.Further,a fund's industry preferences,its team manager and portfolio concentration degree are all have positive effects on the performance of funds investing in innovative firms.Our finding provides clear policy implications for the evaluation of innovation firm for investors,fund companies,and regulators.