资本市场对外开放影响基金风格漂移吗?

Does Capital Market Liberalization Affect Funds Style Drift?

本文针对公募市场普遍存在的基金风格漂移现象,基于“陆股通”开通的政策背景,检验资本市场对外开放对其产生的影响。总的来看,短期内资本市场对外开放刺激基金风格漂移,但长期资本市场对外开放引导价值投资理念,稳定基金风格漂移。进一步,基于基金持股特征,本文提出我国基金持股存在“陆股通”偏好的概念。研究发现这种持股偏好与外资持股对基金风格漂移的作用机制相似,在短期内不利于基金风格的稳定,并通过降低基金经理职业忧虑放大其对基金风格漂移的影响,由此发现具有“陆股通”偏好的绩优基金更容易发生风格漂移。

Based on the policy background of the"Shanghai Shenzhen-Hong Kong Stock Connect",this paper investigates the casual relationship between style drift in the public offering of fund and the liberalization of China’s capital market.Generally speaking,the liberalization of the capital market promotes the fund style drift in the short term,but in the long term,the liberalization of the capital market guides the value investment concept and stabilizes the phenomenon of fund style drift.Further,based on the characteristics of fund holdings,this paper puts forward the concept of"Shanghai Shenzhen-Hong Kong Stock Connect"preference employed fund’s portfolio data.This paper finds that a fund’s"Shanghai Shenzhen-Hong Kong Stock Connect"preference promotes fund style drift in the short term and amplifies its influence on fund style drift by reducing the fund manager’s career concern.In particularly,this paper finds that the high-performing funds with"Shanghai Shenzhen-Hong Kong Stock Connect"preference are more likely to have funds style drift.