绿色开放式基金绩效对其资金流量的影响研究

Research on the Impact of Green Open-End Fund Performance on Capital Flows

绿色金融引导资金流向环境友好型投资领域,在环境治理领域占据举足轻重的位置,绿色基金作为绿色金融的重要投资手段之一,吸引了众多投资者的关注,但是在市场结构和运作机制方面,还有许多待完善的地方。本文选取存续期超过7年的31只绿色开放式基金2016年第三季度至2022年第二季度的季度数据,研究发现绿色基金业绩对其资金流量起促进作用;股票型基金与混合型基金的业绩对资金流量均产生正向影响,说明不存在“赎回异象”;基金规模、基金年龄均与资金流量呈负相关,投资者倾向于投资存续期较短、年龄较小的基金。

The growing interest in green finance has helped channel funds to the environment-friendly investment field,which now occupies a key position in environmental governance.As one of the important investment means of green finance,green funds have attracted the attention of many investors,but there is still a need for improvement in market structure and market operating mechanisms.This study selected quarterly data from 31 open-end green funds with a track record of more than seven years of operation,examining data from the third quarter of 2016 to the second quarter of 2022.The study found that the performance of green funds promoted their capital flow.The performance of stock funds and hybrid funds has had a positive impact on capital flows,indicating that there is no"redemption anomaly."Fund size and fund age are negatively correlated with capital flow,and investors tend to invest in funds that are younger and have a shorter duration.