基于网络关注度视角的基金造星现象研究

Research on the Phenomenon of Fund-Star Making Based on the View of Network Attention

文章选取2016—2023年我国的293只开放式股票型基金,实证检验基金经理的网络关注度对其所在基金家族资金流量的影响。结果表明:高网络关注度的明星基金经理能给其所在的基金家族带来更多资金净流入,即高网络关注度的明星基金经理具有溢出效应;存在人为造星倾向的基金公司具有旗下基金超额回报标准差较大、基金家族规模较大、旗下包含同类排名后5%基金的特征;投资管理能力较弱的基金公司存在人为打造高网络关注度的明星基金经理的倾向。上述研究结论有助于为基金投资者选择合适的基金、为基金公司打造高质量产品、为监管部门完善相关监管措施提供参考。

This paper has selected 293 open-end equity funds in China from 2016 to 2023 to empirically test the impact of fund managers'online attention on the fund family's fund flow.The results show that star fund managers with high network attention can bring more net inflows of funds to their fund families,which means that star fund managers with high network attention have spillover effect.Fund companies with artificial star-making tendency have the characteristics of larger standard deviation of excess return of their funds,larger fund family size,and the bottom 5% of similar funds.And fund companies with weak investment management ability tend to artificially create star fund managers with high network attention.The above research results are helpful to provide references for fund investors to choose appropriate funds,fund companies to create high-quality products,and regulatory authorities to improve relevant regulatory measures.