明星基金溢出效应对个人投资者影响研究
发布时间：2018-11-18 15:24
【摘要】：近年来,我国基金市场行业得到了快速的发展,基金公司所管理的资产规模也越来越大,产品日益丰富。为了能过更好地帮助投资者挑选出业绩优异的基金进行投资,许多评级机构在这样的背景下应用而生,例如中国银河证券基金研究中心、晨星基金和讯基金等,都推出了自己的基金评级体系,以基金净值增长率等指标为依据对基金进行了排名。许多投资者由于知识和时间的限制,在整个投资过程中无形的将评级机构对基金的评级和排名情况作为参考依据。因此,业绩较好排名靠前的基金被市场定为“明星基金”,而基金管理公司拥有明星基金的公司也自然的被称为明星家族。 由于明星基金具有光环效应,它受到了广大个人投资者的追捧和喜爱。在我国证券市场上出现了一种普遍现象：大量个人投资者会选择以明星基金的重仓股为依据进行投资。行为金融学把这种现象叫做“羊群行为”,它所折射出的是投资者的一种非理性的投资行为,投资者在投资过程中,投资者的思维过程及投资决策行为没有建立在对投资标的的充分分析上,其决策行为容易受到其他市场主体影响,并作出模仿或跟从他人投资行为的投资方式。 文章在分析明星基金的明星效应、基金家族利用基金的明星效应打造明星基金行为及投资者追随行为(羊群行为)的基础上,从我国证券市场上大量散户投资者热衷于追随明星基金重仓股的这一现象入手,分析了投资者为获得超额收益会选择追随明星基金操作作为一种有效的投资途径,进而对基金明星效应对我国个人投资行为进行了研究。 文章的研究结论： 1、在明星基金具有溢出和光环效应作用下,大量的个人投资者为获得超额收益而追选择追随明星基金操作作为一种较好的投资途径。 2、作者用实证数据验证了长期的追随明星基金的操作可以获得超额的收益。这也很好地解释了为什么在中国证券市场上,有大量的投资者追随明星基金操作。 3、追随明星基金行为会产生如市场操作、内幕交易和利益输送一系列的负面市场行为。另外,基金明星效应会带来额外的收益,于是,一些基金经理和基金公司就会通过一些不正当竞争行为来获得收益,从长远考虑,不利于基整个证券市场的健康稳定发,并且对投资者产生不良的影响。 4、最后本文针对以上现象,对于投资者利益的保护提出了一些对策,包括改革目前的监管体制,完善基金公司管理体制等。
[Abstract]:In recent years, China's fund market industry has been rapid development, fund companies are also more and more large assets, increasingly rich products. In order to better assist investors in selecting funds with excellent performance, many rating agencies have applied them in this context, such as the China Galaxy Securities Fund Research Center, Morningstar Fund and Communications Fund, etc. Both launched their own fund rating system, to fund net growth rate and other indicators based on the fund ranking. Many investors, due to knowledge and time constraints, intangibly refer to the rating agencies' ratings and ranking of funds throughout the investment process. As a result, the best performing funds are rated as "star funds" by the market, and fund managers who own star funds are also naturally called star families. Because star fund has halo effect, it has been pursued and loved by broad individual investor. There is a common phenomenon in China's securities market: a large number of individual investors will choose to invest on the basis of heavy stocks of star funds. Behavioral finance calls this phenomenon "herding behavior", which reflects an irrational investment behavior of investors in the process of investing. The investors' thinking process and investment decision-making behavior are not based on the analysis of the investment target, and their decision-making behavior is easy to be influenced by other market subjects, and the investment mode of imitating or following others' investment behavior is made. On the basis of analyzing the star effect of the star fund, the fund family makes use of the star effect of the fund to create the star fund behavior and the investor following behavior (herd behavior). Starting from the phenomenon that a large number of retail investors in China's securities market are keen to follow the heavy stocks of star funds, this paper analyzes that investors will choose to follow the operation of star funds as an effective investment path in order to obtain excess returns. Then the fund star effect on China's individual investment behavior was studied. The conclusions of this paper are as follows: 1. Under the effect of spillover and halo effect of star fund, a large number of individual investors choose to follow the star fund operation as a better way of investment in order to obtain excess income. 2. The author uses empirical data to verify that long-term follow-star funds can achieve excess returns. This also explains why in China's securities market, a large number of investors follow star funds. 3, follow star fund behavior will produce a series of negative market behavior such as market operation, insider trading and profit transmission. In addition, the fund star effect will bring additional benefits. As a result, some fund managers and fund companies will gain income through unfair competition. In the long run, it will not be conducive to the healthy and stable development of the entire securities market. And have a negative impact on investors. Finally, in view of the above phenomena, this paper puts forward some countermeasures for the protection of investors' interests, including reforming the current regulatory system and perfecting the management system of fund companies.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F224
本文编号：2340415
[Abstract]:In recent years, China's fund market industry has been rapid development, fund companies are also more and more large assets, increasingly rich products. In order to better assist investors in selecting funds with excellent performance, many rating agencies have applied them in this context, such as the China Galaxy Securities Fund Research Center, Morningstar Fund and Communications Fund, etc. Both launched their own fund rating system, to fund net growth rate and other indicators based on the fund ranking. Many investors, due to knowledge and time constraints, intangibly refer to the rating agencies' ratings and ranking of funds throughout the investment process. As a result, the best performing funds are rated as "star funds" by the market, and fund managers who own star funds are also naturally called star families. Because star fund has halo effect, it has been pursued and loved by broad individual investor. There is a common phenomenon in China's securities market: a large number of individual investors will choose to invest on the basis of heavy stocks of star funds. Behavioral finance calls this phenomenon "herding behavior", which reflects an irrational investment behavior of investors in the process of investing. The investors' thinking process and investment decision-making behavior are not based on the analysis of the investment target, and their decision-making behavior is easy to be influenced by other market subjects, and the investment mode of imitating or following others' investment behavior is made. On the basis of analyzing the star effect of the star fund, the fund family makes use of the star effect of the fund to create the star fund behavior and the investor following behavior (herd behavior). Starting from the phenomenon that a large number of retail investors in China's securities market are keen to follow the heavy stocks of star funds, this paper analyzes that investors will choose to follow the operation of star funds as an effective investment path in order to obtain excess returns. Then the fund star effect on China's individual investment behavior was studied. The conclusions of this paper are as follows: 1. Under the effect of spillover and halo effect of star fund, a large number of individual investors choose to follow the star fund operation as a better way of investment in order to obtain excess income. 2. The author uses empirical data to verify that long-term follow-star funds can achieve excess returns. This also explains why in China's securities market, a large number of investors follow star funds. 3, follow star fund behavior will produce a series of negative market behavior such as market operation, insider trading and profit transmission. In addition, the fund star effect will bring additional benefits. As a result, some fund managers and fund companies will gain income through unfair competition. In the long run, it will not be conducive to the healthy and stable development of the entire securities market. And have a negative impact on investors. Finally, in view of the above phenomena, this paper puts forward some countermeasures for the protection of investors' interests, including reforming the current regulatory system and perfecting the management system of fund companies.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F224
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