投资者情绪对基金业绩的影响研究——基于基金资金净流入视角
Research on the Impact of Investor Sentiment on Fund Performance
张卫国 1丘启君1
作者信息
摘要
本文探索了投资者情绪对基金业绩的影响及其影响机制,通过构建中介效应模型分析投资者情绪对基金业绩的作用路径.研究结果表明我国开放式基金存在"智钱效应",基金资金净流入较大的基金业绩表现要比资金净流入小的业绩好;投资者情绪对基金业绩有显著正相关关系,且当投资者情绪积极时会显著提高资金流入基金,从而使得基金业绩得到提升.通过进一步分析发现疫情等重大事件会增强投资者情绪对基金业绩的影响,提高基金业绩对投资者情绪的敏感度.
Abstract
This paper explores the impact of investor sentiment on fund performance and its impact mechanism,and analyzes the role of investor sentiment on fund performance by constructing an intermediary effect model.The results show that China's open-end funds have"smart money effect",and the funds with large cash flow of funds perform better;Investor sentiment has a signif-icant positive impact on fund performance,and when investor sentiment is positive,it will significantly increase the cash flow of funds into the fund,thus improving the fund performance.Through further analysis,it is found that major events such as the epi-demic will increase the impact of investor sentiment on fund performance and enhance the sensitivity of fund performance to in-vestor sentiment.
关键词
投资者情绪/基金资金流入/基金业绩/文本信息Key words
Investor sentiment/Fund inflow/Fund performance/Text information引用本文复制引用
基金项目
国家自然科学基金-广东省联合基金重点项目(U1901223)
出版年
2024
NETL
NSTL
万方数据