【摘要】 本文通过基金交叉持股构造基金资产网络,研究了基金资产网络对基金投资业绩、净值暴跌风险的影响,并从投资能力(择时、择股)的视角探究其影响机制。结果表明:越处于基金网络核心位置的股票型基金,其投资业绩越好,这主要因其良好的择股能力;越处于网络中介位置,即中间中心度越高的股票型基金业绩也较好,这主要因其具有一定择时能力;与处于中介位置的股票型基金相比,处于核心位置的股票型基金可取得更好的投资业绩。进一步研究发现,越位于基金网络核心位置的股票型基金净值暴跌风险越小;越位于基金网络"中介"位置的股票型基金净值暴跌风险越大。本文结论对基金投资、监管具有重要借鉴意义。更多还原

【Abstract】 This paper constructs the fund networks through cross-shareholding of the funds and studies the relationship among the fund’s networks, fund performance and ability and the crash risk of the fund. The results show that the more central the equity-fund located in its fund networks, the better performance of the equity-fund, which is mainly due to its good stock-picking ability; the fund with higher betweenness centrality also has good performance, but mainly because of its ability of market timing; compared with the funds with higher betweenness centrality, the funds with higher point centrality have a better investment performance. Further research finds that the fund with higher point centrality bears less crash-risk; the fund located in the intermediary position bears more crash-risk. The conclusion of our paper is of great significance for fund supervision and fund investment.更多还原