【作者】 张颖；

【导师】 何青；

【作者基本信息】 南开大学 ， 金融硕士（专业学位）， 2022， 硕士

【摘要】 经过二十年的发展,我国开放式基金逐渐成为市场炙手可热的投资工具,开放式基金市场也成为我国资本市场的重要组成部分,引起了更多的研究和关注。国外有学者研究发现,基金业绩与基金流量存在正相关关系,基金业绩越好,资金流入越多,呈现“追逐业绩”的投资行为。我国部分学者研究认为,我国基金市场存在着“赎回异象”,即业绩表现好的基金反而受到投资者更多的赎回。基金业绩与资金流量呈现“追逐业绩”的关系,能促进基金市场健康良性发展,而出现“赎回异象”则说明基金市场存在着非理性的投资行为,可能会给资本市场造成严重的影响。本文在对我国开放式基金进行细分的基础上,对我国2007年至2020年期间开放式基金的相关数据进行基金业绩与基金资金流量关系(FPR)实证检验,观察不同类型的基金是否存在“赎回异象”,同时把基金市场中的投资者分为个人投资者和机构投资者,判断投资者的理性程度是否会影响开放式基金的基金业绩和资金流量。本文研究发现:(1)从整体基金市场来看,不存在着“赎回异象”,我国开放式基金业绩和资金流量呈现正相关关系;(2)从不同类型基金来看,债券型基金存在着“落袋为安”的“赎回异象”,而股票型和混合型基金不存在“赎回异象”;(3)从个人投资者和机构投资者来看,个人投资者存在明显的非理性行为,会造成“赎回异象”。基于上述研究发现,本文认为需要对个人投资者加强引导,建立正确的基金投资理念,尽量避免因为过度自信、消极心理等非理性因素造成“赎回异象”。基金管理公司需要建立合理的组织架构和管理制度,基金经理需要提高自身能力和责任感,保证基金能持续稳定的发展并获得稳定的收益。与此同时监管层需要规范基金市场的运作,制定相应政策,避免出现“基金抱团”等现象,不断深化信息披露以缓解信息不对称问题,并加强对投资者的教育,使基金市场长期有序发展。更多还原

【Abstract】 During 20 years of economic development,China’s open-end funds have gradually become a hot investment tool in the market,and the open-end fund market has also become an important part of China’s capital market,which has attracted more and more research and attention.Some foreign scholars have found that there is a positive correlation between fund performance and fund flow.Some scholars in China believe that there is a "redemption phenomenon" in China’s fund market,that is,funds with good performance are more redeemed by investors.The relationship between fund performance and capital flow shows a "performance-chasing" relationship,which can promote the healthy and sound development of the fund market,while the emergence of "redemption anomalies" indicates that there are irrational investment behaviors in the fund market,which may have a serious impact on the capital market..Based on the subdivision of China’s open-end funds,this paper conducts an empirical test on the relationship between fund performance and fund flow(FPR)on the relevant data of China’s open-end funds from 2007 to 2020,and observes whether different types of funds exist "" At the same time,investors in the fund market are divided into individual investors and institutional investors to judge whether the rationality of investors will affect the fund performance and capital flow of open-end funds.This paper finds that:(1)From the perspective of the overall fund market,there is no “redemption anomaly”,and China’s open-end fund performance and capital flow are positively correlated;(2)From the perspective of different types of funds,bond funds There is a "redemption anomaly" of "safety in the pocket",while stock and hybrid funds do not have a "redemption anomaly";(3)From the perspective of individual investors and institutional investors,individual investors have Apparently irrational behavior creates a "redemption vision."Based on the above research findings,this paper believes that it is necessary to strengthen the guidance of individual investors,establish a correct fund investment philosophy,and try to avoid "redemption anomalies" caused by irrational factors such as overconfidence and negative psychology.Fund management companies need to establish a reasonable organizational structure and management system,and fund managers need to improve their own capabilities and sense of responsibility to ensure the sustainable and stable development of the fund and obtain stable returns.At the same time,the regulators need to regulate the operation of the fund market,formulate corresponding policies,avoid the phenomenon of "fund holding together",continuously deepen information disclosure to alleviate the problem of information asymmetry,and strengthen the education of investors,so that the fund market can be long-term.orderly development.更多还原