营销投入与基金申购行为关系研究——基于适度营销存在性检验  

Research on the Relationship between Funds Marketing Expenses and Purchase Behavior:Tested on the Existence of Moderate Marketing

作　　者：许林[1] 张晓华 XU Lin;ZHANG Xiaohua

机构地区：[1]华南理工大学经济与贸易学院金融系 [2]华南理工大学经济与贸易学院

出　　处：《开发性金融研究》2019年第6期61-72,共12页Development Finance Research

基　　金：教育部人文社科青年基金项目“分形市场下股价崩盘风险监测与防范措施研究”(19YJC790163);广东省自然科学基金项目“大资管时代下基金营销渠道创新及其风险防范研究”(2018A030310370);华南理工大学中央高校基本科研业务费资助“大资管时代下产品与营销渠道创新对基金申购的影响机制研究”(2017XZD11).

摘　　要：投资者一般会根据基金历史业绩选择申购基金产品,历史业绩优的基金往往会吸引更多的投资者进行申购,但鲜有文献从营销投入视角探讨基金申购行为。在大数据营销时代,基金的营销投入已成为影响投资者选择基金产品的重要因素。不同于已有研究,本文通过引入营销投入及其与基金业绩的交互项,对我国开放式基金样本的营销投入、基金业绩与净申购率之间的关系进行了实证检验,结果发现:滞后一期的营销费率与净申购率呈倒U形关系,表明基金营销费率存在最优营销投入比例,且营销投入存在一定的时滞效应,揭示了基金公司应该适度营销,避免营销不足或过度营销问题;进一步研究还发现营销投入与基金业绩的交互作用会提高基金的净申购率。最后,本文根据结论有针对性地提出了加强基金产品营销渠道创新、制定合理的营销规划、完善营销信息披露制度三条具体的政策建议。For fund investors,fund historical performance is a main indicator to purchase funds as funds with good performance will be purchased more.However,scholars at home and abroad rarely study fund purchase behavior from the perspective of marketing expenses.In the era of big data marketing,the funds’marketing expenses is another important factor affecting fund investors’selection of funds.Different from existing studies,this article introduces marketing expenses and its interaction with fund performance as variables to empirically study the relationship among marketing expenses,performance and net purchase rate by using samples of open-end funds.The study finds an inverted-U relationship between the lagged marketing expenses and net purchase rate,which indicates that the funds’marketing expenses has an optimal proportion,so the funds should be moderately marketed to avoid the problem of insufficient marketing or excessive marketing.Besides,the paper also shows there is a time lag effect on marketing expenses.Furthermore,the combination of marketing expenses and fund performance can increase the funds’net purchase rate.According to the conclusion,the paper at last proposes three suggestions which are increasing product marketing innovation,formulating reasonable marketing plans and perfecting the fund information disclosure system.

关 键 词：基金申购 营销投入 基金业绩 倒U形关系 开放式基金 

分 类 号：F274[经济管理—企业管理] F832.51[经济管理—国民经济]