投资者的选择与基金溢出效应研究  

The research on the choice of investors and fund spillover effects

作　　者：张婷[1] 

机构地区：[1]上海财经大学金融学院,上海200433

出　　处：《证券市场导报》2010年第1期70-77,共8页Securities Market Herald

摘　　要：本文着重研究基金家族中明星基金对家族内部基金的溢出效应,即明星基金对基金资金流入增长率的影响。对中国证券市场54家基金家族管理的281只开放式偏股型基金的面板分析发现,拥有明星基金能够显著提高基金家族的新基金流入的增长比例,但拥有垃圾基金并不能显著地减少;明星基金比非明星基金能给自身吸引来更多的新资金,明星基金家族的非明星基金与非明星家族的基金相比没能被笼罩在这样的优质光环下。We examine the interfamily spillover effect of the star fund in the fund family, which in other words is the star fund effect on cash inflows of the family and other funds in the family. Our sample covers 281 open-end funds from 54 fund families in China. The panel regression shows that star funds significantly improve the ratio of new cash inflows to the family, while the reduction of inflows by having dog funds is not necessary. Star funds are more attractive than the non-star funds, but non-star funds in a star family are not superior to a fund from a non-star family.

关 键 词：基金家族 明星基金 垃圾基金 开放式基金 基金管理 

分 类 号：F830.39[经济管理—金融学]