明星基金具备明星效应吗?  

Do Star Funds Have Star Effects?

作　　者：姚颐[1] 高兴[2] 

机构地区：[1]南开大学商学院,天津300071 [2]渤海银行股份有限公司财务部,天津300204

出　　处：《财经研究》2013年第6期93-105,共13页Journal of Finance and Economics

基　　金：教育部新世纪优秀人才计划项目(NCET-12-0280);国家自然科学基金面上项目(71272187;70872052;71072099);南开大学基本科研业务费专项资金项目(NKZXB1116)

摘　　要：文章实证研究发现我国明星基金的明星效应并不明显:一是明星基金虽然可以吸引资金流入,但这种影响仅限于当年,而且其申购不显著高于赎回,因此明星基金与当年资金净流入量不显著正相关;二是明星基金不能带来溢出效应;三是明星基金的业绩不具备持续性,即如果选择了明星基金,投资者也不一定会在未来两年获得超额收益;四是投资者因担心明星基金昙花一现而注重基金的长期业绩,该指标与申购率、资金净流入量无论在当年还是下一年均显著正相关,这说明在一个缺乏信任的证券市场,只有长期业绩优秀的基金才能形成良好声誉,投资者的申购和赎回依然符合国外的PFR理论,这为我国现有的"赎回异象"之争提供了新解释。Through an empirical study, this paper concludes that China＇s star funds don＇t have much more star effects, firstly, the star funds can at- tract new capital inflow but this function is just limited in the current year and the purchase is not significantly higher than the redemption, showing that star funds are not significantly positively correlated with net capital in- flow; secondly, star funds don＇t have spillover effects;thirdly, star funds don＇t have persistent performance, namely investors don^t necessarily gain abnormal returns in future two years if they purchase the star funds; lastly, investors pay attention to the long-term performance for fear that the star funds are short-lived and the long-term performance is significantly positive- ly correlated with purchase rates and net capital inflow both in the current year and the next year, showing that only the funds with better long-term performance can form reputation and the purchase and redemption of inves- tors still are in accordance with foreign PFR theory which provides an expla- nation for the debate of redemption heteromorphism in current China.

关 键 词：基金 明星基金 基金经理 溢出效应 基金业绩 赎回 

分 类 号：F832.5[经济管理—金融学]