季节性情绪变化会影响人们对基金的投资吗——基于GMM方法的实证分析  

Does Seasonal Mood Change Affect People’s Investment in Funds——Empirical Analysis Based on GMM Method

作　　者：季依帆 吕品[1] 吕方伊 Ji Yifan;Lv Pin;Lv Fangyi(School of Qixin;School of Economics and Management Zhejiang Sci-Tech University)

机构地区：[1]浙江理工大学 [2]浙江金融职业技术学院

出　　处：《金融发展评论》2019年第3期148-158,共11页Financial Development Review

摘　　要：利用GMM方法实证研究了2008-2014年SAD效应对我国债券、股票、混合基金及货币市场基金净流量的影响,结果表明:SAD效应在我国确实存在,且与货币市场基金和债券基金呈现出正相关,但节日效应不明显;基金的“赎回异象”不存在,人们更倾向于选择以业绩为支撑的优质基金;货币市场基金已逐渐成为人们短期储蓄的选择之一,这种趋势在未来还会不断加强;我国的投资者以短期操作为主,这在一定程度上加剧资本市场波动。The paper uses the GMM method to measure the effect of SAD effect on the net flow of bond,stock,hybrid and money market funds in China from 2008 to 2014.The results show that the SAD effect does exist in China,and it only shows a positive correlation with money market funds,but the holiday effect is not obvious in China;The "redemption vision" of the fund does not exist in our country and people prefer to select high-quality funds supported by performance;Money market funds have gradually become one of the people’s choices for short-term savings,and this trend will continue to increase in the future;China’s investors are mainly short-term operations,which will,to a certain extent,make the capital market more volatile.

关 键 词：基金投资 SAD效应 净流量 

分 类 号：F832.51[经济管理—金融学] F224