我国基金投资者“锚定效应”的成因和治理研究  

Research on the Causes and Governance of Anchoring Effect of Fund Investors in China

作　　者：张亚涛 刘以琏 Yatao Zhang;Yilian Liu(School of finance,Nankai University)

机构地区：[1]南开大学金融学院

出　　处：《经济学报》2021年第3期67-92,共26页China Journal of Economics

摘　　要：本文首次探究了"锚定效应"在投资者基金选择过程中发挥的作用,并从市场环境和投资者有限理性的角度出发对"锚定效应"的成因进行了探究。首先,本文发现我国开放式基金投资者存在"锚定效应",且"锚定效应"导致了基金市场上赎回异象的产生。其次,本文发现较低的投资者关注度、较高的不确定性、较高的信息复杂度和较低的决策成本都会加剧投资者的锚定效应。最后,本文发现与存在"锚定效应"个人投资者不同,机构投资者相对理性,不存在锚定效应。经稳健性检验,上述结果依然成立。据此,本文建议相关部门秉持分类治理的思路,加强投资者教育、简化投资程序、完善基金的费率设置、建立合理的分红制度、改善基金市场环境和提高基金信息披露质量,以降低投资者的"锚定效应"。This paper first explores the influence of anchoring effect, a limited rational factor, on investors’ fund selection behavior, and explains the causes of anchoring effect from the perspective of fund market environment and investors’ irrationality. First of all, the paper fully demonstrates that there is an obvious anchoring effect in China’s fund investors, and the anchoring effect will lead to the emergence of fund redemption anomalies. Secondly, we find that lower investor attention, higher uncertainty, higher information complexity and lower decision-making cost will aggravate the anchoring effect of investors. After robustness test, the results remain unchanged. Therefore, it is suggested to adhere to the idea of Classified Governance, strengthen investor education, simplify investment procedures, improve the fund rate setting, establish a reasonable dividend system, improve the fund market environment and improve the quality of fund information disclosure, and solve the problem of anchoring effect.

关 键 词：“锚定效应” 赎回异象 有限理性 

分 类 号：F832.51[经济管理—金融学]