持股集中度和持股期限对基金业绩的影响  

The Influence of Ownership Concentration and Shareholding Duration on Fund Performance

作　　者：刘家诚[1] 赵文珍 LIU Jia-cheng;ZHAO Wen-zhen(School of Economics,Hainan University,Haikou 570228,China)

机构地区：[1]海南大学经济学院,海口570228

出　　处：《云南财经大学学报》2021年第12期35-51,共17页Journal of Yunnan University of Finance and Economics

基　　金：国家自然科学基金项目“外国证券投资的营商环境变迁研究:全球离岸金融中心的制度性嵌入视角”(72164009)。

摘　　要：以2005年1月至2020年12月中国开放式股票型和偏股型基金为样本,从基金经理投资行为角度,探讨基金经理持股集中度和持股期限及其交互项对基金业绩的影响。研究表明:基金经理具备较强的信息优势和选股能力,但是却因为非理性短视投资行为引起业绩下滑;基金经理遵循价值投资理念,持股期限越长,基金收益越大;持股期限与个股集中度的交互作用促进了基金业绩增长,但是持股期限与行业集中度的交互作用效果相反。此外,个股集中度与行业集中度二者共同作用有助于基金业绩的提高。Taking China’s open-ended equity funds and partial equity funds from January 2005 to December 2020 as samples,this paper discusses the impact of fund managers’ownership concentration,shareholding duration and their interaction on fund performance from the perspective of fund managers’investment behavior.The results show that fund managers have strong information advantages and stock selection ability,but their performance declines due to irrational short-sighted investment behavior.Fund managers follow the concept of value investment,that is,the longer the shareholding duration,the more returns of fund.The longer the shareholding period is,the greater the fund returns will be.The interaction between shareholding duration and stock concentration promotes the growth of fund performance,while the interaction between shareholding duration and industrial concentration is just the opposite.In addition,the combination of individual stock concentration and industrial concentration contributes to the improvement of fund performance.

关 键 词：个股集中度 行业集中度 持股期限 基金业绩 

分 类 号：F832.5[经济管理—金融学]