社会责任投资基金与投资者的选择  

Social Responsibility Investment Fund and the Choice of Investors

作　　者：冯金余[1] 李孟林 常广敏 FENG Jinyu;LI Menglin;CHANG Guangmin(School of Finance,Shandong University of Finance and Economics,Jinan 250014,China)

机构地区：[1]山东财经大学金融学院,山东济南250014

出　　处：《经济与管理评论》2022年第6期59-72,共14页Review of Economy and Management

摘　　要：社会责任投资基金作为一种新型的投资策略,具有引导资本流向、遏制企业过度投机、实现价值投资与长期投资等功能,但其是否赢得投资者的认可与选择还有待考察。通过实证分析发现投资者并没有更多地选择社会责任基金,SRI标签没有带来更多资金流量。从基金二级市场业绩表现与一级市场发行角度对社会责任基金没有获得市场认可与选择的原因进行剖析,结论显示社会责任基金没有得到投资者青睐不是因为市场表现差,而是新产品发行缓慢导致种类稀少、产品线不完善。研究结果有助于从完善基金业绩评价体系、畅通社会责任基金发行通道角度提供对策建议,促进我国社会责任投资基金发展。As a new investment strategy,social responsibility investment fund has the functions of guiding capital flow,curbing excessive speculation,realizing value investment and long-term investment,but whether it is popular among investors and wins the recognition and choice of investors remains to be investigated.Empirical analysis finds that investors do not choose more social responsibility funds,and SRI label does not bring more capital flow.Further,the reasons why social responsibility funds are not recognized and selected by the market are analyzed from the perspective of market performance and new fund issuance.And the conclusion shows that it is because of the slow issuance of new products leading to scarce types and imperfect product line rather than of poor market performance that the social responsibilities fund is not favoured by the investors.According to the research results,this paper puts forward policy suggestions for the development of social responsibility investment fund in China,including improving evaluation system of fund performance and cleaning the issuance path of social responsibilities fund.

关 键 词：社会责任基金 基金业绩 市场反应 股市周期 

分 类 号：F830[经济管理—金融学]