基金自持能赢得投资者信任吗?  

Can Fund Company Ownership Win Investor Trust?

作　　者：朱小能[1,2] 许帆 Zhu Xiaoneng;Xu Fan

机构地区：[1]上海财经大学金融学院,上海200433 [2]上海国际金融与经济研究院,上海200433

出　　处：《证券市场导报》2023年第9期68-79,共12页Securities Market Herald

基　　金：国家社会科学基金重大项目“负利率时代金融系统性风险的识别和防范研究”(20&ZD102);上海市高峰学科创新团队项目“金融监管、货币政策与资产定价”(2018110262);上海财经大学创新团队项目“经济新常态下的货币政策与资产定价”(2018110698)。

摘　　要：信任是公募基金发展的基石,研究基金公司如何获取投资者信任具有重要意义。借助资金流量的变化,本文探究了基金公司持有自身所管理基金份额的行为与投资者信任之间的关系。研究发现,基金自持会显著降低开放式基金的资金净流入,表明基金自持未能赢得投资者的广泛信任。进一步研究自持动机发现,基金公司自持并非主动追求投资获利,而是出于营销动机以及面临赎回压力时的无奈之举。本文结论对规范基金公司和机构投资者行为,完善投资者教育体系,进一步提高我国基金市场效率具有重要意义。Trust is the cornerstone of the development of mutual funds.It is thus of great significance to study how fund companies win investor trust.Based on changes in mutual fund flows,this paper explores the relationship between fund companies’behavior of holding shares of the funds they manage and investor trust.The study finds that fund company ownership significantly reduces the net inflow of open-end funds,indicating that fund company ownership fails to win the broad trust of investors.Further research into the motivation for fund company ownership reveals that fund company ownership does not actively pursue investment profitability,but rather for marketing motives and reluctance in the face of redemption pressure.These findings have great significance for regulating the behavior of fund companies and institutional investors,improving the investor education system,and further enhancing the efficiency of China’s fund market.

关 键 词：基金自持 资金流量 投资者信任 信息传递效应 

分 类 号：F830.91[经济管理—金融学]