资产规模、业绩排名与基金投资策略创新关系研究——基于文本分析的证据  

Asset Size,Performance Rank and Innovation of Fund Strategy Evidence from Textual Analysis

作　　者：廖长友[1] 周欣叶 LIAO Changyou;ZHOU Xinye(School of Management,Xihua University,Chengdu,Sichuan 611039,China;Institute of International Economics and Management,Xihua University,Chengdu,Sichuan 611039,China)

机构地区：[1]西华大学管理学院,四川成都610039 [2]吉利学院,四川成都641423

出　　处：《山东商业职业技术学院学报》2023年第6期9-16,共8页Journal of Shandong Institute of Commerce and Technology

摘　　要：基于2005—2018年国内新成立证券投资基金的投资策略文本数据,采用文本分析方法测度基金投资策略创新程度及其影响因素。结果表明,基于Doc2Vec模型计算文本相似度能够有效测度基金投资策略创新程度;进一步研究发现,规模较小以及所管理基金整体排名靠后的基金管理公司,由于在规模经济、品牌知名度或资产管理能力上与同行相比处于劣势,因此,更倾向于通过投资策略创新以吸引更多的投资者。Based on the investment strategy of newly established funds in China from 2005 to 2018,this paper applies the textual analysis method to measure the innovation of fund strategy and its influence factors,such as asset size,performance rank of fund family.This paper finds that,based on the Doc2Vec model,the innovation of fund strategies can be effectively measured by textual similarity between fund strategies.This paper further finds that fund families with smaller asset size and lower overall fund performance ranking are more inclined to innovate their strategies to attract more investors because they are at a disadvantage compared to their peers in terms of economies of scale,brand awareness or asset management capabilities.

关 键 词：基金管理公司 投资策略 文本分析 Doc2Vec 

分 类 号：F832.51[经济管理—金融学]