金融科技改善你的基金投资了吗?——基于基金销售渠道的分析  

Does Fintech Improve Your Fund Investment?-Analysis Based on Fund Sales Channels

作　　者：钟超杰 赵淳 高峰[1,2,3] 王天宇 王倩 ZHONG Chaojie;ZHAO Chun;GAO Feng;WANG Tianyu;WANG Qian(School of Economics and Management,Tsinghua University;Stanford Graduate School of Busines,Stanford University;School of Economics,Beijing Technology and Business University)

机构地区：[1]清华大学经济管理学院,北京100084 [2]斯坦福大学商学院,美国斯坦福 [3]北京工商大学经济学院,北京100048

出　　处：《金融研究》2024年第5期114-131,共18页Journal of Financial Research

基　　金：国家自然科学基金项目(72192801、71671101、72103111、72322003);北京工商大学数字商科与首都发展创新中心项目(SZSK202226)的资助。

摘　　要：互联网独立基金销售渠道(后续简称互联网代销渠道)的崛起,使投资者可以享受更便捷低廉的金融理财服务。但是,这会提高基金投资者的收益吗?本文通过一个简单的模型说明,对于有判断偏误的投资者,互联网代销渠道更便捷的交易途径和更低廉的交易成本,会促使投资者更频繁地交易,出现更多的投资错误,进而导致更差的投资表现。基于同时持有传统渠道和互联网代销渠道公募基金的个人投资者交易数据,本文证实了理论模型的预测:互联网代销渠道低廉的交易成本虽然贡献了年化约0.6%的收益率,但却导致了更多的非理性交易和年化约2.4%的收益损失,最终投资表现更差。实证研究还发现,随着投资者非理性程度的上升,传统渠道和互联网代销渠道的收益率之差逐渐增大。而对于理性的投资者来说,两个渠道的收益率差值并不显著。这些现象普遍存在于不同财富水平、性别和年龄层次的人群中。本研究为理解金融科技对投资者的影响提供了新的经验证据,也说明了投资者教育的重要性。While Fintech allows investors to enjoy more convenient and cheaper financial services,does it help investors achieve higher returns?This paper uses a simple model to show that,in the case of investorsmisjudgment,the low cost and convenience of Fintech channels will prompt them to trade more frequently,make more mistakes,and thus lead to poorer investment performance.This paper provides new empirical evidence for the impact of Fintech on investors and highlights the importance of investor education.To be specific,this paper provides a theoretical model to illustrate that while Fintech channels reduce transaction costs,they do not necessarily enhance investment returns.In this model,investors with irrational expectations misjudge the market trends,and the reduction in transaction costs leads to their overly frequent trading.These error transactions ultimately result in poorer investment performance.Conversely,higher transaction fees set a higher threshold for trading decisions,thereby mitigating excessive trading.Even though transaction fees themselves reduce returns,they can improve the investment performance of investors with irrational expectations by reducing error transactions.To test the model's predictions,this paper utilizes a unique micro-level dataset.This dataset originates from a domestic public fund management company and encompasses transaction records of individual clients from 2018 to 2020.This paper categorizes these transactions into two distinct channels according to the types of fund trading institution:Fintech channels and traditional channels.To better address endogeneity problem,this paper further standardizes a transaction data set of individual investors of public fund who hold positions in both traditional channels and Fintech channels.Empirical analysis confirms the theoretical predictions,revealing a complex relationship between the utilization of Fintech and investment performance.This paper finds that while Fintech channels positively impact investment returns by reducing transaction

关 键 词：金融科技 过度交易 互联网基金销售 

分 类 号：F832.51[经济管理—金融学]