网络结构对基金家族投资绩效的影响研究  

The Impact of Network Structure on Fund Family Investment Performance

作　　者：谭琳娜 侯剑平[1] TAN Linna;HOU Jianping(School of Economics Management,Xi'an Technological University)

机构地区：[1]西安工业大学经济管理学院

出　　处：《金融经济》2024年第12期27-40,共14页Finance Economy

基　　金：国家社会科学基金项目“网络结构视角下机构投资者抱团的金融风险传染机理及防范研究”(21BJY091)。

摘　　要：随着证券投资基金规模的不断扩大和数量的持续增加,基金家族共同持股行为引起了广泛关注。本文以我国各证券投资基金管理公司的主动型投资基金所持有的前十大重仓股为研究对象,构建基金家族共同持股网络,研究不加权和加权网络结构对基金家族投资绩效的影响。研究发现,无向不加权与无向加权的网络结构对基金家族的投资绩效具有显著的正向影响,且基金家族的投资集中度削弱了网络结构对基金家族投资绩效的正向影响效果;异质性分析表明,无向不加权网络与加权网络的网络结构对于大、小规模基金家族投资绩效的提升作用无明显差异,但对新、老基金家族投资绩效的影响存在差异。基于上述研究结果,本文为深入理解基金家族共同持股行为及其对投资绩效的影响提供了实证依据,进而为优化投资决策和提升基金管理效率提供了重要的现实指导。With the growth in the scale and number of securities investment funds,the co-holding behavior of fund families has attracted widespread attention.This paper takes the top ten largest holdings of actively-managed investment funds of securities investment fund management companies in China as the research object,constructs a co-holding network of fund families,and studies the impact of unweighted and weighted network structures on the investment performance of fund families.The research finds that both unweighted and weighted network structures have a significant positive impact on the investment performance of fund families,and the investment concentration of fund families weakens the positive impact of network structure on the investment performance of fund families.Heterogeneity analysis shows that the network structures of unweighted and weighted networks have no significant difference in improving the investment performance of large and small fund families,but there are differences in the impact on the investment performance of new and old fund families.Based on the above research results,this paper provides empirical evidence for a deeper understanding of the co-holding behavior of fund families and its impact on investment performance,and thus provides important practical guidance for optimizing investment decisions and improving fund management efficiency.

关 键 词：基金家族 网络结构 投资绩效 复杂网络 

分 类 号：F832.5[经济管理—金融学]