【摘要】：近年來,我國(guó)基金市場(chǎng)行業(yè)得到了快速的發(fā)展,基金公司所管理的資產(chǎn)規(guī)模也越來越大,產(chǎn)品日益豐富。為了能過更好地幫助投資者挑選出業(yè)績(jī)優(yōu)異的基金進(jìn)行投資,許多評(píng)級(jí)機(jī)構(gòu)在這樣的背景下應(yīng)用而生,例如中國(guó)銀河證券基金研究中心、晨星基金和訊基金等,都推出了自己的基金評(píng)級(jí)體系,以基金凈值增長(zhǎng)率等指標(biāo)為依據(jù)對(duì)基金進(jìn)行了排名。許多投資者由于知識(shí)和時(shí)間的限制,在整個(gè)投資過程中無形的將評(píng)級(jí)機(jī)構(gòu)對(duì)基金的評(píng)級(jí)和排名情況作為參考依據(jù)。因此,業(yè)績(jī)較好排名靠前的基金被市場(chǎng)定為“明星基金”,而基金管理公司擁有明星基金的公司也自然的被稱為明星家族。 由于明星基金具有光環(huán)效應(yīng),它受到了廣大個(gè)人投資者的追捧和喜愛。在我國(guó)證券市場(chǎng)上出現(xiàn)了一種普遍現(xiàn)象：大量個(gè)人投資者會(huì)選擇以明星基金的重倉股為依據(jù)進(jìn)行投資。行為金融學(xué)把這種現(xiàn)象叫做“羊群行為”,它所折射出的是投資者的一種非理性的投資行為,投資者在投資過程中,投資者的思維過程及投資決策行為沒有建立在對(duì)投資標(biāo)的的充分分析上,其決策行為容易受到其他市場(chǎng)主體影響,并作出模仿或跟從他人投資行為的投資方式。 文章在分析明星基金的明星效應(yīng)、基金家族利用基金的明星效應(yīng)打造明星基金行為及投資者追隨行為(羊群行為)的基礎(chǔ)上,從我國(guó)證券市場(chǎng)上大量散戶投資者熱衷于追隨明星基金重倉股的這一現(xiàn)象入手,分析了投資者為獲得超額收益會(huì)選擇追隨明星基金操作作為一種有效的投資途徑,進(jìn)而對(duì)基金明星效應(yīng)對(duì)我國(guó)個(gè)人投資行為進(jìn)行了研究。 文章的研究結(jié)論： 1、在明星基金具有溢出和光環(huán)效應(yīng)作用下,大量的個(gè)人投資者為獲得超額收益而追選擇追隨明星基金操作作為一種較好的投資途徑。 2、作者用實(shí)證數(shù)據(jù)驗(yàn)證了長(zhǎng)期的追隨明星基金的操作可以獲得超額的收益。這也很好地解釋了為什么在中國(guó)證券市場(chǎng)上,有大量的投資者追隨明星基金操作。 3、追隨明星基金行為會(huì)產(chǎn)生如市場(chǎng)操作、內(nèi)幕交易和利益輸送一系列的負(fù)面市場(chǎng)行為。另外,基金明星效應(yīng)會(huì)帶來額外的收益,于是,一些基金經(jīng)理和基金公司就會(huì)通過一些不正當(dāng)競(jìng)爭(zhēng)行為來獲得收益,從長(zhǎng)遠(yuǎn)考慮,不利于基整個(gè)證券市場(chǎng)的健康穩(wěn)定發(fā),并且對(duì)投資者產(chǎn)生不良的影響。 4、最后本文針對(duì)以上現(xiàn)象,對(duì)于投資者利益的保護(hù)提出了一些對(duì)策,包括改革目前的監(jiān)管體制,完善基金公司管理體制等。
[Abstract]:In recent years, China's fund market industry has been rapid development, fund companies are also more and more large assets, increasingly rich products. In order to better assist investors in selecting funds with excellent performance, many rating agencies have applied them in this context, such as the China Galaxy Securities Fund Research Center, Morningstar Fund and Communications Fund, etc. Both launched their own fund rating system, to fund net growth rate and other indicators based on the fund ranking. Many investors, due to knowledge and time constraints, intangibly refer to the rating agencies' ratings and ranking of funds throughout the investment process. As a result, the best performing funds are rated as "star funds" by the market, and fund managers who own star funds are also naturally called star families. Because star fund has halo effect, it has been pursued and loved by broad individual investor. There is a common phenomenon in China's securities market: a large number of individual investors will choose to invest on the basis of heavy stocks of star funds. Behavioral finance calls this phenomenon "herding behavior", which reflects an irrational investment behavior of investors in the process of investing. The investors' thinking process and investment decision-making behavior are not based on the analysis of the investment target, and their decision-making behavior is easy to be influenced by other market subjects, and the investment mode of imitating or following others' investment behavior is made. On the basis of analyzing the star effect of the star fund, the fund family makes use of the star effect of the fund to create the star fund behavior and the investor following behavior (herd behavior). Starting from the phenomenon that a large number of retail investors in China's securities market are keen to follow the heavy stocks of star funds, this paper analyzes that investors will choose to follow the operation of star funds as an effective investment path in order to obtain excess returns. Then the fund star effect on China's individual investment behavior was studied. The conclusions of this paper are as follows: 1. Under the effect of spillover and halo effect of star fund, a large number of individual investors choose to follow the star fund operation as a better way of investment in order to obtain excess income. 2. The author uses empirical data to verify that long-term follow-star funds can achieve excess returns. This also explains why in China's securities market, a large number of investors follow star funds. 3, follow star fund behavior will produce a series of negative market behavior such as market operation, insider trading and profit transmission. In addition, the fund star effect will bring additional benefits. As a result, some fund managers and fund companies will gain income through unfair competition. In the long run, it will not be conducive to the healthy and stable development of the entire securities market. And have a negative impact on investors. Finally, in view of the above phenomena, this paper puts forward some countermeasures for the protection of investors' interests, including reforming the current regulatory system and perfecting the management system of fund companies.
【學(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F224

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