中国基金投资者行为研究

Mutual funds have become an increasingly important channel through which retail investors delegate their portfoio management. After realizing their limitations in investing in the equities market, more and more Chinese investors are turning to invest through mutual funds. In addition, the mutula fund industry in China is relatively young and the investors are relatively inexperienced. The high volatilities in Chinesse equitiy market also makes mutual fund choices and investment decisions more interesting and complex than in developed markets. However, investigation of retail investors decisions in investing in mutual funds have been limited, primarily due to data constraints. The current study utilize data from a large mutual fund company in China and study the impact of distribution channels on mutual fund investor clientele and investor performance. We have three major findings in the study. 1. Most investors choose to purchase mutual fund shares from commercial banks, which charge the highest marketing fees and offer the least commission concessions. 2. Investors who subscribe through commercial banks seem less sophisticated than other investors. 3. Investors transacting through commercial banks display greater behavioral mistakes in their investment and obtain poorer performance than investors who subscribe through brokerage and direct marketing channels. Availability and convenience heuristics are partly responsible for such a phenomenon. Our paper provides implications to mutual fund regulations and investor welfare and protection. In addition, we also plan to study other related topics as follow up in a series of studies. We plan to investigate retail investors' fund switching decisions to study whether investors make better investment decisions in mutual funds than they do in the equities market. We plan to study the impact of mutual fund investor flow on asset prices. Also, we intend to study how marketing expenses affect mutula fund subscription and redemption decisions.

证券投资基金已经成为个人投资者进行投资组合管理的重要方式。越来越多的中国投资者意识到投资证券市场的局限性，因此，投资者们开始转而投资于基金市场。与此同时，中国的基金行业相对年轻，投资者经验相对不足。中国证券市场的高波动性使得基金的选择和投资决策较之发达的证券市场更为有趣而复杂。 现有研究利用了来自中国的一家大型基金公司的数据，研究分销渠道对基金投资者和投资业绩的影响。在此基础上，我们将进一步研究个人投资者在不同基金中的转换，即投资者是否能够在投资基金时比直接投资证券市场时做出更好的投资决策。我们计划研究基金投资者的流动对证券价格的影响。同时，研究营销费用如何影响基金购买和赎回的决策。