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“基金赚钱、基民不赚钱”现象反映出基金投资者的实现收益率远低于公募基金的长期持有收益率。现实中，投资者并不总是具备长期投资视野，常常出现短视倾向。基于行为金融学框架，利用中国公募基金个人投资者的调查数据，实证检验投资者短视与其投资收益之间的关系，发现短视会降低投资者基金投资收益。利用个人税收递延养老政策出台的外生冲击构造工具变量解决内生性问题后，上述结论仍然显著成立。机制分析表明，投资者的技术面信息依赖、损失容忍度低和追涨杀跌行为是投资者短视影响其基金投资收益的重要机制。异质性分析表明，短视在投资者投资高风险基金、未接受专业建议时对投资收益的影响更大，加强投资者教育有助于缓解短视的负向影响。
Abstract：The phenomenon “funds make money, fund investors do not” highlights that the realized rates of return for fund investors are significantly lower than the long-term holding returns of public mutual funds.In practice, investors often lack a long-term investment perspective, exhibiting tendencies toward myopia.Employing a behavioral finance framework and using survey data from individual investors in Chinese public mutual funds, this study empirically investigated the relationship between investor myopia and fund investment returns.The findings indicate that myopia negatively impacts fund investment returns.To address endogeneity issues, an instrumental variable is constructed using the exogenous shock of the introduction of personal tax-deferred pension policies.The results robustly support the initial conclusions.Mechanism analysis suggests that reliance on technical analysis, low tolerance for losses, and trend-chasing behaviors are significant mechanisms through which investor myopia affects fund investment returns.Heterogeneity analysis reveals that myopia has a more substantial impact on the returns of investors who choose high-risk funds and do not receive professional advice.Strengthening investor education can help mitigate the adverse effects of myopia.
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(1)调查问卷未直接询问投资收益的具体数值。
(2)因篇幅限制,稳健性检验回归结果未展示,备索。
基本信息:
DOI：
中图分类号:F832.51;F224
引用信息:
[1]闫竹,王正位,佀佳欣.投资者短视影响基金投资收益吗——基于公募基金个人投资者调查数据[J].金融经济学研究,2024,39(05):113-132.
基金信息:
国家自然科学基金青年项目(72103221);国家自然科学基金面上项目(72273168)