我国基金规模对业绩及其投资行为的影响分析

摘要

Based on panel data methodology, this paper empirically analyzes the influence of funds＇ size on their performance and investment behavior. The empirical results indicate that, as the funds＇ size get larger, funds managers tend to increase the holding sha%本文从实证角度出发，采用面板数据分析法研究基金规模与业绩及其投资行为之间的关系。结果显示：随着基金规模的扩大，基金经理先是倾向于提高投资组合内股票的持股比例，然后才是增加股票的数目，提高投资的分散化程度。大型基金随规模变大其投资分散化程度提高较显著；而大盘股基金随规模扩大其持股比例提高的程度较显著。