CAJ | 학술논문

文章实证研究发现我国明星基金的明星效应并不明显：一是明星基金虽然可以吸引资金流入，但这种影响仅限于当年，而且其中购不显著高于赎回，因此明星基金与当年资金净流入量不显著正相关；二是明星基金不能带来溢出效应；三是明星基金的业绩不具备持续性，即如果选择了明星基金，投资者也不一定会在未来两年获得超额收益；四是投资者因担心明星基金昙花一现而注重基金的长期业绩，该指标与申购率、资金净流入量无论在当年还是下一年均显著正相关，这说明在一个缺乏信任的证券市场，只有长期业绩优秀的基金才能形成良好声誉，投资者的中购和赎回依然符合国外的PFR理论，这为我国现有的“赎回异象”之争提供了新解释。
문장실증연구발현아국명성기금적명성효응병불명현：일시명성기금수연가이흡인자금류입，단저충영향부한우당년，이차기중구불현저고우속회，인차명성기금여당년자금정류입량불현저정상관；이시명성기금불능대래일출효응；삼시명성기금적업적불구비지속성，즉여과선택료명성기금，투자자야불일정회재미래량년획득초액수익；사시투자자인담심명성기금담화일현이주중기금적장기업적，해지표여신구솔、자금정류입량무론재당년환시하일년균현저정상관，저설명재일개결핍신임적증권시장，지유장기업적우수적기금재능형성량호성예，투자자적중구화속회의연부합국외적PFR이론，저위아국현유적“속회이상”지쟁제공료신해석。
Through an empirical study, this paper concludes that China＇s star funds don＇t have much more star effects, firstly, the star funds can at- tract new capital inflow but this function is just limited in the current year and the purchase is not significantly higher than the redemption, showing that star funds are not significantly positively correlated with net capital in- flow; secondly, star funds don＇t have spillover effects;thirdly, star funds don＇t have persistent performance, namely investors don~t necessarily gain abnormal returns in future two years if they purchase the star funds; lastly, investors pay attention to the long-term performance for fear that the star funds are short-lived and the long-term performance is significantly positive- ly correlated with purchase rates and net capital inflow both in the current year and the next year, showing that only the funds with better long-term performance can form reputation and the purchase and redemption of inves- tors still are in accordance with foreign PFR theory which provides an expla- nation for the debate of redemption heteromorphism in current China.