CAJ | 학술논문

本文运用2005－2012年的数据，实证研究了中国证券基金市场中投资者追逐明星家族基金的投资收益情况。研究发现，投资者偏好追逐明星家族基金，但单纯地追逐明星家族基金并不能获得超额收益，非明星家族基金的投资收益率显著高于明星家族基金，因此更具投资价值。旗下基金业绩差距越大，规模越大，前期拥有明星基金的家族制造明星基金的动机越强，未来成为明星家族基金的概率更高，然而他们并不是真正的明星，其投资收益率显著低于样本平均水平。投资者应该避免被明星效应误导，选择真正的明星，中短期投资可以选择高离差或大规模的非明星家族基金，而长期投资则可选择小规模家族基金而避免垃圾家族基金。
본문운용2005－2012년적수거，실증연구료중국증권기금시장중투자자추축명성가족기금적투자수익정황。연구발현，투자자편호추축명성가족기금，단단순지추축명성가족기금병불능획득초액수익，비명성가족기금적투자수익솔현저고우명성가족기금，인차경구투자개치。기하기금업적차거월대，규모월대，전기옹유명성기금적가족제조명성기금적동궤월강，미래성위명성가족기금적개솔경고，연이타문병불시진정적명성，기투자수익솔현저저우양본평균수평。투자자응해피면피명성효응오도，선택진정적명성，중단기투자가이선택고리차혹대규모적비명성가족기금，이장기투자칙가선택소규모가족기금이피면랄급가족기금。
Using the fund data from 2005 to 2010, this paper firstly examines the investors＇ return rate of investing in star families in Chinese mutual fund market. We find that investors prefer to follow star families but it is not guaranteed to get abnormal returns by following them. Non-star families＇ investment value is stronger than star families because the non-star families＇ investment return rate is significantly higher. Meanwhile, the authors also find that those families with higher cross-funds standard deviation, higher number of funds, and star fund motivations have more possibility to create star fund. However, these families are not real stars because their investment return rate is significantly below average. Investors should avoid being misled by stars and should choose the real stars to invest. As for short-term investment, investors could choose non-star families with higher cross-funds standard deviation or higher number of funds. As for long-term investment, investors could choose families with lower number of funds and avoid choosing rubbish families.