CAJ | 학술논문

基金拆分是在保持投资者资产总值不变前提下，通过降低基金单位净值来实现“净值归一”。拆分过程中尽管理论上基金业绩及投资者利益保持不变，但在实践中却往往引起投资者大量申购，导致基金规模急剧扩大。对此，本文基于行为金融学视角进行研究，发现投资者大量申购拆分后的基金是因为名义价格幻觉产生的低净值偏好；管理者迎合并利用投资者这一价格幻觉来增加资金净流入。进一步研究表明，基金拆分后规模扩大是由于吸引了大量新投资者、尤其是个人投资者申购而造成的；长期来看，进行拆分的基金并不能给投资者带来超额收益。因此，总体来说基金拆分是理性的管理者迎合并利用投资者非理性偏好来实现其自身利益的一种方式。本文所揭示的因市场参与者理性程度不同所造成的隐性侵害问题值得监管者关注。
기금탁분시재보지투자자자산총치불변전제하，통과강저기금단위정치래실현“정치귀일”。탁분과정중진관이론상기금업적급투자자이익보지불변，단재실천중각왕왕인기투자자대량신구，도치기금규모급극확대。대차，본문기우행위금융학시각진행연구，발현투자자대량신구탁분후적기금시인위명의개격환각산생적저정치편호；관리자영합병이용투자자저일개격환각래증가자금정류입。진일보연구표명，기금탁분후규모확대시유우흡인료대량신투자자、우기시개인투자자신구이조성적；장기래간，진행탁분적기금병불능급투자자대래초액수익。인차，총체래설기금탁분시이성적관리자영합병이용투자자비이성편호래실현기자신이익적일충방식。본문소게시적인시장삼여자이성정도불동소조성적은성침해문제치득감관자관주。
Mutual fund split is a way to decrease fund NAV and attribute to ＂one＂, based on maintaining investors＇ total asset invariant. Theoretically fund performance and investors interest change nothing during this process, but in fact fund split results to investor inflow largely and fund scale expanding promptly. Based on behavioral finance theory, we find that the investors＇ excess demand for splitting mutual fund comes from nominal price illusion for low NAV fund; The manager of mutual fund caters this irrational demand of price illusion through fund splitting to expand fund scale; Further result shows that after splitting, the quantity of investor increases largely, especially individual investors increase significantly. The average long-term return of split fund is lower significantly than the market return. In a word, fund split is a way that rational mangers cater investors＇ irrational preference to realize their own benefit. The implicit expropriation to investors coming from different degree of rationality exposed by this paper deserves the regulators＇ attention.