CAJ | 학술논문

在过去的研究中大多在争论共同基金投资人是否具有选择共同基金的能力。本文尝试以共同基金投资流量以及共同基金经理人的选股能力作为探讨，以检验共同基金投资人是否具有选择基金的能力，更进一步探讨不同类型的基金投资者的投资能力。本文的研究得到几个有趣的结果。第一，本研究证实共同基金具有绩效持续性，显示中国共同基金经理人具有选股能力；第二，滞后1季的共同基金流量具有预测绩效的信息，高流量的基金绩效表现高于低流量的基金；第三，区分不同类型投资人的基金流量，共同基金聪明钱效果主要是由个别投资者的流量所驱动的。
재과거적연구중대다재쟁론공동기금투자인시부구유선택공동기금적능력。본문상시이공동기금투자류량이급공동기금경리인적선고능력작위탐토，이검험공동기금투자인시부구유선택기금적능력，경진일보탐토불동류형적기금투자자적투자능력。본문적연구득도궤개유취적결과。제일，본연구증실공동기금구유적효지속성，현시중국공동기금경리인구유선고능력；제이，체후1계적공동기금류량구유예측적효적신식，고류량적기금적효표현고우저류량적기금；제삼，구분불동류형투자인적기금류량，공동기금총명전효과주요시유개별투자자적류량소구동적。
The paper summarizes people＇s consumption for luxury goods as a contest for the social status ranking. In the paper, ratio contest success function（CSF） is applied to construct a model of status competition between consumers. Firstly, We will study a contest that only includes two players. Then, I will analyze the multi-players competition. By equilibrium analyses, this paper examines the relationship between the consumption of luxury goods and status rewards, exogenous factors and the role of luxury consumption tax. In addition, the article also analyses the negative effects of status contest from the perspective of welfare economics. From the perspective of ＂race control＂ ,the paper puts forward that the most important thing is to guide people to a correct understanding of luxury, to enhance the concept and realm of luxury consumption.