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证券投资基金的同业竞争对基金流量有很大的影响。本文用市场老基金和新进入基金持有证券的相似度来衡量基金之间的同业竞争程度,构建同业竞争的量化指标(MOV,Measure of Overlap),定量分析基金同业竞争对基金现金流量的影响程度。以2005~2010年我国开放式股票型非指数基金为研究对象,实证研究发现:(1)样本基金现金流量与同业竞争程度呈正相关,基金的现金流增长率随着基金同业竞争程度的增加而增加;(2)我国证券投资基金市场中存在“赎回异象”。
Interbank competition of securities investment funds has great influence on fund flow. In this paper, we use the similarity between market old fund and newly-held fund to measure the level of inter-bank competition and build the MOV (Measure of Overlap) to quantitatively analyze the impact of inter-bank fund competition on fund cash flow degree. Taking the open-end equity non-index funds in China from 2005 to 2010 as the research object, the empirical research shows that: (1) the cash flow of the sample funds is positively correlated with the degree of competition in the same industry; the cash flow growth rate of the funds increases with the degree of competition Increase; (2) there is “redemption vision” in China’s securities investment fund market.