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本文根据行为金融学的理论,利用计量经济学方法对中国开放式基金的投资看涨情绪变动指标和市场收益率变动指标的相关关系进行检验,以考察开放式基金是否具有锚定启发式偏差,并进一步考察基金投资心理预期对其投资绩效的影响。研究发现,中国开放式基金表现出一定程度上的锚定启发式偏差,但不明显,并且开放式基金这种非理性的投资心理会对其短期投资业绩产生负向影响,而对中长期业绩的影响却是正向的。
Based on the theory of behavioral finance, this econometric method is used to test the correlation between the change of investment bullish sentiment index and the market rate of return of Chinese open-end funds to find out whether the open-end funds have anchored heuristic deviations. Further examine the psychological impact of fund investment on its investment performance. The study found that China’s open-end funds showed a certain degree of anchoring hedging bias, but not obvious, and this irrational investment psychology of open-end funds will have a negative impact on its short-term investment performance, while the long-term performance The impact is positive.