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本地人是否更加倾向于购买本地股、或者正好相反?如何解读其中蕴含的经济学含义和行为金融学含义?论文以北京、上海、深圳开放式基金为例,对上述问题进行了研究。结果发现,第一,北京基金和上海基金低配本地股,表现为本地规避,深圳基金高配本地股,表现为本地偏好。第二,北京基金、上海基金和深圳基金都拥有不为外地投资者知晓的本地上市公司私人信息,其中北京基金获取本地私人信息的能力最为显著(对应的则意味着北京本地股信息最不透明)。第三,北京基金和上海基金没有表现出明显的本地情结,而深圳基金表现出了一定程度的本地情结。上述结果证实了地域因素是影响投资行为和投资绩效的重要因素,这一影响体现为“本地信息优势”和“本地情结”两个方面上。论文的研究结论,对资产定价的信息假说、对金融的文化意义、对行为金融的地区因素等诸多方面,均有一定的参考意义。
Is locals more inclined to buy local stocks, or is it the opposite? How to interpret the implications of economic and behavioral finance contained in them? The thesis studies the above issues with the open-ended funds in Beijing, Shanghai and Shenzhen as an example. The results showed that: First, Beijing funds and Shanghai funds with low local shares, the performance of local avoidance, Shenzhen fund high with local shares, the performance of local preferences. Second, the Beijing Fund, Shanghai Fund and Shenzhen Fund all have private information about local listed companies that are not known to foreign investors. Among them, Beijing Fund has the most significant ability to obtain local private information (correspondingly, it means Beijing local share information is the most opaque) . Third, the Beijing Fund and the Shanghai Fund did not show a clear local sentiment, while the Shenzhen fund showed some degree of local sentiment. The above results confirm that the geographical factor is an important factor affecting the investment behavior and investment performance. The impact is reflected in two aspects: “local information superiority ” and “local complex ”. The conclusions of the dissertation, the information hypothesis of asset pricing, the cultural significance of finance, the regional factors of behavioral finance and many other aspects, have some reference value.