| China set up the first fund in 1991,the total scale was less than 100 million Yuan.At of the end of 2015,there are 686 stock open-end funds.The total net value of the fund was up to 770 billion Yuan,accounting for the same period the total market value of Shanghai and Shenzhen stock market 2%.Stock investment has been needing more professional financial knowledge and long-term market observation.As a general investor,the type of investment in the market to choose is limited.Stock market is a very important choice.The fund is a way of valet financing.It is an important channel to participate in China's capital market.Fund managers have professional financial knowledge and advanced trading equipment.Compared with individual investors,they have very big hardware and software advantages.Investors in the process of direct investment will bear a very large psychological pressure and operational risk.And when they face today's sub-set of funds,how to choose a fund is increasingly becoming a problem.Choosing a good fund will increase the interest of investors in the capital market.It can bring benefits to investors and also reduce the risk and psychological pressure with the direct investment of investors to their own assets at the same time.For fund,how to attract investors to the favor and bring the inflow of funds is also an important topic.So,what are the factors that affect the behavior of the investor fund's choice behavior?In addition to the intuitive fund income,which do other factors in this process play an important role in this issue.This topic has great practical significance on the capital market guidance.Therefore,from the perspective of behavioral finance,this paper analyzes the relationship between investor choice behavior,investors' risk aversion degree and attention to fund.This paper firstly reviews the domestic and foreign literature on the investors in the fund selection research,summarizing the domestic and foreign research focused on the direction and results.And on this basis to further expand,we conduct another way to an analysis this problem.From the perspective of behavioral finance,a theoretical model is established under the premise of a series of hypotheses,taking the investors 'risk aversion and attention into account.Based on the Nash equilibrium theory,the investors' fund selection behavior was analyzed and the quantitative expression was obtained.According to the theoretical model,it is suggested that the inflow of investor funds is positively related to the risk income of the fund.The inflow of investor funds is negatively correlated with the fluctuation level of the fund's return rate.The inflow of the investor's capital is negatively correlated with the risk aversion.And the investor's interest is lower,the risk of the fund,the stability of income and the degree of risk aversion to the impact of capital inflows is weaker.And these assumptions were tested using quarterly open-end fund data from January 2009 to September 2015.In this paper,the risk aversion is quantified by the factor score model,and then the fixed effect panel model is used to analyze it.The study found that:China's investors chase performance,prefers income stability,low risk in the choice of funds."Redemption exception" phenomenon only exists in the star fund and poor-performance fund,which implies investor's rational choice.Fund performance up to a certain level,investors is no longer sensitive to the change in performance.Poor-performance fund's instability can attract investors to pay more attention.Investors' concern on the medium level of fund is at a very low level.It results in investors' slow response.Based on the results of theoretical and empirical analysis and combined with the actual performance of China's capital market,this paper puts forward some opinions and suggestions. |
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