Research On Shareholder Network And Selection Ability Based On Stock Fund

In the fund market,the fund share holder is one of the most important participants.Fund share holder because of the difference in age,identity,risk sensitivity,will lead to the different ability to obtain fund information,and the different information will affect the fund share holder purchase and redemption behavior,that is,affect the fund share holder's investment choice of the fund.In the practice of fund investment,some fund share holders often invest in more than one fund because of their large asset scale,so by taking the fund held by these fund share holders as the link,through the corresponding relationship between fund and fund share holders,the fund share holder network can be built.In the fund share holders in the network,the subscription of the fund share holders of redemption behavior related information can be passed between the holders,diffusion,moreover the fund share holders fund market judgment,for predicting the future performance of the fund and other information can also pass holder between social network to exchange,transfer and diffusion.As a result,the fund share holders network is essentially a fund share holder all kinds of information transmission between the spread of the network,can consider to use fund share holders network to measure related to the fund share holders explain buy and redemptive behavior information network,use the network characteristics of fund share holders to describe information network characteristics of the holder.Based on this,it is necessary to further discuss whether and how the network characteristics of fund share holders affect the fund selection of fund share holders,so as to deeply understand the relationship between the network characteristics of fund share holders and the fund selection ability of fund share holders.In this paper,by the end of June,2014-2018 of China's securities market open-end equity funds as the research object,and the open-end equity funds every half-yearly top ten information construction of fund share holders network measure each semi-annual information network characteristics of the fund shareholders,in consideration of other funds ability under the condition of influencing factors,application of non-equilibrium panel model of the effect of fixed network,the effects of characteristics of fund fund holders.The following conclusions are drawn:First,the descriptive statistics of the fund share holder network reflect the clustering characteristics of the fund share holder network.Second,based on empirical studies have found that using the unbalanced panel model in the holder one module and network,the network characteristics of fund share holders choose to ascend ability have positive role to fund,the fund share holders of the extent of the center,the mediation center degrees,hen center degree index is higher,and the structure hole held by the fund's net inflows.That is to say,fund share holders through holding the same fund indirectly or directly linked to the holders of the more,the higher the net inflow of funds.Third,the research of different market conditions finds that in the bull market,the fund selection ability of fund share holders is positively correlated with the network characteristics;However,in the bear market,even if the fund share holder has a high degree of centrality,in order to avoid the loss of their own interests,the holder's behavior is partial to redemption as a whole,and the information in the information network is easily distorted and distorted,thereby reducing the fund selection ability.Based on the above research results,this paper gives the following Suggestions:First,investors should pay attention to the role of fund share holder network structure in fund holder fund selection in the fund market,and actively explore the use of current fund share holder network structure to select funds,so as to improve fund share holders' ability to choose funds;Second,from the perspective of the network structure of fund share holders,we should re-understand the herd behavior characteristics of institutional investors in real fund trading,and establish and improve various systems of fund market trading,so as to lay a solid institutional foundation for the healthy development of China's fund market in the new era.