Marketing Investment,Fund Performance And Investor Selection

With the rapid development of securities investment fund market,China's securities investment fund has maintained a rapid growth in the number of products and asset size.The number of domestic securities investment fund products has grown from only two to 5,158,and the number of fund management companies has also exceeded 120.With the decline of market concentration and the increase of the number of fund companies,the competition within the industry is increasingly intensified.The "old funds" with excellent performance in history are constantly impacted by the new fund products entering the market.The newly established "new fund" is crowded out by the existing fund,and the competition among fund products is increasingly fierce.In this paper,the largest share of open funds as the main body of research,summary of the overall relevant research,from the depth and breadth of fund marketing to discuss the fund marketing strategy.Funds can develop appropriate marketing expansion strategies by expanding the number of consignee agencies or increasing channel marketing expenditure,so as to improve their competitiveness.However,individual investors respond to these strategies differently due to the influence of their own "participation cost" and the "consultation induced" of the consignee.Liquidity for investors to rich fund marketing research,this paper adopts the method of qualitative way of fund marketing influence investor flows through theoretical analysis,and combined with the current situation of the development of securities investment fund market and marketing to make theory,using the quantitative analysis method,by using the unbalanced panel data of system empirical analysis on the size of the fund marketing channels from the two aspects of fund flows and preference influence mechanism,on the basis of using the principal component analysis to build comprehensive evaluation index fund marketing,Finally,by introducing dummy variables,we empirically test the sensitivity of fund flow to marketing power under different performance levels.In the empirical study,historical fund performance,fund size,years of establishment,investment risk and family size are introduced as the influencing factors of fund flow,and the specific functions of each factor are studied and analyzed.The main research framework of this paper is as follows:The first chapter is the introduction,which mainly introduces the research background,research purpose,specific content and method,innovation and deficiency of this paper.The second chapter is the literature review,the domestic and foreign fund marketing and fund flow related literature comb.The three chapter discusses the theory of the influence of fund marketing on capital flow and puts forward the hypothesis.The fourth chapter analyzes the development status of China's securities investment fund market.By analyzing the characteristics of domestic fund market and marketing investment,this paper expounds the current situation of fund development in China,laying a foundation for the research on fund marketing and the practical significance of fund flow.The fifth chapter makes an empirical analysis on the relationship between"marketing and capital flow",and further constructs and conducts an empirical study on the sensitivity of relationship under different performance levels.The sixth chapter is the conclusion and Suggestions.According to the empirical results,Suggestions are made to the regulators,fund management companies and investors.The main conclusions of this paper are as follows:first,generally speaking,fund companies can enhance the overall marketing effect by intensifying channel marketing and expanding the scale of channel marketing,so as to attract investors'attention and obtain the net capital inflow,but the influence of the two is not the same.As can be seen from the empirical results of this paper,the effects of "search cost" and "participation cost" on individual investors are significantly greater than the effects of "market development" and "advisory inducement".Secondly,under different performance levels,fund marketing has different impact on capital flow.For fund products with high performance level,their excellent historical performance is enough to attract investors to pay a high "search cost" to understand or even apply for purchase.On this basis,it is difficult to attract a large number of customers for fund products by increasing marketing.Therefore,the promotion effect of fund marketing on capital flow is weakened.On the contrary,for the fund products with mediocre historical performance,a lot of marketing costs can often attract more investors' attention,and then purchase.This empirical conclusion provides an empirical analysis for many fund products with mediocre performance in the fund market to achieve the purpose of attracting investors and expanding asset size by expanding fund marketing.