Research On The Influence Of Fund Group Behavior On Fund Flow

For a long time,network connections are everywhere in the financial market,such as social networks,investor networks,etc.Individuals or institutions can not only participate in the market,transmit information,observe and learn from each other through the network,but also transmit information and exchange capital through different network channels.In recent years,in the fund market of China,the information transmission,exchange and integration of various funds based on the ubiquitous network connection has triggered the fund group behavior.The fund capital flow not only reflects the investors’ preferences,but also is one of the factors that affect the fund investment behavior,and the fund capital flow will affect the fund size,thus affecting the fund manager’s income,which is one of the important indicators of the fund.For this reason,this paper aims to provide good guidance for the better development of institutional investors,provide reference for investors’ rational investment,and put forward better suggestions to regulators by studying the impact of fund group behavior on fund flow.Accordingly,this paper explores the impact of fund conglomeration behavior on fund capital flow,constructs a network centrality index to indicate the degree of fund conglomeration participation of public funds,and uses quarterly fund flow to indicate fund capital flow.In addition,based on the size of the fund and the bull and bear market of the financial market,this paper considers the heterogeneous impact of fund conglomeration on the fund capital flow.The empirical results of this paper show that:(1)the degree of group participation of the fund has a significant positive impact on the fund flow;(2)Compared with small-scale funds,the group behavior of large-scale funds has a significant positive effect on their capital flow;(3)When the market is in a bull market,the group behavior of the fund has a significant role in promoting its capital flow.On this basis,taking into account the complexity of the financial market,in order to explore the impact of fund group behavior on the fund capital flow at different stages,this paper carried out a threshold effect analysis,and found that when the fund group behavior is at different stages,the impact of group behavior on the fund flow is different.