| Taking the theme funds in China’s fund market from 2005 to 2019 as the research goal,this paper discusses the impact of the uncertainty of monetary policy on the herding effect of thame funds,further analyzes the mechanism of the uncertainty of monetary policy under the influence of heterogeneity from the perspectives of media public relations,margin trading,enterprise life cycle and market sentiment,and explores risk sharing,financing constraints The impact of the uncertainty of monetary policy on the herding effect of theme funds under the intermediary effect of information disclosure.It is found that the higher the uncertainty of monetary policy,the more significant the herding effect of theme funds.At the same time,the impact of monetary policy uncertainty on the herding effect of theme funds is heterogeneous due to the degree of media public relations,margin trading,enterprise life cycle and market sentiment Specifically,when the fund companies with high media public relations,high margin trading and long enterprise life cycle and market sentiment rise,the uncertainty of monetary policy has a greater impact on the herding effect of theme funds.Further research found that risk-taking,financing constraints and information disclosure as transmission paths affect the herding effect of monetary policy uncertainty on theme funds.Specifically,monetary policy uncertainty improves the herding effect of theme funds by reducing the risk-taking level of enterprises;The uncertainty of monetary policy makes the enterprise management face financing constraints,the financing cost of enterprises increases and the financing willingness decreases,which then affects the decision-making of investors,so the herding effect of theme funds is significant;The uncertainty of monetary policy makes enterprises face information asymmetry.Information asymmetry leads to opaque information disclosure,which leads to the irrationality of most investors,which makes the herding effect of theme funds significant. |
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