Research On The Influence Of Investor Attention And Investor Sentiment On Fund Performance

China’s open-end funds continue to develop and grow.By April 2021,the scale of China’s open-end funds has reached 17089.87 billion,an increase of 19142.36%over the same period in 2020.Since 2020,entries about "fund" have frequently appeared on the hot search,and the network heat is high.For the new forces of investment and financial management of the post-90 s,the fund is not only a financial tool,but also a social tool.In this context,whether the fund investors’ attention and investor sentiment can bring positive capital inflow to the fund,and how to affect the fund performance is the problem of this paper.This issue is not only related to the interests of investors and fund companies,but also has important theoretical significance for understanding the operation of the fund market.At present,the research perspective of literature in this field mainly focuses on "the impact of investor attention and investor sentiment on fund capital flow" and "the relationship between fund capital inflow and performance".This paper extends the research perspective to "investor attention and investor sentiment-fund capital flow-fund performance".Using fund capital flow as an intermediary variable,this paper explores the influence mechanism of investor attention and investor sentiment on fund performance.Clarifying how investor behavior affects fund performance provides new suggestions for fund companies to fully grasp market opportunities and expand fund inflows in practice.Analyzing the influencing factors between investors and performance from the perspective of investors will help to fully understand the role of investors in the open-end fund market.The main work of this paper is as follows: first,sort out the literature in the research field,and summarize the relationship between investor attention and investor sentiment,fund performance and fund capital flow.Second,use the crawler method to obtain the number and content of investors’ posts in the fund network every day,and use the number of investors’ posts to construct the index of investors’ attention.Thirdly,the Bert model is used to analyze the content of investors’ posts and classify their emotions,so as to construct investor sentiment indicators.Fourth,using the intermediary effect model,this paper explores the influence mechanism of investor attention and investor sentiment on fund performance.This paper finds that:(1)in the process of the impact of investor attention on fund performance,fund capital flow plays a part of the intermediary effect.Investors’ attention has a significant negative impact on fund performance.(2)In the process of the influence of investor sentiment on fund performance,fund capital flow plays a complete intermediary effect.There is a significant negative correlation between investor sentiment and fund performance.(3)Among different types of funds,the fund flow of common stock plays the largest intermediary effect in the process of the impact of investor attention and investor sentiment on fund performance.(4)After the epidemic,investors’ attention to the fund increased significantly,and investor sentiment remained depressed.Although the influence direction of investor attention and investor sentiment on fund performance and fund capital flow has not changed,the influence range is smaller than that before the epidemic.This may be due to the epidemic,which makes investors lack confidence in the future and take a wait-and-see attitude.Combined with the research conclusions,this paper puts forward relevant suggestions,which has a certain reference significance for the development of China’s open-end fund market.