| Social Responsible Investment(SRI)is an investment method that has developed rapidly in the world in recent years.Social responsibility investment requires investors to examine the traditional financial performance indicators,pay attention to whether the investment object earnestly performs its social responsibility and pay attention to its performance in environment,society and corporate governance.Therefore,while pursuing economic returns,social responsibility investment also pursues the improvement of environment,society and corporate governance.It is an investment concept of practicing sustainable and green development,which has attracted the attention of academia and investment circles.The open-ended fund market has become an important part of China’s capital market.Stock funds and partial stock hybrid funds are extremely important forms of investment.This thesis takes 766 equity funds and partial equity hybrid funds as the research sample,selects January 2009 to December 2017 as the sample period,and uses the fund’s shareholding portfolio to calculate the social responsibility investment score of each fund in each period,so as to explore the impact of the social responsibility investment of these funds on the fund performance,fund flow and their relationship.The main conclusions of this thesis are as follows:(1)In terms of the impact of the overall score of social responsibility investment on the performance and sustainability of the fund,the social responsibility investment of the fund has a significant negative impact on its performance.China’s open-end funds have sustainability between the fund performance of two adjacent periods,but the fund’s social responsibility investment will weaken the sustainability of fund performance.(2)In terms of the impact of social responsibility investment sub score on fund performance and its sustainability,the overall score,technical score and industrial score have a significant negative impact on fund performance and performance sustainability,while the impact of content score is not significant.(3)In terms of the impact of the overall score of social responsibility investment on the fund flow and its performance flow relationship,the fund’s social responsibility investment has no significant impact on the fund flow,so it has little impact on the behavior of fund investors.(4)After dividing the fund flow into the total subscription volume and the total redemption volume,the study found that the fund’s social responsibility investment has a significant negative impact on the fund subscription volume,a significant positive impact on the fund redemption volume,and will weaken the performance subscription relationship and the performance redemption relationship.(5)After dividing the fund flow into the flow brought by institutional investors and the flow brought by individual investors,the study found that whether institutional investors or individual investors,the impact of the fund’s social responsibility investment on their flow and performance flow is not significant,indicating that the fund’s social responsibility investment has a limited impact on their investment behavior. |
