| Since the first fund was established in 1998,the fund industry market has developed vigorously,and the annualized growth rate has exceeded 30%.At the same time,more and more young people are starting to manage their finances and taking funds as their first choice.With the increase in the number of investors,the problems existing in the process of fund investment--“fund makes money,base people do not make money” also attracted more and more investors’ attention.Most domestic scholars attribute this phenomenon to investor behavior deviation.Existing studies have shown that fund investor behavior is mainly affected by fund historical returns,and limited attention theory can explain investor behavior deviation that traditional financial theory cannot explain to a certain extent.Therefore,on the basis of using fund flow to measure investor behavior,many studies on the relationship between fund flow and performance have been produced,and it is agreed that fund performance has a significantly positive impact on fund flow.However,there are few researches on the influencing factors of the relationship between fund flow and performance.Perception of Performance Persistence was constructed to measure the accuracy of the return signal transmitted to investors by the fund,and to explore its impact on the fund flow-performance sensitivity and the economic consequences brought by the impact.In addition,This paper also subdivides the research samples from three aspects: investor type,market sentiment and fund flow direction,to explore the difference in the impact of performance persistence perception on fund flow-performance sensitivity under different circumstances.In this paper,stock funds and mixed partial stock funds that existed from January 1,2007 to September 30,2022 are selected as research samples.First,taking the net fund flow as the explained variable and the cross-multiplicative term of performance and performance persistence perception as the explanatory variable,it is found that performance persistence perception has a significant positive impact on the sensitivity of net fund flow-performance.Secondly,we construct investor returns and fund performance differences as explained variables,and performance persistence perception as explanatory variables.We find that performance persistence perception has a significant negative impact on investor returns,and a significant positive impact on fund performance differences.Thirdly,investors are divided into institutional investors and individual investors,and it is found that both institutional investors and individual investors have a significantly positive impact on their fund flow-performance sensitivity,and there is no significant difference in the regression coefficients of the two groups of samples,indicating that there is no significant difference in the impact of performance persistence perception on the two types of investors’ behavior.After that,the sample period is divided into “bull market” and “bear market”.It is found that,different from the “bear market” period,the perception of performance persistence in “bull market” period has no significant influence on the sensitivity of net fund flow to performance.Finally,this paper divides the fund flow into subscription fund flow and redemption fund flow,and finds that although performance persistence perception has a significant impact on the two kinds of fund flow-performance sensitivity,the impact on subscription fund flow-performance sensitivity is significantly greater.In addition,this paper also discusses the influencing factors of performance persistence perception,and finds that performance persistence performance significantly predicts performance persistence perception.In addition,this paper also discusses the relationship between perception of performance persistence and investors’ limited attention,and further demonstrates that perception of performance persistence can represent investors’ behavioral deviation under the constraint of limited attention. |
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