Research On Investor Behavior Based On Fund Performance

In recent years,the open-end fund is increasingly favored by investors and has become an important part of the investment market.In addition to the characteristics of closed-end funds of "win-win economic interests,sharing economic risks",open-end funds also have the advantages of purchase and redemption with investors' demands.Since 2015,China's fund industry has stepped into the stage of risk prevention and standardized development.With the development of China's open fund industry,investors are attaching more and more importance to the reference of fund performance.The evaluation of the performance of open-end fund plays a guiding role in investors' understanding of the status of investment and the identification of fund managers.A good evaluation system is a prerequisite for studying investors' behavior.This paper takes 80 open-ended funds that were established before 2008 and still exist from 2019 as the object to study the following three aspects.First: the dynamic change of specific investor behavior based on fund performance.Second: whether investors' behavior based on fund performance will change due to differences in fund classes.Thirdly,after dividing the market cycle,whether investors' behavior will also show corresponding periodicity with the market situation.The evaluation of the performance of open-end fund plays a guiding role in investors' understanding of the investment status and fund managers' identification.A good evaluation system is a prerequisite for studying investors' behavior.This paper adopts the method of Fama-French five-factor pricing model to calculate the performance of a specific fund in 44 quarters,and classifies the fund by category and market cycle in detail,in order to empirically study the differences in investor behavior.Finally,it comes to the conclusion that :(1)investors' behavior will changedue to the differences of fund classes.Stock investors and bond investors are in a positive trend of chasing fund performance when investing,while hybrid fund investors are in the opposite direction.(2)in the whole sample,fund size and maturity have no obvious influence on investors' behavior.The investors of stock fund are less concerned about the size and age of the fund,while the investors of bond type and hybrid type take it as the key reference.(3)whether in the case of the whole sample or in the case of classification,investors in China's fund market are risk-averse.(4)when the fund category is not distinguished,China's fund industry as a whole has no redemption anomalies,but when the fund classification found that China's bond funds and hybrid funds have redemption anomalies,fund investors have "pocket for safety" in mind.After empirical research on different market cycles,it is found that :(1)when the overall market is booming(bull market),investors prefer funds with good performance,while investors' performance in other market forms is obviously opposite,and there is a reverse buying trend in the fund market.(2)market investors prefer funds with large scale,early establishment time and long operation time.It is also risk averse.(3)the positive feedback effect of investors is the strongest in the bull market,and the negative feedback effect of investors is the strongest in the shock market.According to the above research conclusion,to fund owner and manager,respectively,the paper puts forward to cultivate good habits of investment,strengthening the risk consciousness and evaluation mechanism,the introduction of advanced management experience,complete fund information update and common sense to investors of the fund and the legal knowledge,maintain fund market benign operation.