Research On The Impact Of Financial And Environmental Performance Of Green Funds On Investor Behavior

In recent years,with the background of green economic development,the quantity and scale of green open-ended funds in China have achieved substantial development.Currently,how to use green open-ended funds to break down public idle funds and better achieve green transformation of the economy and society has become an important issue of concern in the academic community at home and abroad.However,existing research often focuses on the entire public fund market,and there is very little research on the green fund,a sub field that truly adheres to the concept of sustainable development goals.Moreover,the few relevant literature in this sub field only focuses on the linear impact of financial performance on investor behavior from an economic perspective,neglecting the nonlinear relationship between the two,On the other hand,the environmental performance of green funds has not been included in the research scope.Based on existing research,this article comprehensively evaluates the impact of the dual performance of green funds on investor behavior from both financial and environmental dimensions.From a financial perspective,a semi parametric additive model is used to comprehensively consider the possible linear and nonlinear relationships between financial performance and fund flow;From an environmental perspective,the EIO-LCA model is used to measure the environmental performance of sample green funds and traditional funds,and based on this,the environmental performance sensitivity of green and traditional investors is compared and evaluated.In addition,this article also subdivides green investors into institutions and individuals,in order to compare and analyze the impact of the dual performance of green funds on different types of investors.The marginal contribution of this article lies in:(1)focusing the research perspective on the sub field of green funds,in response to the current needs of the Party and the country for green development;(2)Divide fund performance into two dimensions: financial performance and environmental performance,and comprehensively evaluate the impact of the dual performance of green funds on investor behavior;(3)By using a semi parametric additive model,the possible linear and nonlinear relationships between financial performance and fund flow can be separated.Even if the overall relationship is linear,nonlinear relationships that cannot be identified in traditional linear regression models can be captured,thus comprehensively evaluating the impact of financial performance on investor behavior;(4)Using the EIO-LCA model,calculate the environmental performance of sample green funds and traditional funds,and innovate on the basis of previous simple descriptive analysis of environmental performance,empirically analyze the impact of environmental performance on investor behavior;(5)Divide green investors into institutions and individuals,and study the impact of green fund performance on investor behavior under different investor structures.The marginal contribution of this article lies in:(1)focusing the research perspective on the sub field of green funds,in response to the current needs of the Party and the country for green development;(2)Divide fund performance into two dimensions:financial performance and environmental performance,and comprehensively evaluate the impact of the dual performance of green funds on investor behavior;(3)By using a semi parametric additive model,the possible linear and nonlinear relationships between financial performance and fund flow can be separated.Even if the overall relationship is linear,nonlinear relationships that cannot be identified in traditional linear regression models can be captured,thus comprehensively evaluating the impact of financial performance on investor behavior;(4)Using the EIO-LCA model,calculate the environmental performance of sample green funds and traditional funds,and innovate on the basis of previous simple descriptive analysis of environmental performance,empirically analyze the impact of environmental performance on investor behavior;(5)Divide green investors into institutions and individuals,and study the impact of green fund performance on investor behavior under different investor structures.