Fund Asset Network And PPricing Efficiency

China’s fund industry has achieved rapid development in the past 20 years,and its product types,issuance quantity and asset management scale continue to rise.In recent years,openended funds have become the most active investment category in the fund market because of their openness and transparency and real-time subscription and redemption.By the end of 2020,the scale of fund management in China has exceeded 19 trillion yuan.However,with the development of the network,each fund does not exist independently,but often affects and depends on each other,and forms a kind of fund network that cannot be ignored.In this paper,the relationship between fund asset network and fund asset pricing efficiency is studied by using the data of common stock fund and mixed partial stock fund from 2010 to 2019.Firstly,this paper uses the data of the fund’s heavy holdings in 9 years,and according to the method proposed by Pareek(2011),the fund assets network is established based on the linking edge of the fund’s heavy holdings of stocks,and the network centrality indexes such as point centrality,eigenvector centrality close to centrality,and intermediate centrality are constructed.And then according to the content of literature by fund price information and price to reflect the information speed two indicators to measure fund pricing efficiency,and build the price synchronization,price is four explained face indexes such as delay and the fund size,turnover rate,such as control variable indicators,and then respectively on the network center and price information content,information network center and reflect the speed of two empirical studies,Then,information asymmetry and delay premium indexes are introduced to further analyze the mediating effect of information asymmetry on network centrality and pricing efficiency,and the influence of network centrality on price delay premium.Finally,the generality of the conclusion is verified by a series of robustness tests.Through research and analysis,this paper draws the following conclusions:firstly,the information content of fund price is affected by the position of fund in the network.The higher the centrality of fund network,the less noise contained in the fund price,which leads to the higher the information content of fund price and the higher the pricing efficiency.Second,the higher the network centrality,the smaller the market friction of network information transmission,the faster the price reflects the information,and the higher the pricing efficiency.Thirdly,the degree of information asymmetry between funds has a partial mediating effect on the effect of centrality on pricing efficiency,and network centrality can improve the pricing efficiency by reducing the degree of information asymmetry.Fourthly,fund network centrality is negatively correlated with price delay premium,that is,the higher the centrality is,the lower the delay premium required by the fund,namely,the lower the excess return.In this paper,the study found that the fund network influence fund price information content and price on the reaction rate of information,and affected by mediation effect of asymmetric information,network has been clear about the fund of fund price the internal influence mechanism,for the network information dissemination and diffusion effect provides a new basis for asset price,and avoid risk,to make a decision for the investors to provide better basis.