Research On The Influence Of Fund Cohesion On Fund Income

In recent years,the phenomenon of fund clustering is common to seen in the market,but its impact on fund returns remains unclear.Therefore,this paper intends to study the impact of fund clustering on fund returns,and provide a basis to help investors make decisions in the market.At present,there is no clear conclusion about whether fund clustering can bring benefits to the fund or not.According to previous studies,herd behavior,which is similar to fund group behavior,can exert a positive impact on stock returns.At the same time,through the study of the four times of a-share clustering in history,it can be seen that fund clustering enabled the fund to obtain returns higher than the market index every time.Therefore,combined with theoretical analysis and realistic description,this paper proposes the hypothesis that fund clustering behavior can bring fund returns.In this paper,after obtaining sample data from WIND database,python was used to fit multiple linear regression equation to study whether fund companies’ clustering behavior could bring returns and excess returns during 2016-2021.The empirical results showed that fund companies in A-share market generally adopt the group strategy,and the fund group had a significant positive impact on fund returns.In addition to increasing the absolute return rate of funds,fund clustering also exert ed a significant positive influence on fund excess return in the long run.Through heterogeneity analysis,it could be found that fund clustering could improve fund returns in bull market,bear market and neutral market,and this effect was the largest in bear market.However,it could only increase excess returns in bull markets and neutral markets.Therefore,from the perspe ctive of investment,when the market has a consensus on a hot industry,both fund managers and fund investors can choose the group strategy in the long run to obtain fund returns and enjoy hot dividends.From the perspective of policy,the information disc losure system should be constantly improved,and the regulatory authorities should timely prevent the accumulation of bubbles,affecting the stability of the market order.