| Since the first open-end fund was set up in 2001 in China,the fund market in China developed rapidly,and in recent years.In recent years,the phenomenon of funds holding shares in groups has become more and more common in the market,and the financial market has fallen sharply in recent years.Some scholars believe that this is caused by funds holding shares in groups.Therefore,the causes of funds holding groups have become an important research content at present.This research was based on the perspective of investors,developed a fixed effects model to find out the relationship between the degree of the funds holding shares by groups and the change of the fund share,and then explained the cause of this relationship.The research sample for this paper is 114 non-special tendency of investment industry open-end funds in our country,with a total of 2166 observations based on their eight quarters in 2017-2021,and a series of fixed effects model regressions were based on these data.It is found that the relationship between the degree of the funds holding shares by groups and the change of the fund share was positive.This means that the degree of group holding of funds is positively correlated with the growth rate of fund shares,and the fund performance is positively correlated with the growth rate of fund shares,but the management scale of fund companies are negatively correlated with the growth rate of fund shares.For different market stages,the degree of fund clustering will also have different effects.In the bull market stage,the degree of fund clustering can promote the growth of fund share growth rate,but in the bear market stage,it had no significant impact on the growth rate of fund share.This paper argued that,from the perspective of investors,investors prefer group-holding style funds,so that fund managers tend to invest by group-holding style in order to meet the requirements of investors and based on their own performance,which leads to the phenomenon of group-holding in the market.At the same time,through the test of the mediating effect,it is found that there was a mediating effect in the process of the fund holding group’s influence on the fund share.Specifically,the fund holding shares in groups can increase the fund share by improving the fund’s own competition and surpassing its competitors.According to the research conclusions,this paper puts forward several policy suggestions from the three aspects of supervision,such as for the fund managers and fund investors and the regulatory agencies,so as to make contributions to standardize the stable development of the fund market. |
