开放式基金投资者持有份额影响因素研究

以2004年前的98只开放式基金2004-2010年的半年数据为样本，运用合并数据-pooling方法估计模型参数，以对比形式研究影响基金投资者基金持有份额的相关因素．结果表明，基金业绩对基金持有份额的影响存在差异，尤其是单位累计净值增量因素；基金风险显著影响基金持有份额，且个体投资者更明显；基金管理公司规模显著影响基金持有份额，体现了其规模效应；基金上市时间的长短总体上显著影响基金持有份额，但未体现其品牌效应；基金交易费率总体上不显著影响基金持有份额；基金投资者前一期基金持有份额显著影响其当期基金持有份额．

An empirical study on determinants on fund shares of open-end fund investor

Based on half-year data of the period of 2004-2010 for 98 open-end funds established before 2004 and by using the method of integrated data-pooling to estimate model parameters, this paper studies the determinants on fund shares of open-end fund investor through comparative analysis. Results show that difference exists on the effect of fund performance on fund shares, especially in the determinant of NAPS growths fund risk significantly affects fund shares,it is more obvious for individual fund investor; the scale of fund management corporation significantly affects fund shares, reflecting its scale advantage. On the whole, fund age significantly affects fund shares,but does not reflect its brand effect; fund trans- action fee does not significantly affect fund shares ; fund shares of one-period lagged significantly affects its present fund shares.