Mutual Fund Flows and Investment Behavior:An Empirical Study Based on Dynamic Panel Data Model
通过引入资金流变量，利用2006-2010年数据，用动态面板模型分析基金资金流对基金经理投资策略和组合调整的影响，并探讨基金是否具有稳定股市的功能。
By introducing the variable of mutual fund flows,the paper analyzes the disputative issue in the Chinese securities market,that is whether the mutual funds have the function of stabilizing the stock market or not. Mining the key factors of influencing the purchasing and redemption behind the heterogeneity behavior,we try to explore and explain the behavior of mutual funds stabilizing or destabilizing the markets from mutual fund flows resulted in dynamic adjustments of the funds portfolios.In this paper,the impact of fund flows on the funds' investment behavior is analyzed by the dynamic panel data model,based on the updated data from 2006 to 2010. The results show that mutual fund flows significantly affect the strategic choices and portfolio adjustments of mutual funds managers.Based on the research conclusion,we put forward some policy proposals such as implementing the 401K project of Chinese edition,improving the structure of mutual fund holders,guiding rational behaviors of investors of mutual funds,and decreasing the transmission effect of market volatility by abnormal purchasing and redemption behavior.