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基金投资行为对维护资本市场稳定起着重要作用,利用排名能否有效引导基金进行理性投资更是大家重点关心的问题。本文在揭示利用排名引导基金投资行为内在逻辑的基础上,提出了“排名效应”的概念。随后,在明星基金存在示范效应则存在排名效应的基础上,设计了明星基金示范效应的测算指标——示范效应系数。最后,结合我国股票型开放式基金的相关数据进行实证分析,结果表明,排名效应存在,利用排名引导基金投资行为有效。
Fund investment behavior plays an important role in maintaining the stability of the capital market. It is an issue that everyone pays attention to whether using rankings to effectively guide the fund for rational investment. On the basis of revealing the inherent logic of using rankings to guide the investment behavior of the fund, this paper puts forward the concept of “rank effect”. Subsequently, on the basis of the ranking effect of the existence of the demonstration effect of the Star Fund, the design index of the demonstration effect of the Star Fund - the demonstration effect coefficient was designed. Finally, empirical analysis based on the relevant data of China’s stock-based open-end funds shows that the ranking effect exists, and the use of rankings to guide the investment behavior of the fund is effective.