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相较于个体投资者,机构投资者的理性程度较高,但机构投资者也存在本地偏好。本文以2010-2014年我国开放式股票型基金为研究对象,通过建立衡量基金投资地理偏差的连续指标和非连续指标,重点研究机构投资者的本地偏好现象及其原因。检验发现:(1)基金有持续的本地偏好,且这种投资偏差逐年扩大;(2)基金的本地偏好集中体现于对治理水平较好、透明度较低、信息不对称程度较高的上市公司持有上;(3)基金对由地方政府控股的本地上市公司有明显的本地偏好,而对于由中央政府控股的本地上市公司会选择回避。文章针对开放式股票型基金本地偏好是否存在及其原因的这种本土化和结构性分析,能为理解我国机构投资者特别是开放式股票型基金的行为及效应提供重要参考。
Institutional investors have a higher degree of sophistication than individual investors, but institutional investors also have local preferences. This article takes China’s open-ended equity funds from 2010 to 2014 as the research object, and focuses on the local preferences of institutional investors and their causes through the establishment of continuous indicators and discontinuous indicators that measure the geographical deviation of the investment of funds. The test shows that: (1) the fund has a sustained local preference and the investment bias has been expanding year by year; (2) the local preference of the fund is mainly embodied in the listed companies that have good governance, low transparency and high information asymmetry Holding; (3) The fund has obvious local preference for local listed companies controlled by local government, and will choose to avoid local listed companies controlled by the central government. This localization and structural analysis of whether local preferences of open-end equity funds exist and their causes provide an important reference for understanding the behavior and effects of institutional investors in our country, especially open-ended equity funds.