基金公司网络结构对投资绩效影响研究

Research on the Influence of Network Structure on Investment Performance of Fund Company

摘要: 近年来，公募基金的发展十分迅速，为了追求更高的投资绩效，越来越多的基金选择了基金抱团。为使基金公司做出正确的投资决策，保护投资者的利益，本文用社会网络分析法和多元回归分析法分析银华基金公司网络结构对投资绩效的影响。研究发现，在一定程度上，基金抱团可以促进投资绩效的提高。在银华基金公司的网络结构对投资绩效影响方面，节点度在1%的检验水平上对基金年度净值增长率有显著影响，而聚集系数对基金年度净值增长率的影响不显著，研究还发现，基金资产规模与基金年度净值增长率的关系呈倒U型的曲线关系。

Abstract: In recent years, the public fund industry has experienced rapid growth. To pursue higher investment returns, an increasing number of funds have adopted “fund clustering” strategies. This study employs social network analysis and multiple regression analysis to examine how the network structure of Yinhua Fund Company affects investment performance, aiming to assist fund companies in making informed decisions and protect investors’ interests. The findings indicate that fund clustering can enhance investment performance to some extent. Regarding Yinhua Fund Company’s network structure, node degree demonstrates significant influence on annual net asset value growth rate at the 1% significance level, while clustering coefficient shows no statistically significant impact. Additionally, the relationship between fund assets and annual net asset value growth rate follows an inverted U-shaped curve.