投资者情绪对开放式股票型基金业绩的影响研究

Research on the Impact of Investor Sentiment on the Performance of Open-End Equity Funds

摘要: 随着我国开放式基金市场的发展，其中以开放式股票型基金为主流，其管理的资产规模也越来越大。同时，参与到基金市场的个人投资者越来越多，我国基金市场的投资者结构中散户占比较高，使得投资者情绪更容易引起一定的非理性投资行为。以基金吧为主的投资相关网络论坛，成为个人基金投资者发表意见、交流观点的重要平台。因此，本文用爬虫技术获取东方财富天天基金网基金吧2017~2022年的帖子信息，通过BERT模型对文本信息进行分类预测，进而构建投资者情绪指数，最后利用面板回归模型，研究投资者情绪对基金业绩的影响。研究发现，投资者情绪对开放式股票型基金业绩有显著负面影响。

Abstract: With the development of China’s open-ended fund market, in which open-ended equity funds are the mainstream, the size of its assets under management is also getting bigger and bigger. At the same time, there are more and more individual investors involved in the fund market, and the investor structure of China’s fund market accounts for a relatively high proportion of retail investors, making it easier for investor sentiment to cause certain irrational investment behavior. Investment-related network forums, mainly fund bars, have become an important platform for individual fund investors to express their opinions and exchange views. Therefore, this paper uses crawler technology to obtain the post information of fund bar of Oriental Wealth TianTian Fund Network from 2017 to 2022, classifies and predicts the text information through BERT model, and then constructs the investor sentiment index, and finally utilizes the panel regression model to study the impact of investor sentiment on fund performance. It is found that investor sentiment has a significant negative impact on the performance of open-end equity funds.