Research on the Impact of Investor Networks on Fund Performance

本文使用国泰安数据库公布的2012年至2023年关于基金份额持有人的半年度数据，运用社会网络分析方法分析在网络视角下基金的投资者对于基金业绩的影响，同时引入委托代理理论分析投资者的不同类型对于基金业绩影响的异质性。研究发现：基准回归结果表明基金在网络中的中心位置对业绩的影响不显著。异质性检验中个人投资者网络与基金收益正相关，机构投资者网络与基金收益负相关。This paper uses the semi-annual data on fund shareholders from 2012 to 2023 published by the CSMAR database, applying social network analysis methods to examine the impact of fund investors on fund performance from a network perspective. Additionally, principal-agent theory is introduced to analyze the heterogeneity of the impact of different types of investors on fund performance. The study finds that: the benchmark regression results show that the central position of a fund in the network has no significant impact on its performance. In the heterogeneity test, the individual investor network is positively correlated with fund returns, while the institutional investor network is negatively correlated with fund returns.