投资者获取基金信息方式对基金投资收益的影响——基于CHFS的实证考察
The Impact of Investors’ Methods of Obtaining Fund Information on Fund Investment Returns—An Empirical Study Based on CHFS

如何选择基金种类进行投资，以及选择依据与投资收益之间的关系一直受到广大投资者的关注。本文利用2017年的中国家庭金融调查(CHFS)横截面数据，实证分析基民选择基金种类依据与基金投资收益之间的关系。研究发现：(1) 个人投资者根据基金的业绩、基金经理的能力选择基金，能显著提高其基金投资收益；(2) 个人投资者根据亲戚朋友的介绍选择基金，显著降低了投资的盈亏比例；(3) 网络手机推送、专业人士以及其他选择基金的指标对投资人的盈亏比例并未产生显著影响。以上研究结论为个人投资者更好地选择基金进行投资提供了经验证据，有助于提升个人投资者的投资收益。
How to choose the types of funds for investment, as well as the relationship between the selection basis and investment return has been concerned by the majority of investors. Using the cross-sectional data of China Household Finance Survey (CHFS) in 2017, this paper empirically analyzes the relationship between the basis of people’s choice of fund types and fund investment returns. The results show that: (1) Individual investors can significantly improve their investment returns by selecting funds according to fund performance and fund manager’s ability; (2) Individual investors choose funds based on the introduction of relatives and friends, which significantly reduces the profit and loss ratio of investment; (3) Network mobile push, professional and other fund selection indicators have no significant impact on investors’ profit and loss ratio. The above research conclusions provide empirical evidence for individual investors to better choose funds for investment, and help to improve the investment returns of individual investors.