摘要
绿色开放式基金作为促进绿色产业与低碳经济发展的专项投资基金,既是新的融资工具,也是管理服务模式的创新,在树立投资者成熟投资理念、优化资本市场价值发现和传导机制等方面有巨大潜力。本文借鉴传统基金绩效与资金流量关系的理论与方法,以2015—2018年18只绿色基金为样本,采用三因素模型对绿色基金绩效进行评价,并运用面板数据回归分析绿色基金绩效、投资者关注与资金流量的关系。研究发现,Fama-French三因素模型能很好地解释绿色基金的绩效表现,绿色基金绩效弱于传统基金和市场组合;绿色基金绩效的改善和投资者关注的增加都可增加其资金净流入,且投资者偏好小规模、存续期较短的绿色基金。为促进绿色基金的发展,应充分发挥政府、绿色基金公司、标的企业和非政府组织的合力。
As a special investment fund to promote the development of green industry and low-carbon economy in China,green fund is not only a brand-new financing tool,but also a brand-new innovative management service mode.It has great potential in establishing mature investment concept of investors,optimizing the value discovery and transmission mechanism of capital market.Through the research on the relationship between green fund performance and fund flow in China,it is found that the performance of green open-end funds in China is weaker than that of traditional funds and market portfolios.The improvement of green fund performance and the increase of investors’attention can increase their net fund inflow,and investors prefer small-scale green funds with short duration.In order to promote the development of green open-end funds,the joint efforts of the government,green fund companies,target enterprises and non-governmental organizations should be brought into full play.
作者
唐亚晖
姚志远
肖茜文
Tang Ya-hui;Yao Zhi-yuan;Xiao Qian-wen(School of Finance,Jilin University of Finance and Economics,Changchun Jilin130117;Northeast Asian Studies College,Jilin University,Changchun Jilin130012)
出处
《经济纵横》
CSSCI
北大核心
2019年第8期116-124,共9页
Economic Review Journal
基金
教育部人文社会科学基金规划项目“中国上市公司环境责任的经济意义研究”(编号18YJAZH004)的成果
