熱門點閱基金的宣傳與外溢效果

Abstract

本文採用panel data regression，並考量基金流量與績效之間非線性的關係，參考Sirri and Tufano（1998）採用piecewise的方法將基金績效分成高、中與低三組，探討被點閱上了人氣排行榜的基金是否能吸引較多的流量，並進而為家族其他基金帶來外溢效果。實證結果顯示被點閱的基金偏向於有較佳的績效，而這因為佳績效而被點閱的基金也因此有較高的流量，對基金產生了淨流入的效果。對於投信而言，即便這些基金沒有為家族其他基金帶來外溢效果，但仍為家族帶來顯著為正的流量，顯然這些受網路關注的基金創造等同於或優於傳統大眾媒體的行銷傳播效益。對於投資人而言，因為這些熱門點閱基金後續一年與兩年均有較高的風險調整過後的績效，因此申購熱門點閱基金為正確的決策。

This study adopts panel data regression to investigate whether the top 100 clicked funds can attract more flows for themselves and other funds in their families. Due to the non-linear relation between fund flow and fund performance, this study follows Sirri and Tufano (1998) to adopt the piecewise method to group performance into high-, medium- and low- performance groups. The empirical results demonstrate that the clicked funds tend to perform better than non-clicked funds. The better performing funds then earn more clicking and consequently attract more flows. Regarding fund companies, the clicked funds attract significantly positive flows for their families even they do not bring spillover effect. Apparently, the benefit of funds from internet may be equal to or larger than that from traditional marketing of media. Regarding investors, they make a proper decision to purchase the clicked funds because the following risk-adjusted returns of these funds are higher in one and two years.