贵州财经大学学报 ›› 2025 ›› Issue (04): 51-60.

• 金融经济 • 上一篇    

基金新闻文本情绪、风格漂移与基金业绩

李振东1,2,3, 邓晖1,2,3, 刘林龙1,2,3   

  1. 1. 云南大学 经济学院, 云南 昆明 650500;
    2. 华源证券股份有限公司, 湖北 武汉 430000;
    3. 中共云南省委党校 马克思主义学院, 云南 昆明 650500
  • 收稿日期:2024-11-04 发布日期:2025-07-17
  • 作者简介:李振东(1989—),男,云南大理人,云南大学经济学院副教授,管理学博士,研究方向为会计与资本市场;邓晖(1966—),男,华源证券股份有限公司,金融学硕士,研究方向为证券投资与管理;刘林龙(1989—),男,云南昆明人,中共云南省委党校马克思主义学院讲师,经济学博士,研究方向为金融理论与政策。
  • 基金资助:
    中共云南省委党校基础理论课题"习近平总书记关于创新驱动发展战略的重要论述研究"(项目号:2024YNDXXJ63);云南大学研究课题"科技金融赋能新质生产力的动态再分配机制研究"(项目编号:ZC-24248418)。

Fund news text emotions, style drift, and fund performance

LI Zhendong1,2,3, DENG Hui1,2,3, LIU Linlong1,2,3   

  1. 1. School of Economics, Yunnan University, Kunming, Yunnan 650500, China;
    2. Huayuan Securities Co., Ltd., Wuhan, Hubei 430000, China;
    3. School of Marxism, Yunnan Provincial Party School, Communist Party of China, Kunming, Yunnan 650500, China
  • Received:2024-11-04 Published:2025-07-17

摘要: 基金新闻文本是市场信息的重要载体,不同于现有研究多聚焦于传统财务指标对基金业绩的单向影响,文章旨在研究将文本分析技术与中介效应模型相结合,系统探究基金新闻文本情绪通过风格漂移影响基金业绩的作用路径,并检验不同市场情境下中介效应的非对称特征。实证研究发现:相较于已有研究普遍关注的直接关联,基金风格漂移在文本情绪影响基金业绩过程中展现出显著的中介传导效应;与消极新闻文本情绪相比,积极情绪通过加速风格漂移提升业绩的作用路径存在差异性传导特征,当基金收益为负时,风格漂移对业绩的中介作用力度显著增强,且过度的风格漂移将降低业绩稳定性。研究拓展了行为金融理论在文本信息领域的应用边界,为监管机构识别基金风格异化风险提供了新的监测维度。

关键词: 风格漂移, 基金新闻, 文本情绪指数

Abstract: Fund news text is an important carrier of market information. Unlike existing research that focuses on the one-way impact of traditional financial indicators on fund performance, this study combines text analysis techniques with mediation effect models to systematically explore the impact path of fund news text emotions on fund performance through style drift,and test the asymmetric characteristics of mediation effects in different market contexts. Empirical research has found that compared to the direct correlation commonly studied in existing studies, fund style drift exhibits a significant mediating effect in the influence of textual emotions on fund performance; Compared with negative news text emotions, positive emotions have differential transmission characteristics in the pathway of accelerating style drift to improve performance. When fund returns are negative, the mediating effect of style drift on performance is significantly enhanced, and excessive style drift will reduce performance stability. The research has expanded the application boundaries of behavioral finance theory in the field of textual information, providing a new monitoring dimension for regulatory agencies to identify the risk of fund style alienation.

Key words: style drift, fund news, text emotion index

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