作者：叶飞腾
摘要/Abstract
本文研究发现中国的明星基金能提高整个家族的资金流量，这与国内基金家族极力打造明星基金的现象相符。进一步研究发现，明星基金提高家族净流量的途径主要是明星基金通过提高自身的基金净流量，进而提高家族净流量。本文并没有发现明星基金存在溢出效应，即明星基金对提高本家族内非明星基金的资金流量并没有显著地作用。草莓基金也有类似的结论。本文的发现表明，虽然整体上基金业绩与基金流量存在负相关，明星基金却能增加基金流量，草莓基金会降低基金流量。说明中国的赎回异象（负FPR）是由业绩处于中游的基金引起的，而不是明星基金或草莓基金引起的。
This paper finds that star fund could raise fund family's cash inflow. This is consisted with the phenomenon that in china fund family are eager to construct star fund. Additional test show that star fund raises fund family's cash inflow mainly through increasing its own cash inflow. We do not find the evidence of spill over effect of star fund, namely, star fund do not has significant effect in raising cash inflow of other fund in fund family. Contrasting to star fund, Dog fund has similar effect. These evidences show that star fund can increase cash inflow and dog fund would decrease cash inflow, although in the whole fund performance is negatively related with cash inflow. In addition, this paper tells us that the anomaly negative FPRin Chinese fund market is mainly caused by funds whose performance ranking is in the middle, rather than by star funds and dog funds.