중국에 투자한 해외주식형 펀드의 성과와 현금흐름 관계

This paper evaluates the flow–performance relationship of overseas equity funds invested in China. Considering the growth cycle of China's stock market and market conditions, this paper investigates the fund's performance-cash flow sensitivity to understand the reaction of Korean investors. The empirical findings are as follows. First, in order to analyze the sensitivity of past performance and net cash flow of overseas equity funds invested in China, the past 1 month, 3 months, 6 months and 12 months' performance as the performance measurement period to measure the impact of past performance on cash flow, the results show that there is a significant positive (+) relationship between fund performance and cash flow. Second, from the perspective of China's public fund industry, considering the growth cycle of China's stock market, the relationship between fund performance and cash flow is verified by stages. During the opening period of China's stock market (2016-200), there is a significant positive relationship between fund performance and net cash flow. Thirdly, to use the piecewise linear regression model to test the robustness of the flow–performance relationship and convexity is observed for the relationship between fund performance and cash flow. Fourth, considering the stock market of China's uncertainty and great variability, according to the stock market states, the high past performance portfolio of overseas equity funds is more sensitive to cash flow during the period of high market risk premium. By analyzing the cash flow of overseas equity fund investors invested in China, the investment decisions of individual investors and the scope of investors' understanding of trading behavior can be more deeply understood.