主题：基金持股与DEA效率：网络视角下的研究（Mutual Fund Shareholdings and DEA Performance: A Network Perspective）
Bing LI, Associate Professor of Finance at the Business School of the University of Shanghai for Science and Technology. He got his doctoral degree from Tokyo Institute of Technology, and he was a postdoctoral researcher at the Financial Research Center of Fudan University and a visiting scholar at the Business School of University of Western Australia. His main research areas include economic networks, financial markets and institutions, international investment, quantitative investment, green finance and innovation.
We focus on the Chinese mutual fund market to study the relationship between mutual funds’ shareholding network and their efficiency. The shareholding network is constructed based on the fund’s shareholding data and the fund’s efficiency is measured by the DEA model. The research results indicate that the higher the centrality in the shareholding network, the higher the efficiency of the fund. Furthermore, we investigated the information mechanisms by which network centrality enhances fund efficiency, namely the information access effect and the information transmission effect. The empirical results show that a higher centrality in the fund network can result in lower market synchronicity for the investee company’s stock price, indicating that the fund can acquire and provide more firm-specific information to the market; the trading behavior of higher centrality funds can be followed by the lower centrality funds, indicating the information transmission channel between them. The research can provide decision-making references for regulatory agencies, fund managers, and individual investors.