中文摘要：

资本市场存在广泛的网络联系，金融活动中的单位体是相互依存的并且处于彼此关联的网络中，网络中的个体之间的相互关系是市场关注的重要问题之一。本文以2009-2014年中国开放式基金数据为样本，通过基金资产组合特征分别构建基金之间的社会属性网络、近邻网络、持股相似性网络以及资产组合行业相似性网络，利用空间计量方法考察了基金资金流量的网络溢出效应。结果显示：基于基金不同的网络特征，基金之间的资金流量具有显著的溢出效应，这种溢出效应仍然遵循“业绩一资金”的传导途径。这些发现意味着，基金网络结构对基金的资金流量存在重要影响，基于重仓持股的网络结构促进了机构行为的一致性。本文的研究有助于对机构交易行为的理解，也有利于加深对资本市场的认识。

英文摘要：

The network in capital markets is widespread since the agents of financial market are interdependent, and are related to each other. In this paper, we construct the social attribute network, the nearest neighbor network, the stock holding similarity network and the asset portfolio industry similarity network using portfolios held by mutual fund data from 2009 to 2014. The empirical results show that the fund＇s capital flow has a significant spillover effect showing that based on these three different networks. The spillover effect is followed by the ＂performance-flow＂ effect. These findings imply that the network structure of fund play an important role in the mutual fund flow. This study helps to understand the trading behavior of institutions and deepen the under-standing of the capital market.