发表期刊：Journal of Financial Markets
发表时间：March 2026
作者及单位：Fuwei Jiang(Center for Macroeconomic Research, School of Economics, WISE, Xiamen University), Wei Ning, Can Yang
摘要：We examine the economic impact of platform marketing on mutual funds and fund families in China. The growth of platform marketing encourages funds to enhance performance by improving managerial skills rather than increasing risk-taking, and inspires fund families to induce more frequent fee reductions and stronger product innovation. Enhanced competitiveness and expanded investment demand lead to greater market share and higher profitability. Platform marketing intensity from funds in other families and the same type of funds generates more pronounced economic effects. Our findings reveal how distribution platforms contribute to incentive-aligned market mechanisms in the wealth management industry.
关键词：Mutual fund; Platform marketing growth; Fund management; Principal-agent problem
