关键词: 网络媒介, 投资业绩, 基金直播, 金融知识, 投资者行为

Abstract: With the rapid development of the internet，live streaming on the web has quickly risen to the pinnacle of the digital economy wave，becoming a new online medium that caters to the upgraded demands of residents However，theres a dearth of research on its impact from the live streaming media perspective This study focuses on fund live streaming，evaluating its wealth effect on individual investors to better meet their growing wealth management needs
Fund live streaming，as a mode of showcasing fund operations and conducting investor education through live streaming，offers a convenient and efficient channel for investors It provides a more intuitive understanding of fund products，facilitates realtime tracking of investment strategies，and offers professional advice and market analysis Consequently，a pertinent question arises：does watching live streaming to purchase funds truly enhance individual investors performance?
To answer whether purchasing funds through live streaming can improve individual investment performance and explain the mechanism behind it，this paper uses survey data from 52 897 individual fund investors in 2021 and 2022 The primary findings can be summarized as follows：Initially，the act of watching live streaming to purchase funds facilitates investors in achieving profitability within the fund market Secondly，fund live streaming augments investors performance through various pathways，including the enhancement of financial knowledge，the augmentation of investment diversification，the cultivation of profittaking and stoploss practices，and the mitigation of chasing hot trends Thirdly，the efficacy of watching live streaming to fund purchases in enhancing individual investor performance is particularly pronounced among elderly demographics，individuals with lower monthly incomes，those lacking investment experience，and marginalized populations residing in underdeveloped digital finance regions Interestingly，this phenomenon does not significantly impact investments in closedend funds Lastly，passive engagement in entertainmentoriented fund purchases by live streaming fails to bolster the probability of performance enhancement for investors Instead，active engagement with highquality content，coupled with continuous learning of financial principles and the selection of highyield products during live streaming，emerges as the key drivers for investors to achieve more favorable outcomes
This study significantly contributes to the understanding of individual investors decisionmaking processes through fund live streaming，a topic that has been underexplored in research By investigating the wealth effect of fund live streaming，it fills a critical gap in the literature，providing valuable insights into how this emerging platform influences investment outcomes Additionally，the study enriches the existing evidence base on factors shaping investment performance，offering a more comprehensive understanding of the dynamics at play Furthermore，it advances our comprehension of investor behavior in online media by exploring how fund live streaming enhances financial knowledge and mitigates irrational biases，ultimately leading to improved investment decisions and outcomes

Key words: new online media, investor performance, fund live streaming, financial literacy, investor behavior