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

摘要： 党的二十大报告明确提出“多渠道增加城乡居民财产性收入”的目标。本文基于个人投资者微观调查数据从基金直播的视角探讨了网络新媒介对个人投资业绩的影响及其作用机理。研究发现，观看直播购买基金让投资者更易在基金市场中盈利。机制分析表明，基金直播通过增进金融知识、提高投资分散化程度、形成止盈止损习惯、抑制追逐热点等路径提升个人投资业绩。异质性分析发现，基金直播对业绩的提升作用在老年群体、低月收入、缺乏投资经验以及落后数字金融发展地区等群体中更显著。拓展探讨发现，利用基金直播进行投资应避免过度娱乐化，关注直播内容质量和学习金融知识才是重中之重。本文对引导个人投资者科学化投资，发挥资本市场投资者的财富效应提供了参考依据。

关键词: 网络媒介, 投资业绩, 基金直播, 金融知识, 投资者行为