支付宝理财界面上在用户点击赎回基金产品时推送信息干预弹窗，通过助推的手段鼓励用户长期持有或转换成更适合自己的理财产品。在支付宝用户行为和持仓数据的基础上，本文对信息干预的有效性、信息干预效果在不同信息干预类型与用户类型上的异质性进行分步骤分析，旨在全面探究赎回信息干预对投资者行为的影响。实验分三个层次：一是探究信息干预是否有效；二是探究什么类型的信息干预效果更好；三是探究信息干预的人群异质性。对于一，通过对比实验组和非实验组的数据，结果显示相对于无干预，信息干预可以显著降低用户的赎回倾向。具体而言，从持有期长度来看，除了盈利较多的客户，用户持有时间越短，信息干预抑制赎回的效果越好。从持有期收益率角度来看，信息干预对亏损用户的赎回倾向的抑制效果较好。相对于随机干预，个性化干预的效果更好。对于二，考虑具体的干预类型，对用户冲动行为提醒的信息干预效果较好，这种行为包括持有期过短、频繁交易和追涨杀跌等。对于三，从用户年龄来看，信息干预对青年较有效；从用户资产水平来看，资产规模越大，信息干预的效果越好；从干预次数来看，干预次数越多，干预效果越差，同一用户对再次干预较首次干预表现出了干预疲劳的倾向。

整体而言，信息干预对用户赎回倾向的抑制作用基本符合预期。但助推对用户的有效性不是一劳永逸的，要针对用户的投资情况和之前受到的信息干预情况做适应性调整。本毕业论文是助推在基金投资领域的研究拓展，对于探索新型投资者教育、投资者行为纠偏有一定的启发意义。

The Alipay financial interface proactively engages users with redemption information interventions during fund product redemptions, encouraging them to either maintain their investments over the long term or pivot to financial products that better align with their needs. Drawing on Alipay user behavior and holding data, this study methodically investigates the efficacy of redemption information interventions and the variability of their effects across different intervention types and user demographics. The objective is to thoroughly assess how redemption information interventions influence investor behavior. The research is structured into three phases: initially, it assesses the overall effectiveness of the information interventions; subsequently, it differentiates between the impacts of various types of information interventions; and finally, it examines the differential effects of these interventions across diverse user groups. For the first part, by comparing the data between the experimental group and the control group, the results show that compared to no intervention, information intervention can significantly reduce users' tendency to redeem. Specifically, in terms of the length of the holding period, except for customers with higher profits, the shorter the user's holding time, the better the effect of information intervention in suppressing redemption tendencies. From the perspective of the return rate over the holding period, information intervention has a better effect in curbing the redemption tendency of users who incur losses. Compared to random interventions, personalized interventions are more effective.In the second phase, interventions that caution users against impulsive behaviors—such as brief holding periods, frequent trading, and reactionary buying or selling—prove most beneficial. The third phase indicates that younger investors are more receptive to information interventions, as are those with larger asset holdings; however, the effectiveness of interventions diminishes with increased frequency, suggesting a phenomenon of intervention fatigue among users who experience repeated engagements.

In summary, while information interventions largely meet expectations by curbing users' tendencies towards redemption, their influence is not definitive and enduring. Instead, these interventions require adaptive adjustments tailored to individual investors' circumstances and their history of interactions with such interventions. This thesis extends the exploration of nudging within the realm of fund investment, providing valuable perspectives for pioneering investor education strategies and addressing irrational investment behaviors.