Empirical Research On Fund Investment Style In China

This paper introduced foreign funds development process and the status quo of Chinese fund industry, practiced our country securities investment style distinction from theory to elaborate, summarizes and refines a set of method for fund style distinguished. At present, fund has become the most important institutional investors and the fund industry's healthy development is of great and far-reaching influence of Chinese capital market. Funds with different investment styles can not be compared directly, only the comparison in same style would be meaningful. Therefore, the style discrimination is the basis and premise of fund performance, fund style is of great significance to fund managers and investors alike.This article explained two ways for the investment style distinguishing, stock characteristic and earnings ratio. Former attention the stock character thus appraisal fund investment style, latter attention fund earnings ratio and style index earnings ratio comparison, thus determined fund investment style. This article took the second method and the scope is open stock fund. In the analysis aspect, first recruits the instruction booklet according to the sample fund the description to induce nominal style, receives carries on distinction fund investment style using the Gruber model, then further carries on the distinction analysis in the Gruber model analysis foundation and gathers a kind of analysis, between these four analyses process conclusion mutual comparison and obtain the conclusion: Said to the open style stock fund, although had the quite partial funds to depart from the fund to recruit the name investment style which in the instruction booklet declared, but the fund investment style from the main body still followed the nominal style which its declared; Our country open style stock fund investment style tends to consistently by large and growth investment style primarily, but displays in the growth investment style prominently.