Sustainable Research On The Outstanding Achievement Of Chinese Security Investment Fund

As the important organization investor in the financial market, the security investment funds have positive effects in stabilizing the security-market, broadening the channel of investment and financing, and adjusting the flowing direction of capital. It is also the important tool for the mass investors to achieve professional financing. With the rapid development of China's fund industry and the securities market. Fund Performance Persistence became the focus of attention in market theory research and practice fields. To the investors, the continuing research about fund performance history can provide the basis for future investment choice in different fund companies in order to maximize their interests; Fund management companies may find the gap with other fund management companies in profit, thereby strengthening management to improve the level of management, promote competition among fund management companies, China has helped improve the overall management of the fund management company, optional fund management companies to improve the management of selecting stocks; according to the health department to monitor the development of the fund industry to formulate corresponding policies and measures to promote the fund industry's prosperity; Meanwhile, Fund Performance persistence is one of the ways to test the effectiveness of the capital market. Research about the sustainability of the performance of securities investment funds is very common in developed countries.There are many experts and scholars at home and abroad study on the performance of the fund. But in light of the above, experts and scholars at home and abroad continued to study the performance of the Fund failed to reach agreement on the conclusion, In this paper, the sustainability performance of the Fund conducted a study again, it has selected 149 funds established before December 31, 2004 as the sample, Use funds' net-value earning ratio before risk to evaluation the performance persistence of the fund. Then used mainly by independent testing (performance dichotomy) methed and Cross-section regression method, to do the empirical study separately for the quarter data, the semi-annual data and the annual data among three year's achievements of the our country's 149 funds from 2005 to 2007. The research discovered that the achievement of our country's fund has the endurance to a certain extent, but was not obvious. After using two traditional methods to conduct the empirical study , this article carries on the theory discussion for the fund achievement endurance, and the research explanation to the reason of our country fund achievement sustainability, and put forward my own proposal to our country securities investment fund development. As an investor, you may deal stocks according to fund achievement conditions suitably, but cannot depend upon this method completely. This article finally points out the disadvantages in it, and proposes the related suggestion for the future study.