Research On The Brand Strategy Of Chinese Fund Families

As an important produce department of fund marketplace,fund families centralized manage many fund products under their flag,and often make investment tactics for realizing whole families' maximize benefit.In order to enrich domestic institutional investor's development theoi,probe the general operation rule of fund marketplace,delve the impacts of investment behavior of fund families over fund holders' rights and interests enhance the operational efficiency of China's fund marketplace and entire capital market,this paper studies the existence and effectiveness of fund families' brand strategies on the basis of analyze the current survival situations of our country's fund families such as industrial structure and developing condition.This paper's adopt an analysis pattern which combines qualitative analysis with quantitative analysis and empirical investigation.First,I introduce the relevant concepts of fund families,and analyses many relevant documents which study the fund families at home and abroad.Then,this paper reviews the fund marketplace's operational state of our country in recent years,analyses its current living environment and present situation,and concentrates on studying the existence of fund families' brand strategies.Furthermore,this paper builds star funds' spillover effect model and demonstration effect model respectively, and does empirical analyses to reach the relevant conclusions,so as to study the efficiency of fund families brand strategies on improving the welfare of fund families and investors.Finally,I submit some relevant policy recommendations in view of the development of our country's fund industry and the brand strategies behavior of fund families.By empirical study,I find that:(1) Their exists the fund families' brand strategies in our country's fund marketplace,fund families maybe carry out the strategies in their actual investment activities,painstakingly make some fund's performance of the fund families goes down,in order to lift up some other fund's performance,making the fund brand.(2) Empirical results of the star fund's spillover effect model indicate that the behavior of making a brand fund can raise the families' overall yield,the star funds do have spillover effect.Fund investor not only favor the star fund,but also incline to increase buy proportion of the fund families' other funds.Therefore,brand strategy could raise the overall assets scale and the marketplace of a fund family.(3)The favor of star families can not improve investor's welfare.The empirical results of star fund demonstration effect model indicate that there is no demonstration effect in our country's fund marketplace.That is to say,star families' normal funds has not more stronger investment ability than other families' funds,the star fund does not have the ability to guide or demonstrate other funds to improve performance. Therefore,the brand strategy of fund families is harmful to investor's welfare. (4)Two discoveries about the investors behavior of our country's fund marketplace:firstly,our country's investors performs a positive redemption relationship when purchasing stock funds and active allocation funds;Secondly, investor always continuously disperse the money in several funds of one fund family to achieve the goal of investment risks decentralization,investment instrument diversification and investment utility maximization.