Research On The Performance Of Grading Fund In China

As a new financial instrument, the securities investment fund has occupied a space in China’s capital market with its unique advantages. However, China’s capital market is not very perfect, the market system and regulatory measures to be strengthened. Since the securities investment fund is a kind of financial management mode, it can’t avoid the contradiction between profit and risk. Thus, the financial product innovation- Structured mutual fund is just here.In July 2007, the first Structured mutual fund---UBS Investment Ruifu classification Fund(old Ruifu classification) listed, which is China’s fund industry has injected fresh blood. Fund is a kind of investment portfolio, which through the fund share of the proceeds of risk reconstruction, the use of leverage multiple differences, creating a series of different risks, different leverage coefficient and adapt to different groups of investment products. Therefore, it is necessary to study the performance of the classification fund.This paper first introduces the characteristics of the hierarchical Fund-the leverage, through the analysis of its share of the conversion mechanism and the conversion mechanism, the operating rules of the leverage mechanism. At the same time, combined with the modern portfolio theory, risk preference theory and effective market theory to analyze it, to lay the theoretical foundation for the following empirical research.Next, this paper introduces the evaluation system of the performance of the classification fund in China. In this paper, we establish a comprehensive, professional and reasonable evaluation index system, which is based on the fund rating system and influence factors of three rating agencies, and then explain the three major factors affecting the performance of the fund. Income risk factors mainly with net growth rate, standard deviation, winning, with an annual turnover of the four indicators to measure and cost scale with management fees growth rate, total assets growth rate of two indicators to measure, value and price leverage is used to measure Fund Classification of lever mechanism. These eight measures are three major factors affecting the performance of the fund.On the basis of the above, the use of principal component analysis to select the establishment of the 20 graded fund in 2013 to carry out an empirical analysis. Different types of fund products, the results are also different, even the same type of fund products, due to the fund manager’s investment style is different, it will be different. It is proved that the evaluation system is feasible, and it can make up for the deficiency of the fund rating system of the three rating agencies.Finally come to the conclusion of this paper, the study on the classification performance of fund in our country needs a comprehensive, professional, reasonable rating system, and domestic rating system is defective and aiming at the limitation of the proposed some feasible suggestions, establishment of rating agencies access rules, and enhance the professionalism of the rating agencies, increased ratings of study period, and increase supervision, establish and maintain the good performance of the fund rating system.