A Study On The Performance And Influencing Factors Of Domestic Open-ended Equity Fund

With the development of domestic capital market, securities investment funds has gradually approached people's life and has become the significant constituent part in national economy. The performance of securities investment funds and its influencing factors have become the investors'focus. This thesis aims at finding a way to evaluate the performance of our domestic open-ended stock fund and to effectively research the factors which affect the performance of open-ended equity fund.This thesis, taking open-ended equity fund as its research object, examines the performance of 34 funds raised in 2007 which have experienced the risk adjustment from 2008 to 2010. The evaluation system of security investment fund's performance has also been established by applying factor analysis method. By employing the classic T-M and H-M model, this thesis analyzes the capability of fund managers when they have to select time and funds. Through two-way table method and grouping method, the thesis conducts a survey on the continuation of fund's performance in order to make clear whether the performance of the last issue fund has the impact on the next issue. Taking fund performance after factors analysis as dependent variable and fund subscription rate, redemption rate, stock trading fee, fund shareholding, concentration rate of industry, overhead rate, trustee fee, other rate, fund size, fund manager's practicing time, fund manager changes and the total number of funds in subordinate fund company as its independent variable, this thesis conducts the multiple linear regression and analyzes the noteworthy factors affecting the performance of our domestic open-ended equity fund.The research demonstrates that the sample fund within a certain time performs badly and lacks of continuity and the fund manager lacks the capability of choosing right fund and time. Among many factors which influence the fund performance, fund shareholding, fund manager changes and the total number of funds in subordinate fund company have an obvious influence on fund performance. Based on research, this thesis gives some suggestions on how to improve the performance of our domestic open-ended stock fund.