Empirical Research On A-share Fund Preference

Research objective of this paper is classified based on wind database, a Chinese financial information service provider, with standard of different investment style into value fund、growth fund、balance fund. The selected sample is the firm which has at least been held for once by the above fund during period of2009Q1to2010Q2, meanwhile, select22indicators from corporate finance、market characteristic and corporate governance as explanatory variable, explained variable is defined as the ratio of shares holding by fund investors to shares can be traded in the second market.Important research conclusion:1.Sharehold rate of value fund is negatively related to ROE and positively related to ROA, Indicating dynamic preference of the use of leverage and focus for profitability of overall assets for value fund managers.2.Only growth fund relatively focus on the value of assessment indicators in three kinds of fund.3. For the interference of seasonal factors, make seasonal net profit comparative growth on moving base is not the suitable predicted indicator for explaining the holding preferences of balance fund managers.4.A11the fund is negatively related to stock turnover rate of earlier stage, we infer that fund managers avoided the short-term actively traded stock or herd behaviors existed in individual investor who like to following the tendency of fund investment. On the other hand, Chinese institutional investors argue that Chinese stock market has not yet entered into weak effective market.5.Inclined growth fund prefer high EPS and low stock dividend firm, inclined value fund like high ROA company.Innovation of this paper has mainly two aspects:First,we selected our explanatory variables from wild perspective, meanwhile, we also focus on special indicators such as relative performance of single stock with market to test whether fund investors has taken momentum strategy or anti-momentum strategy, and further test whether Chinese institutional investors argue that Chinese stock market is weak efficient. For another thing, we classified fund based on their distinctive investment style and tested different preferences.In empirical test, we summarized our conclusion, which will impose a positive influence on mutual understanding of participants, policy making process of regulators and self improvement of investment fund...