The Study Of Factors On Performance Of Open-end Fund

Up to December31,2013, Our country Domestic Fund Company number has achieved89; In the fund market,the number of the funds is1552, among which,the number of the open style fund is1476.The share scale occupies the complete fund share scale the proportion is96.01%.Its net assets surpass100,300,000,000Yuan, this large-scale property situation has already established the open style fund core status in our country stock market. The development of the fund market, is affecting the general investor’s income, simultaneously is also concerning on the stability of China capital market. Therefore, researches in the fund achievement as well as the influence of the achievement factors have the vital practical significance.Domestic and foreign experts has done lots of researches on the fund achievement as well as the influence achievement factors,and the results of the scholar’s research are quite abundant. This article selects factors on which the general small fund investor mostly concern in the multitudinous factors, in order to study the fund achievement influence factors, as well as the studies on the contribution of the influence factors to the fund achievement.According to the fund achievement theory, the fund achievement is mainly from two big aspects:the ability of choosing the stock and the ability of selecting time.These two kinds of abilities are the ability performance of the fund manager, are the primary causes which the fund achievement forms."Choosing the stock ability" refers that the fund manager carries on the recognition in the different kinds of thestock, making the correct decision in the appropriate point in time which buys up or sells; Using the value investment idea, fund managers buys up the stocks which are underestimated, sells the stock which are overestimates." The market selecting ability" refers that fund managers are able to adjust the shipping space promptly, dispose the risk property reasonably with the non-risk property proportion and judge the market trend correctly. On the base of the foundation theory, we select concentration on stocks, proportion of shareholding, asset turnover ratio, risk and fund scale as independent variables,and select growth rate of net value as the dependent variable. This article structure is as follows:Firstly, summarize the correlatve domain literature, including the fund theories and the fund achievement to carry on the review, then carries on the real diagnosis summary to the domestic and foreign literature.Secondly, this article introduces the method which is going to be used in the real diagnosis analysis, and the reasons of the selection of the variables.Thirdly, use both the qualitative analysis and the quantitative analysis to study the choosing stock ability and selecting the time of the market. And study the contribution of the concentration on stocks, proportion of shareholding, asset turnover ratio, risk as well as the fund scale.First, carries on the descriptive statistical analysis, describing the distribution characteristic of the variabels, for the purpose to give a direct-viewing on the statistical description. Then, in the real diagnosis analysis,buid the Panel Data model to suty the influence and the contribution of the concentration on stocks, proportion of shareholding, asset turnover ratio, risk as well as the fund scale to the growth rate of the net value, from the year from2006to2013,Our country Stock market has experienced "the roller coaster",as a result, Our country Stock market quotation will be divided into three stages according to the time, for the rise stage, the fall stage as well as the shaking stage, then establish the panel data model in this foundation to study separately in the different markets.The conclusion through the analysis are as follows:The concentration on stocks is sensitive to the market trend, in the short term, market quotation rise, the concentration on stocks becomes the the most remarkable variable,which contributes a lot to the fund income.When the market quotation falls, the concentration on stocks does not have the remarkable significant impact on the income of the fund.In long-term, the concentration on stocks has the cocurrent remarkable influence to the growth rate of the net value. proportion of shareholding has the forward function to the fund income except the shaking stock market. The asset turnover ratio has a huge impact on the growth rate of the net value in the fall short-term market stock market. The fund scale does not have "the economies of scale", besides presents in the short-term market drop quotation and the shake quotation to the fund net worth rate of increment promoter action, it has caused the fund income drop in other markets.The risk falls in the short-term stock market which has a negative influence, and it is not remarkable in other quotation and in the long-term market.This article also has further proposals on fund investor, the fund manage as well as the fund supervising department.for the fund investor,Compared with other related literature, the characters of this article are as follows:Firsty,this article has not used T-M model and H-M model to study the ability of choosing the stock,but conducts the proof-like research to study the effects of the varibles.Secondly,in the base of the feature of the stock market,devide the market to study separately.thirdly,use the panel data model,which is different from other research which use the model of time series and the cross-sectional data.The weaknesses of this article are as follows:Firsty, this article seclect37open-end equity funds, due to the limited sample space, this may affect the robustness empirical conclusions.Secondly,this article choose five independent variables, However, In the actual investment behavior, fund investor and fund manager will consider more factors.