| Chinese fund industry started in the1990s, after rapid development, has been the important part of the securities market with stocks, bonds and futures in our country now. More than20years, China’s fund industry has experienced by the closed-end funds issue as the beginning, and then to open-end fund, and to develop to the open-end equity funds as the main type of development. In2001, the establishment of China’s first open-end fund of hua’an innovation fund marked the beginning of the open-end fund in China, and then Chinese fund industry by the closed-end fund translated to open-end fund from the cross. Open-end fund with its own freedom of purchasing and redemptive and good liquidity characteristics to flourish, gradually replace closed-end funds, become the mainstream of the fund market. With various laws and regulations of China’s fund market, fund market appeared an unprecedented momentum of development. According to the China securities industry association statistics, by the end of2013, China’s fund market in quantity of Management Company, the number of fund, the fund’s assets and share has achieved rapid growth, In China’s fund industry rapid development at the same time, however, problems also gradually highlights of fund market in our country. However, when Chinese fund industry developed rapidly, problems also gradually highlights of fund market in our country at the same time.For example, the principal-agent problems between the fund market main body, the low efficiency of fund managers of fixed rate management mechanism and frequent fund shall redeem fund volatility, etc. The existence of these problems restricts the development of fund market in China the pace of progress.The behavior of fund self-purchase is a phenomenon arising from the fund market in our country in recent years. Fund self-purchase divided into self-purchase and self-redemption, is refers to the behavior of fund management companies to use their own fixed capital purchase or redemption of funds under management. At present, the analysis of the phenomenon just explain in simple analysis related people to network and securities news, few theoretical and empirical studies about this behavior. However, the fund management company is a bridge connecting fund investors and fund managers. Fund management companies as agents have double identities of the principal which play an important role in the fund market. The behavior of the fund management company is universal attention by fund market. So researching the effect of fund management companies self-purchasing behavior, through the behavior and the influence of the relationship between fund performances to reveal the real aim of self-purchasing behavior, study the influence on fund market has important practical significance.The article is divided into six parts. Specific content as follows:The first part is the introduction. This part firstly introduces the research background, research purpose and significance of this article. Then writing way is introduced in this paper, including literature research, theoretical analysis and empirical analysis and the architecture of writing and thinking. The last is innovation and contribution of this study. Main innovation and contribution of this article is:first, advanced the theory of dynamic principal-agent relationship analysis method. Then combine static double principal-agent theory to analyze the fund management company self-purchase behavior. Second, fund management companies self-purchasing behavior begins to increase gradually, but the research of this behavior is less in the fund market. In this paper, the fund management company self-purchase behavior has been carried on the theoretical and empirical analysis, and reveals the reasons of this phenomenon and purpose. It is great value to guide the investor decision-making, strengthen the supervision of regulators to fund market. And the article enriches the fund market behavior research literature.The second part is literature review. This part mainly from literature on fund performance evaluation indexes and the factors influencing the fund performance two aspects to carry on the review research literature. Fund performance evaluation literature review part mainly introduces the mean-variance model, Jensen index, Treynor index, Sharp index model, the model T-M and H-M model with their evaluation principle, and the advantages and disadvantages as well as the use of the analysis and evaluation. Fund performance influence factors research literature review at home and abroad is introduced in this part of the concern of scholars and the fund size and fund cost rate, fund managers, fund investment style, family characteristics and the influence of fund flow of fund performance research conclusions and are reviewed.The third part is the theory analysis of fund management companies self-purchasing behavior based on the theory of information asymmetry, double principal-agent theory, signal theory and the theory of herd behavior of funds Management Company since the purchase behavior are analyzed in theory in this paper. In the fund market, fund investors, fund managers and fund investors caused cause the problem of "adverse selection" and "moral hazard" by asymmetric information between the fund manager and fund management companies, fund management companies and fund managers of double principal-agent relationship.Fund investors based on "signal transmission effect" and "herd behavior" tend to follow the behavior of the fund management company. Fund management companies as "rational man", however, know its market position as well as their behavior can have an important impact on the fund market. Fund management companies may influence investors’ decisions through its behavior Therefore, the fund management company since purchase behavior research, reveal its behavior purpose and passed by the signal quality can help investors to make rational decisions and regulators to make reasonable policy.The fourth part is the research hypothesis and research design. First, this part puts forward four research hypotheses of this article based on theoretical analysis:(1) the fund management company since subscriptions and performance is significantly positively related to the current fund;(2) the fund management company since the subscriptions and a period after the fund performance significantly positive correlation;(3) the fund management company since redemptions is negatively related to the current fund performance significantly;(4) the fund management company since a period after the redemption behavior and fund performance significantly negative correlation. Secondly, this article selects the amount of fund Management Company self-purchase as the explained variable; Fund performance as the explained variable; Select the fund size and fund age, fund investment style, number of fund management companies, fund purchase or redemption rate, and fund manager degree level as control variables. Then, according to the assumptions and variables set up two models. Finally, this part introduces the variable data sources and sample selection.The fifth part is the empirical research and analysis. This article respectively to the fund Management Company self-purchase and self-redemption behavior carried on the descriptive statistical analysis, the correlation test, regression analysis model, and robustness test. And the various empirical research results were analyzed, explained the meaning of the results. Through empirical research, this paper found that the fund management company self-purchase was negatively related to current fund performance, rejected the hypothesis1; Fund management companies self-purchase and fund performance is related, also declined to hypothesis2; self-Redemption of the fund management company positively related to the current fund performance, refused to assume3; self-Redemption of the fund management company is negatively related to the after-period fund performance accept the hypothesis4.The sixth part of this article is divided into three parts:the research conclusions, policy recommendations and the insufficiency. In this paper, the study found that the fund management company self-purchase behavior and the effect of the self-redemption behavior is not symmetrical. First, the fund management company self-purchase behavior is negatively related to the current fund performance but related with after-period of fund performance, suggests that the fund management company self-purchasing behavior does not have fund the signal of better performance, the fund management company self-purchase order to expand the scale of fund, avoid funds were liquidated.etc, and that purpose is short, do not have long-term effect. Second, the fund management company self-redemption behavior and performance of the current period are related, and after a period of fund performance is significantly negative correlation, that the fund management company self-redemption behavior on behalf of the fund performance deterioration. As a result, the fund management company self-purchase is not real signal that fund performance good, self-redemption of fund management company truly represent the fund performance decline in the future.Given the research conclusion of this article, the author puts forward the corresponding policy recommendations. For investors, should be rational view of the fund management company behavior, do not blindly follow suit. The fund management company self-purchase behavior can mislead investors’ decision-making, investors should invest cautiously.The fund management company self-redemption behavior is the signal of the fund performance decline, fund investors can be used as indicator. For regulators, it should be developed based on the pros and cons of fund management companies self-purchase behavior impact on the fund market corresponding measures to avoid market volatility caused by the act, but also play a positive role in the behavior of the market.Finally put forward the research deficiency and the prospect of future research in this paper. First, the sample size is small in this article, so, the article is the lack of representation may be the biggest flaw. Secondly, in this paper, the research on purchasing behavior is relatively shallow, purpose for purchasing behavior is simply divides the two rivals, and fund management companies purchased purpose may be various. Therefore, in future studies, with the increase in cases of self-purchase behavior, constantly improve the sample size of the study is to improve the focus, in addition, self-purchase of the fund management companies aim for a deeper and more behavioral segmentation analysis can reveal the full influence of this behavior. |
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