Investors Appropriateness On Open-end Fund In Our Country

Those cases bring enormous loss to investors, which likes Bankers Trust sued Dharmala, Morgan Stanley sued Puglisi and Lehman brothers’Mini bonds in Hong Kong and so on. Those events are due to neglect the investors appropriateness in financial regulation, but investors lost the most. So the research in the investors appropriateness is an important measure to protect the interests of investors.The investors appropriateness in China just stay in system construction and legal aspects, But we introduce quantitative analysis in the investors appropriateness of themselves. We are try to estimate investors’risk tolerance through learning investors’information. From the results of the analytic hierarchy process, we find investors’financial situation(mainly is family income and have real or not) is the main factor affecting their appropriateness. The age、marital status、family size in basic situation and the education degree in cognitive ability to risk also have a certain influence on the investors appropriateness.Based on the research on the investors appropriateness of themselves, we do research on China’s open-end fund market, whose purpose is explore that whether the products in China’s open-end market can meet the needs of different investors. The research will lay basis for the quantitative analysis on the investors appropriateness in sales process. We analyze the dibersity and persistence of open-end fund by using statistical analysis tools such as SAS、EVIEWS、 EXCEL. From the result, we find that open-end funds have diversity no matter through rating or weighted rate of return, and it do exist "good" fund in open-end fund market. On the other hand, China’s open-end fund do not have the long-term persistence, So when investing in open-end fund market, it is not reasonable that investors can not only pay attention to the fund performance over the past.The innovation of this paper is through the analysis of relevant research both at home and abroad, puts forward the preliminary quantitative market investors in China’s open-end fund appropriate analysis platform, at the same time, uses more novel analysis method-the method of factor analysis for rating the fund, but the quantitative research to investors own proper research, and no involving generalized investor suitability, it is the shortcomings of the thesis, and later analysis investor suitability quantitative research priorities.