Empirical Research On Fund Family Effect In China

Since the China’s first open-end fund,hua’an innovative fund had established, open-end fund market in China has been gradually mature after 12 years of reform and development.It is worth that the principal-agent mechanism in securities investment funds is difficult to ignore.As the same time,fund management company as an independent interest subjects restricts healthy and stable development process of the securities investment fund market.Focus on pursuit of self-interest maximization of fund family, this article build investors fund demand model and profit maximization model of the family.I have studied fund family effect of investors’ heterogeneity and family fund members in open-end fund market of our country.The first chapter introduces the background and significance of the research. Also the related issues are reviewed and evaluated at home and abroadThe second chapter introduces the general situation of fund market in our country.Including current situation and the classification of the fund,as well as development charateristics of fund family from preference and resource allocation behavior.The third chapter analyzes the independence of fund family members in theory.By introduction of theoretical model method,the paper analyzed fund family optimal strategy coped with investors heterogeneity problem and the choice between raise funds rate and expand the scale of fund’s assets.The forth chapter is the empirical study on the relationship between fund family and investor heterogeneity through linear regression and generalized moment estimation method of dynamic panel.The results show that there is heterogeneity result from fund family.Forther more, fund family effect is greater than the individual differences to the impact on investor behavior.The fifth chapter is the empirical study on fund family effect on fund performance and fund proliferation through linear regression and generalized moment estimation method of dynamic panel.Fund family has beneficial impact on members of the fund’s performance to attract investors when low degree of differentiation.Fund family proliferates fund to enlarge the scale of family fund when high degree of differentiation.The sixth chapter in this paper is the main conclusion,besides points out the shortage of this paper finally.