The Empirical Analysis Of Indemnification Of Fund Family

Rapid development of fund market in China of the capital market,fund with its huge investment and professional characteristics become one of the most important investment main body of capital market.Especially in recent years,the financial entered the Internet era,the Internet giants such as alibaba,tencent launched the essence for fund affiliate business,further expansion of our country's funds.Funds movements had a huge impact on capital market,investors and regulators pay close attention to.Fund investment behavior whether do law-abiding,reasonable,whether the faithful performance of the fiduciary duty of problems become increasingly important.Under this background,this paper first compares the fund industry in China and the United States,and their development environment,then introduced the operation mode of the fund to our country.Based on this,studied the fund performance can keep,and then discusses whether fund performance for lack of sustainability is because fund management companies to use its management status,using the cooperative strategies,for the indemnification of its funds.This article mainly from 2008 to 2015 for seven consecutive years of open-end equity funds related data as the overall sample space,through data processing,to study the existence of the interests of the fund family transport.Based on the fund performance of sustainable transport,and then discusses the interests of the fund family rates by age,management,scale,historical income level of the four indicators,respectively will fund is divided into high value and low value funds,with its monthly yield were studied.To deduct the yield determined by the scope of its investment in yield obtained by the return on investment style.High and low income by the net value of fund style has significant differences,as well as the age difference and fund,investment style,whether belongs to a fund family factors such as relationships.Analysis results show that:first,the weekly return as evaluation objects,fund performance persistence,but at month earnings as evaluation objects,fund income did not show the continuity;Second,according to the history of income and expenses is high,the low yields its net value of fund style have significant differences,fund family history could be low management fees,low income of the interests of the fund transfer to the high management cost rate,high historical earnings of the fund.