Publicly Offered Funds Strictly Abide By The Contractual Investment Style?

Public offering fund is a kind of fund that is managed by professional team,so as to disperse risk and increase profit.The development of securities investment funds has attracted wide attention from all walks of life.Nowadays,securities investment funds have become one of the main investment methods for institutional investors and individual investors.The types of securities investment funds are constantly increasing,and their corresponding investment styles are also increasing.However,due to a variety of reasons,such as the Chinese stock market high speculative,domestic fund managers are often keen to chase hot spots,unable to form a stable investment style,thus more or less deviated from the agreed investment style,it essentially constitutes a "default".Reasonable benchmark results can not only effectively stabilization fund investment style,but also to investors fund performance accurate measurement and assessment of fund investment management ability,to make rational investment decisions.Funds have a duty to strictly abide by the contract commitment,therefore,in accordance with the agreement on the benchmark for the comparison of the performance of investment style investment operation.Based on the the perspective of benchmark,learn from Sensoy(2009)the research method of the empirical test in our country open-end fund(stock type and mixed type)whether agree with the actual investment style benchmark,and further analyze the motivation of fund from performance benchmark and its consequences,this research in China is still very rare.In this paper,from 2004 to 2015,the stock type and mixed type open-end fund as samples,build the benchmark adjusted returns four factor model,and use the metering method,such as panel regression testing fund investment style is deviating from the benchmark performance.We found that quite some funds from its agreed the market or value performance benchmark,excess configured with a small dish or growth stocks;Fund actual performance benchmark "beat" will bring the excess funds flow,reflect the fund deviating from the benchmark performance is the strategic behavior of the pursuit of scale;Finally,the fund investment deviation performance benchmark does not lead to higher risk adjusted returns.Public funds explicitly stipulated in the fund contract(contract)performance benchmark,as a measuring investment style and risk and return characteristics of benchmark portfolio.Strictly abide by the results in practical operation,then,funds in the investment style of "convention" ?By constructing benchmark adjusted returns four factor model,the empirical test fund investment style how to deviate from its performance benchmark,found funds mainly through small excess configuration or growth stocks deviate from the market or value performance benchmark,this is the size of the fund,the pursuit of maximization of strategic behavior,however,the fund is deviating from the benchmark performance will make investors to take on more risk,not higher risk-adjusted returns to investors,adding to the conflict of interest between investors and fund managers.Conclusion in this paper for establishing reasonable benchmark results,regulators related to fund "default" is of important value in such aspects as behavior regulation.The structure of the article is divided into five chapters,the first chapter is the introduction,briefly summarizes the research content and innovation of this paper,the second chapter is the literature review,the third part of this article are reviewed in detail research methods,index selection process;the fourth part is the empirical results;the fifth part is the conclusions and recommendations.The third part and the fourth part is the core part of this article.