Study On The Impact Of External Rating To Fund Performance

Since the advent of China's open-end fund,after nearly 20 years of development,open-end fund‘ market performance gets more and more attention.At the same time,domestic and international professional rating companies began to get involved and continue to in-depth study of the fund rating,fund rating has become a focus of fund investors focus on investment news.However,the evaluation of fund performance has emerged a very mixed situation.Domestic,including Morningstar,Galaxy Securities and other institutions have introduced different forms of fund rating report,but the various agencies of different rating methods on the evaluation of fund performance there is a big difference.Therefore,the fund rating will have an impact on the performance of the fund,and the external rating of the fund as a fund management company external supervisors at the same time,how the fund management companies play a supervisory role,these are the current research fund outside the rating area worth To explore the aspects.This paper first compares the performance measurement methods of different funds,obtains the advantages and disadvantages of different performance measurement methods,and then selects the performance measurement model of this paper-FamaFrench three factor model.At the same time,the current China's fund rating agencies and their respective ratings were briefly introduced to compare the various rating methods for the current China Open Fund rating accuracy,and then choose to star rating as a source of rating data.Then,based on the theory of corporate governance,this paper discusses how the fund's external rating as a part of external governance affects the fund management company and gives a positive effect on the performance of the fund rating.The empirical part of the bootstrap statistical method to obtain the (?)6)? of each sample fund,and the (?)6)? of the fund to sort,with a significant skill of the sample fund,and the Morningstar rating of 24 quarterly average star row in the top 15 and post 15 of the fund for comparative analysis to explore the effectiveness of Morningstar rating data.Then,by constructing two panel data models,this paper analyzes the effect of fund rating on the performance of the fund by analyzing the variables with the excess returns of the sample fund as the explanatory variables,by creating the continuous variables of the external rating stars and the external rating changes.,While controlling the size of the fund,the establishment of time and other variables to observe the fund internal and external factors on the impact of fund performance.The empirical results show that the morning star rating data are valid on the high and low rating funds,ie the rating data is of a certain quality,and the high rating fund has a significant positive correlation with the fund performance,and the improvement in the fund rating will also promote performance improve.