| Private equity fund is a fund raised by a fund sponsor in a non-public way from some specific investors.In China,the strategy of stock investment is the most applied strategy in the private market.In the 8 private investment strategies,the proportion of the number of products using the stock strategy is over eighty percent.The academic research on securities investment funds in China mainly focuses on the management control of the fund,the function of the fund,the evaluation of the related indexes of the fund and the increasing investment of the fund,as well as a large number of comments on the operation of the fund.The central point of which is the management operation and investment portfolio of the fund in a certain period,and the completion of the investment strategy of the fund.It’s not related.In the first chapter,the paper discusses the background of the development of private fund,expounds the research contents of scholars and experts at home and abroad on private fund,explains why this paper studies the influence of private equity investment strategy on its yield,and lists the research methods adopted in this paper,and also introduces the research points selected in this paper,and it is also an innovation.In the second chapter,the paper briefly introduces the basic concepts and characteristics of private fund,compares private fund and public fund,analyzes the similarities and differences of the two,and describes the relevant parties of private fund,and puts forward to restrict and standardize the management of private fund.This paper mainly expounds the private equity investment fund,including its basic definition,organization form,product type and investment strategy,and makes a detailed introduction to them.The advantages and disadvantages of each strategy are compared and analyzed respectively.In the third chapter,we determine the performance indicators of private equity funds and explain the reasons,and make a statistical analysis and summary of the income of the whole market stock investment,the stock Multi Strategy,the stock market neutral strategy and the stock multi space strategy.The fourth chapter includes empirical research and conclusions.The cumulative net value growth rate of the fund is selected as the explanatory variable,that is,the performance index,the stock Multi Strategy,the stock market neutral strategy and the stock multi space strategy as the explanatory variables;the size,duration and structure of private equity funds are the control variables.Several variables and control variables are taken up and several models are established,and the regression analysis is carried out respectively.The effect of each independent variable onthe performance is studied,and then the conclusion is drawn.In the fifth chapter of the article,the conclusions of the fourth chapters are summed up.On the basis of this,some suggestions are made for the investment operation of private equity investment funds,mainly on the suggestions of investors and to the managers.The conclusion of this paper is that the first,the stock multi space strategy and the stock market neutral strategy can both bring higher fund performance than the stock Multi Strategy,and there is no significant difference between the stock multi space strategy and the stock market neutral strategy;second,there is a nonlinear relationship between the performance of private equity fund and its scale.When the scale of private equity fund is 1.427 billion yuan,its performance is lowest.When the scale is more than 1.427 billion yuan,there is a positive correlation between the performance and the scale.When the scale is less than 1.427 billion yuan,the performance and the scale are negatively related;third,whether the private fund is tied up or not.It has no effect on its performance;fourth,the equity investment strategy of private equity funds is not affected by market changes;fifth,the longer the duration of the private equity fund product is,the better its performance. |
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