Empirical Study Of Fund Performance Of Domestic Open-ended Funds

With the development of social economy and the continuous maturity of financial market,more and more people choose to invest and increase their idle funds.The fund is highly favored by investment individuals and investment institutions for its relatively high level of return and relatively low risk.But there are many kinds of funds,and there is little difference between the direct return rate and the yield rate.Therefore,when the fund is chosen to invest,a comprehensive analysis and consideration of a more scientific and comprehensive fund performance evaluation method can help its choice of better quality fund products,and is conducive to the stable and prosperous development of the fund industry in China.There are many research methods of fund performance.The traditional method of fund performance evaluation is based on the CAPM model,but as an asset pricing model,CAPM model can not explain the many "anomalies" in the stock market,such as value anomalies,scale anomalies,etc.On the basis of the Fama-French model,this paper combines the classic TM and HM model with it.In the selection of influencing factors,the influence of market value,the ratio of book value and profitability to the performance of the fund is considered,that is,to add the profitability factor on the basis of the Fama-French three factor model and establish the FF-TM and FF-HM model.Further empirical research is carried out to verify its effectiveness,which is more explanatory than traditional methods.This paper randomly selects 20 open-end funds from the financial database of Rui Si and obtains their earnings data.SPSS regression analysis is used.At the same time,the new model is compared with the original model,and it is found that the new model is more suitable for China's stock open-ended fund.Through the empirical study of this paper,we can find that our country's fund managers need to be further strengthened,and the fund market should also form a more scientific and reasonable fund performance evaluation system.