Analysis On The Influencing Factors Of The Performance Of China's Open-ended Equity Funds

In recent years,China's financial market has been developing and perfect,the public offering fund,as a financial product that disperses risks through professional management and collective investment,has also developed rapidly.As a fund product that actively invests in the equities of listed companies in China,open-ended equity fund has become an important participant in China's capital market and an important force to maintain market stability.But behind the massive public funds,investors are also confused.From the performance of public offering funds in recent years,the performance of the funds often has large differentiation.Therefore,how to evaluate the performance of equity fund and what factors affect the performance of equity fund naturally become very important research topics and have important practical significance.By consulting domestic and foreign literatures,this paper systematically sorts out the research status and relevant models of fund performance attribution.Then the paper analyzes the factors that influence the fund performance,including external factors and internal factors.By selecting the representative stock fund,using the time series data to construct the multiple regression model,the paper analyzes the factors affecting the performance.From the perspective of asset allocation,industry allocation,heavy position stocks,the paper tries to find the source of excess earnings of the fund.In the part of empirical research,it mainly studies two very important issues: the sustainability of fund performance and the influence of fund size on fund performance.Through the research on the performance sustainability of stock funds from 2013 to 2017,it is concluded that the long-term performance of stock funds is basically not sustainable,but the short-term performance has some sustainability.At the same time in the fund in accordance with the style of investment after the division of all types of style fund sustainability probability has increased.By observing the phenomenon that most funds set up positions in the first quarter,this paper analyzes the influence of the fund's performance in the first quarter on the industry performance of the whole year,and comes to the conclusion that if the fund's performance in the first quarter is excellent,it can often achieve good performance in the whole year.Through the research on the size and performance of stock funds from 2015 to 2018,it is concluded that there is a certain degree of non-linear relationship between fund size and performance,and fund size will have a negative impact on fund performance,but the impact is small.At the same time,in different market environment,it is concluded that there are significant differences in the influence of different fund size on the level of performance.