Research On The Influence Of Monetary Fund Characteristics On Fund Performance

After more than ten years of development,the size of monetary funds has been growing,occupying an increasingly important position in the management of public funds,increasing the number of investors 'cash management tools and fixed income products,and satisfying the investment of low-risk enthusiasts Demand has enriched the asset allocation of investors.At the same time,monetary funds have promoted the product innovation of financial markets and the development of inclusive finance to a certain extent.The performance of funds is also the focus of investors' general attraction.The article begins with a brief review of the development history and current situation of China's currency funds,and discusses the problems that emerged during the growth of China's currency funds and their impact on China's fund industry,banking industry,and financial markets,and analyzes the mechanism of the influence of the characteristics of money funds on fund performance.Secondly,the average return rate of 50 currency funds was calculated by the scale weight method,and a trend chart of the average return rate of currency funds was drawn,and its performance was found to be volatile.Then it was represented by Huaan Cash Wealth A,the first currency fund created in China.Establish the ARMA(3,2)-GARCH(1,1)model,ARMA(3,2)-EGARCH(1,1)model,ARMA(3,2)-TGARCH(1,1)model to analyze the performance of money funds Of the fluctuation characteristics.Finally,from the perspective of fund characteristics,one of the influencing factors of currency funds,five fund characteristics of currency fund size,historical performance,major asset allocation,duration of establishment and holder structure were selected,and the fixed effect was selected through Husman test using Stata The model is used for multiple regression analysis.The study found that the development of monetary funds has brought opportunities and challenges to the fund industry,banking industry,and financial markets to a certain extent,with both positive and negative shocks.The previous performance of the currency fund has a significant positive impact on the current performance.When the current performance is high,the probability of the next performance is high;the positive disturbance of the previous period of the fund performance is greater than the negative disturbance.Bearish.The performance and scale of the money fund are related to the inverted U curve;the performance of the money fund is persistent,and the performance of the previous period is positively correlated with the current performance;the proportion of bank deposits and bonds in the major asset allocation of the money fund have a positive impact on performance;currency The duration of fundestablishment is positively correlated with performance;the holding ratio of institutional investors is negatively correlated with fund performance,and the ranking of contribution of each influencing factor is in order of historical performance,bond ratio in large asset allocation,institutional investor ratio,and large asset The proportion of bank deposits in the configuration,the duration of establishment,and the size of the fund.Finally,the article provides some suggestions for regulatory authorities,investors,and fund companies,and discusses the innovations and deficiencies of the paper,and prospects for further research in the future.