Performance And Performance Persistence Of The Green Investment Funds

In recent years,the green investment fund has developed rapidly.It takes into account the dual benefits of economy and environment,conform to the concept of green development,and is an important part of green financial system.The development of green investment funds in China started relatively late,and there are not many academic studies on them.Therefore,this paper evaluates the performance of green investment funds in my country and studies whether their performance is sustainable.This paper firstly analyzes the research status of the performance and performance persistence of green investment funds at home and abroad,and explains the current research limitations in China.Then,the relevant connotation and development status of green investment funds are expounded.Based on the five related theories in this paper,it analyzes the performance level of green investment funds relative to the market benchmark and whether the fund performance is persistent,and proposes two research hypotheses in this paper.Finally,the monthly and quarterly data of 33 eligible green investment funds from January2017 to December 2020 were selected,the data were processed and analyzed,and single-factor and multifactor models were used to evaluate the performance level;use the single factor TM,HM and the FF-TM and FF-HM models with scale factor and value factor to analyze the timing and stock selection ability of the sample funds;and use the combination of parametric and non-parametric methods to test funds.performance continuity.The research results show that the performance level of China’s green investment funds is higher than the market portfolio return,green investment funds have good stock selection ability on the whole,but lack the ability to select market timing,and green investment fund performance does not have a significant monthly and quarterly performance persistent.Based on this,this paper puts forward several suggestions,which should further establish the relevant norms of green investment funds.Government should improve the establishment of the environmental responsibility information disclosure system of listed companies and continue to promote the establishment of incentive systems to encourage green investment,Improve the rate of return of green investment;investors should cultivate green environmental protection awareness;should continue to;fund managers should strengthen their position control capabilities and their ability to judge the overall market conditions,so as to attract more investors to participate in green investment and form a virtuous circle.