The Research On The Development Path Of Securities Investment Fund Industry In A New Era Of Asset Management

With the development of more than 20 years,China Securities Investment Fund Industry has made great contributions to China’s economic construction,providing convenient services for public asset management.It is one of the indispensable practical tools for China’s economic development.With the continuous implementation of policies,the asset management industry has gradually entered the new era of mixed operation.The arrival of the new era has promoted the reform of China’s financial market and greatly accelerated the process of capital market construction.While putting forward new requirements,the new ear of asset management has broken the balance maintained for many years,and bring new challenges and more intense competition between the Securities Investment Fund Industry and other asset management industries.It is imperative to study the the development path of Securities Investment Fund Industry in a new era of asset management.This paper supplements the related research on the future development path of China Securities Investment Fund Industry,and perfects the related research on the product performance evaluation between fund and brokerage asset management to a certain extent from theoretical and empirical aspects.At present,there are many literatures on the development path of China Securities Investment Fund Industry,and there are also many literatures on the performance of China Securities Investment Fund Industry,but there is a lack of related research on combing the above two.This paper enriches the related research in the above fields from one aspect,provides reference for the future development of China Securities Investment Fund industry from a certain angle to a certain extent,and promotes the sustainable and healthy development of the industry.Starting from the development history and current situation of China’s Securities Investment Fund industries at home and abroad,this paper uses the SWOT Analysis Model to analyze the strengths,weaknesses,opportunities and challenges of China’s Securities Investment Fund industries,concluded that the core advantages are the overall performance and investment research strength of stock products and partialstock mixed products.Further,this paper uses the Single-factor Performance Evaluation model and T-M model to make further empirical analysis on the overall risk-return performance,stock and time selection ability between fund and correspond competitors,focusing on the perspective of absolute return index,the perspective of risk-adjusted return index,and the perspective of stock and time selection.Based on above,this paper demonstrates the reliability of the conclusion that the performance of fund’s stock-based and partial-stock-based products is better than that of other asset management institutions.To conclude,this paper holds the point that the core comparative advantage of China Securities Investment Fund Industry with competitive institutions is the overall performance and investment research strength of stock-based products and partial-stock hybrid products,and the future development path of China Securities Investment Fund Industry should focus on giving full play to the above-mentioned core advantages,making full use of policy dividends,seizing historical opportunities,and overcoming shortcomings.