Research On The Performance Persistence Of Mutual Fund And Private Equity Fund And Determinants

In recent years,fund investment gradually attracts more and more attention,and a wave of fund investors have entered the fund market so as to find relatively diversified and relatively stable return.When investors choose the fund,they often choose according to their past performance,so whether the past performance can predict the future performance has become a research worthy of discussion.This paper is committed to studying whether the persistence of fund performance exists and the factors affecting the persistence,which have economic and practical implications for investment management for Regulators,Investors and Companies.To be specific,this paper mainly examines the performance persistence of China’s mutual funds and hedge funds(or private offering funds),combined with the more mainstream fund performance evaluation methods at home and abroad,the fund performance persistence test method to test the two types of funds,and compares the performance and duration of the two types of funds.Furthermore,this paper also studies the factors affecting the sustainability of fund performance,taking into account the characteristics of fund,fund management companies,fund managers and market factors.The results show that the persistence in performance of public funds is more stable than that of private funds.There is also a correlation between fund age,fund size,duration and size of fund management companies and persistence of fund performance.In addition,in the bull market and bear market,the persistence of fund’s performance is also quite different.Under the background of the reform of the registration system in China,this paper finds that the performance sustainability of the fund has decreased during the period of the full implementation of the registration system.