| In recent years,with the continuous improvement of the capital market and residents’ living standards,more and more investors choose the fund as an investment tool,and the fund has developed rapidly in this process.However,with the increase of institutional investors such as funds,the fluctuation of stock market has not decreased,and sometimes the magnitude of the sharp rise and fall has been greater.Then,whether the fund is involved in the process of final asset collapse in the stock market,and how the fund’s disposition of bubble assets will affect its earnings is the key point of this paper.Previous studies on the factors affecting fund returns mainly focused on the characteristics of the fund itself and the behavior and characteristics of the fund managers.Most of the researches on bubble asset disposition were based on the identification and influence factors.In this paper,the two parts of the research are linked together to analyze the impact of the fund’s disposition of the bubble assets on its earnings.In the course of this study,firstly we analyze the factors that affect the fund’s allocation of bubble assets and fund returns.Next,we analyze the status quo of the fund industry,the current situation of the bubble assets in the stock market and the situation of fund allocation of the bubble assets.Then,the motivation of fund managers to hold bubble assets and the influence mechanism of bubble asset allocation on fund income are analyzed theoretically,and the hypothesis of this paper is put forward.According to the assumptions and problems to be studied,we set the model,determine the research objects and observation time,select relevant variables,and carry out regression according to the equation determined by the model.After a series of hypothesis tests,we verify the conclusions of this paper,and finally put forward the suggestions of this paper.Through empirical research,it is concluded that the allocation of bubble assets to funds has a positive impact on the yield.Based on this conclusion,this paper divides the total sample into two periods,and studies whether the allocation of bubble assets still plays a positive role in the yield of funds in different stages of market volatility,and whether the positive effect in different circumstances is the same.According to the fluctuation degree of market index,the total sample is divided into the period of intense market fluctuation(2014-2016)and relatively mild period(2017-2019).Through statistical analysis,it could be observed that the number of funds in the previous period was larger than that of the previous one,and the positive impact of the allocation of bubble assets to the yield rate was different in the market at different times.The study found that when the market was relatively mild,the bubble asset allocation would have a more positive impact on the fund yield in a period of intense market volatility,and the degree of positive impact varies with different kinds of foam assets,which are measured by price-sales rate and price-bookvalue rate respectively.To sum up,based on this study,we can draw the following conclusions: under certain conditions,the yield of the fund rises with the increase of the proportion of the bubble assets in the position portfolio.Compared with the relatively slow market volatility,the positive effect of the disposition of the bubble assets on the fund returns is greater during the period of severe market fluctuations. |
