China Investment Fund Performance And Development Study

The equity investment funds are playing a more and more important role in Chinese money market,so it is indispensable and important to study its performance. The paper analyses macroscopical and microcosmic performance of Chinese equity investment funds theoretically and empirically,and brings forward the way and strategy of development and means of governmental management. The paper includes six parts as following.The first part,or the first chapter,summarizes research background,aim,methods and innovation,and explains concepts involved in the paper.The second part,or the second chapter,starting from common social and economic condition for development of the equity investment funds,studies factual condition in China from national income and distribution mechanism,resident save,economy securitilization,and need of institutions' asset incrementing. The paper make sure that it is feasible and important to develop the equity investment funds in China,but market environment is not perfect,including investing and legal environment. Chinese equity investment funds face competing stress from international fund industry. The analysis of social and economic condition settles the background for the study of the performance of Chinese equity investment funds.The third part,including the third and the fourth chapter,studies macroscopical performance of Chinese equity investment funds by theoretical and empirical analysis. The macroscopical performance is defined as the effect of all things related to the equity investment funds;this is also known as outer performance. The external performance mainly exhibits its effect on the securities business and commercial banks. The third chapter analyses how funds work on securities business,and deduces that the development of the equity investment funds can on the one hand advance securities business,but on the other hand,can aggravate its fluctuation. The third chapter also analyses inner and outer reasons affecting securities business and on the basis of this,establishes rational market orientation of Chinese equity funds. The fourth chapter analyses how the equity investment funds work on commercial banks. The equity investment funds offer condition for innovation of commercial banks,but it also place a stress on the traditional operations in commercial banks,since it promotes shunting deposit from the banks,the more underdeveloped the middle market business,the more serious the impact is. Therefore,the paper brings forward keeping moderate size and speed of Chinese equity investment funds and development of funds should be harmonious with Chinese financial environment.The fourth part includes the fifth to the eighth chapter. It studies microcosmic performance of Chinese equity investment funds,including investment performance,the power of forecast of discount,managerial incentives and development of variety. Microcosmic performance is the impact of the equity investment funds on developing and perfecting of themselves. The fifth chapter studies the investment performance of funds and approves that investment performance of Chinese equity investment funds is generally good,but good performance attributes to not only managers' talent but also to support of governmental policy. The funds of different size are not remarkably different in investment performance,so we can't judge which size is appropriate in Chinese securities business,but have remarkable difference in expense rate,expense rate of the funds of 3,000,000,000 yuan is lower than funds of 2,000,000,000 yuan. The performance does not correlate with expense rate and turnover rate. In combination with investment performance evaluation system,we establish a full evaluation system. The paper studies persistence of investment performance of funds by find no persistence based on raw yield,and when compared with yield of market,,w yield is not persistent. The,,th chapter studies power of forecast of discount. The discount can forecast yield and is balanced with market index in long term. The seventh chapter stud...