Study On The Net Value Of Security Investment Fund And Its Influendce Factors In China

Security investment fund is an investment tool, through which manager of fund gathers to stand up by numerous uncertain investor different investment share, transfer to professional investment institution that operates it , and according to a kind of that proportion of investment shared of investor income. The first security investment fund of our country presented in 1998, though history was relatively short, but securities invest fund in our country develop rapidly , already become important variety of investment in financial market of our country, no matter all have important influence to investors or as to China's securities market. But fund theoretical research of net value setting-up in investment combination and fund appraisal of income and risk mainly , the influence factor to this important index itself of net value of the fund is studied less. So it is necessary to analyse and look for their influence factors to fund net value this measurement fund important index of managerial skill, in order to offer certain investment decision basis to vast fund investor, and promote the improvement of the management level of security investment fund of our country.This paper divides five chapters altogether, in chapter one, this paper has introduced some basic conception of securities investment fund, have done the brief introduction to the development overview of the domestic and international security investment fund, and the research meaning in this paper of expounding .In chapter two, this paper has made and explained operation course, the definition of the security investment fund and net value computing technology of the security investment fund at first; this paper uses time the analytical method of the array to analyse the array of net value of the fund, divide which into secular trend array , season index array , circulation fluctuate index array and random fluctuate index array and analyse them respectively. We can find out net value of fund secular trend item and circulation of array fluctuate item highly correlated with with deep bid secular trend and circulation change of index by way of using coming back, we can find out that the change of the deep bid index has important influence on the net value of the fund . We can also find out different fund in season index and random fluctuate respect store the remarkable difference in with deep bid index at random too in analysis on net value of the fund. This shows brightly these two items are affected by deep bid index relatively lightly .In chapter three, this paper has been analysed about its influence factor in terms of composition of the security investment fund afterwards. According to the composition of the fund assets, this paper divides stock influence factor, bond influence factor, influence factor of the cash and the factor of the operation expenses, and analyse concretly about the function mechanism of every influence factor of side. Among them the influence factor of the stock is mainly: Fund manager select stocks ability, investment style and ability to deal with the accident, national macroeconomy situation factor, the market value of stock usually have the direct influence to the fund net value; To bond part in the net value of the fund, interest rate and the investment ability of fund manager concerns the value level of this part of assets directly, because the securities regulator of our country has made the regulation to the proportion of the fund investment bond besides this, so, this proportion will restrict fund manager's investment on the bond either, thus exercise an influence on some value of bond ; Besides stock and two bond, to another important component in the net value composition --The cash, we will all sum up its factor of exerting an influence for the mobile risk factor, namely the risk as a reasult of the exility of cash. Though mobile risk can not change level of net value directly, its existence can influence fund investment behavior of manager usually, can is it take place influence factor that act on it to fu...