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The Empirical Research On The Consistence Of The Investments Style Of Open-ended Mutual Fund In China

Posted on:2006-01-19Degree:MasterType:Thesis
Country:ChinaCandidate:X L ShiFull Text:PDF
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In recent years, mutual funds especially the open-ended fund(OEMF) has developed dramatically in China. OEMF plays an important part in enlarging the number of china's securities market investors, in increasing the supply of capital market and in introducing rational investment and stabling securities market. But the actual performance of mutual funds in China was always different from the styles its bills previously set. There are lots of evaluations on fund performance, but few researchers on fund investment style are found. Hence, the research on OEMF investment style is useful for the investors to select fund correctly and improves the competition and development in mutual fund industry. The investment style is also the first principle of all mutual funds, not only for the fund manager, but also for the investors. Only with the proper investment strategies and clear investment styles, can the investors get the long-term returns. Just because of the above actual conditions, this article discussed the consistence of OEMF investment style. First, it analyzed the definition and characteristic of investment style with advanced manufacturing technology and behavioral finance. Secondly, in order to study the investment style of OEMF, this paper analyzed the state of the investment style of OEMF of our country, so as to state and pursue the difference meaning of the difference of style. It can be classified into three categories: Growth Fund, Income Fund and Balance Fund. Then, this selected works fetched different styles fund of 10, carried out a empirical research from three respects of net asset value change, distribution of income and shareholding schemes. Using statistical methods, the author analyzed the correlation coefficient among the three funds, the correlation coefficient between three funds and market index, the coincidence degree of trades of heavy storehouse and structure of shareholding ratio. This dissertation found that there were consistence among the three OEMFs in both income distribution and net value change. It also pointed out the phenomena of cross-possessed stock in fund industry of our country. On the based on other scholars'achievements, the dissertation constructed a set of indices system of appraising the investment style of funds. Based on the analytics, it is discovered that the consistence essence of the style is that the tactics are consistence. Finally, this article carried out the explanation on the result of this empirical research, which had focused on the systematic risk, the control of liquidity risk, the consistence in choosing stock portfolio. And then it provided some suggestions and measures to impel the investment style difference.
Keywords/Search Tags:Open-ended Mutual Fund, Investment style, Investment tactics, consistence
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