The Study On The Performance Persistence Of Open-end Fund

With the rapid development of Chinese fund industry and the securities market, healthy development of securities investment funds has enormously the promotion effect in improving health stable development of the stock market and the financial system and also has important implications to health and rapid development of national economy, therefore, it is very important to analye the performance of securities investment funds. By studying fund perofrmance persistence, investors can be more reasonable to choose fund companies to ensure their own interests to maximize; fund management company can better judge the ability of the fund manager which is good or bad and can find themselves with other fund management companies gaps in ability and improve management and profitability of the fund level by to select fund managers and strengthen management, the government can formulate corresponding policies and measures with the bases for the healthy development of the fund industry, through economic, legal and administrative means to strengthen the supervision of the fund for investors to create a fair,open and transparent investment environment and promote the fund industry prosperity. Meanwhile, fund performance persistence can test the effectiveness of the capital market.There are many experts and scholars at home and abroad study on the performance of the fund, but scholars of the persistence of fund performance is mainly from the perspective of output angle and static, and not conducive to the full measure of the efficiency of fund. The paper not only put to use two-way table method,regression coefficient of two static methods but to use of the dynamic Malmquist index method to research the performance of an empirical analysis of persistence of 67 open-end fund, the data from July 2006 to June 2009. First, we analyzed the persistence of fund performance research background and significance of related literature is briefly reviewed and discussed the comments; Secondly, securities investment fund of the theoretical basis of performance persistence were described in detail and introduced the China Investment Fund Performance Persistence of research methods; Again, the use of two-way table method,regression coefficients and Malmquist index fund performance persistence of the empirical analysis, empirical results show that:First, cross-sectional regression analysis, fund performance in the short term there is a certain continuity, but not significant in the long-term performance persistence; Second, two-way analysis derived list of fund performance in the short and medium term there is a certain continuity, but no significant long-term sustainability; Third, Malmquist Index Analysis of results obtained funds in a certain period of time was remarkably persistent, such as the quarter and six months, but if more than one year in the long term sustainability of the Fund is not obvious; Fourth, as a whole, of fund performance persistence in the medium term the most obvious short-term there is a certain continuity, but little in the long term sustainability of the fund.Finally, the results of empirical research combined with the actual situation of Chinese fund industry put forward their own proposals.The study of fund Performance Persistence reveals a certain degree of role in the history of performance whether or not to forecast future performance of fund. In the paper, the result which is studied by dynamic way and static way analyies China's securities market and securities investment and has guilding significance for securities investment funds.