| In China securities investment funds has been rapidly developed in recent years, but also exposed many problems. Securities investment funds has been studied more and more in stock picking and timing ability in domestic. Stock picking ability is that securities investment funds find the lower value stocks in the market valuation, and then replaced in their portfolio, and obtain excess return by this method. Timing ability is that securities investment funds can predict the future trend of the market, and then according to this configuring the assets, if the market goes upward in the future, increasing the level of portfolio risk, if the market goes down in the future, lower the level of portfolio risk. In this paper I hope to discover problems from the situation of the securities investment funds'stock picking and timing ability and find some solutions.This article use the models of TM-FF3, CL-FF3 and B-FF3,investigating the selectivity and timing ability of 22 open mutual funds during the period of 2006.10.1 to 2011.1.31.The result of the research is:mutual funds of our country have certain selectivity and timing ability, but not exist universal, only a small part of mutual funds exhibit this ability.To the empirical results, internal and external factors which impact the securities investment funds' stock picking and timing ability were analyzed. Internal factors:the problem of the fund companies and fund managers. External factors:the institutional factors, the market factors and the fund investors factors.Finally, some policies and proposals which maybe can help improve the securities investment funds' stock picking and timing ability are given:speeding up the marketing process of the market, increasing efforts to develop institutional investors and enriching types of financial products, strengthen the education of fund investor; improving funds' study ability, building more advanced and reasonable evaluation system for fund managers; improve the ability to deal with risks. |
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