Empirical Study On The Tendency Of The Value Investing Strategy Of Investment Funds

This paper focuses on the value of the Fund's investment behavior. Major work is based on the characteristics of value investing and sum up their identification of indicators . From the Characteristics held by the Fund and the Fund's fundamentals of stock, the two factors that should be done in the analysis phase. Specific tasks are as follows:(1) Statistical analysis of the 98 period from 2009 the Fund Awkwardness degree of convergence and concentration, and build a two-dimensional data analysis model indicators, founding that since 2005 the value investment philosophy has been constantly strengthened.(2) Statistical analysis of the 98 period from 2009 the average price-earnings ratio, book value of the market and the Fund Awkwardness. From the perspective of the risk of holders preference to determine the value of investments, founding that two indicators show that the tendency is being continuously strengthened.(3) Between the company's fundamentals as financial indicators supporting for and the EVA model indicators do multiple regression analysis. First using factor analysis on principal component analysis of indicators, then the principal component factors extracted from the EVA model and has done a multiple regression analysis, and autocorrelation in the elimination of correlation was found between the two is greater.(4) Being EVA as a proxy for the company fundamentals, visit the relationship of between the company's fundamentals and the number of enterprises and the market value held by the Fund, reflecting the introduction of market value as a reference. From the perspective of the fundamental factors emphasis on the value of the fund investment behavior study bias, found that the interpretation of reflect the market value is better.(5) Basing on the empirical results, put forward countermeasures the further promotion about the value of investment ideas.