Study On Structure Evolution And Coordinated Development Of The Mutual Fund In China

After merely six years, the open-ended fund in our country has become backbone of the institutional investors. It is the first year of real significance of the fund development in 2006. The rapid expansion of the open-ended fund rapid inflation is obvious, and also has obtained arrogant person's achievement, demonstrates the exuberant vitality. Based on our country open-ended fund evolution angle, this article analyzes the fund development bitter experience in growth and carries on the elaboration to the open-ended fund coordinated development question.Firstly, the paper introduced the connotation and extension of the correlation concept, as well as the fund development macroscopic fund background. There are the reform in stock market, Excess liquidity and the wealth effect , which has promulgated our country open-ended fund structural change. And the paper has made the literature summary to the fund research, inquired into the research vein, and established the theory background which this article studies.Secondly, based on the structure evolution angle of view, with the stock fund prosperity, the fund company and so on seven aspects, the application of massive detailed data and the material has portrayed our country open-ended fund structural change. In this foundation, using the game theory and behavior finance the paper has explained the compelled mechanism, the noise trade, and so on.Thirdly, according to contrast method, using 2005 and 2006 two years data, the paper uses the Cointegration and vector autoregressive model, and carries on the quota the analysis. Then, the article describes the coordinated development power with the financial ecology theory, the utilization competition theory and the financial innovation theory,Finally, the paper summarizes the full text, draws the conclusion, has carried on the forecast to the open-ended fund.