Study On The Investment Style Of Chinese Open-end Security Investment Funds

In recent years, under the background of encouraging developing the organization investors, the security investment funds develop continuously strong in our country, among which the development of open-end funds is especially fast. Each open-end fund forms the special investment style in continuous investment practice process. However, in actual investments, some funds have changed their styles, disobeying the engaged ones in contacts, which causes investors to suffer the predicament. Therefore, it's meaningful to launch system research on open-end fund investment style.Firstly, this text analyzes the definition of investment style, inquiring into the source of investment style formation from theories: the systematic games analyzing of the securities funds behavior, the investing strategy of Behavior Financing., and the character of the broker and decision maker of the securities investment funds.Secondly, this text carries on empirical study on the investment style. On basis of comparing different analyzing methods, Sharpe Analysis Method was taken as the chief method. The research took ZhongXin index as the basis index and analyzed styles of random selected 10 open-end funds. The empirical study shows that: The fund investment style varies as the stock market changes. When during the soaring period, the style usually expresses the type of grown-up; but at the decline period, it then expresses much to be the type of large value.Finally, it uses the standards of Sharp index and Jensen index to count and evaluate the performance of funds. And it shows that during the sample period, it's reasonable to adopt the active analytical technique than the passive investment method. On immature stock market in our country, the fund administrator should take charge of the formation and establishments of the invest style, in order to adapt the condition of market, gaining the accomplishment above the market performance.