The Chinese Open Fund was first set up in September 2001. At the end of 2006, there are 268 pieces of open funds, which total net value is about 692. 654 billion RMB. In general, Chinese open fund industry goes through a rapid development, but both chances and challenges still exist in the new field. Take the challenges for example, as the free redemptive system makes the coompetetion among businesses in open fund industry more and more intense, it is very important for the management Corps of open fund to manage the liquidity of their assets more effectively and to allocate the assets more rationally. Especially after insurance premium gain the qualification of QDII, the competetion for investors becomes more intense. How to control risks more strictly? How to improve the ability of the manager of open fund to control risk and to push up performance? All the above problems will be a long austere issue which we open fund business have to deal with.First, this paper makes a general introduction of open fund, the definition, characteristics and risks. Then according to the challenge on assets allocation in Chinese open fund business, in the aspect of theory, the paper mainly focuses on the following two points: first, the study in cash proportion of open fund; second, the study in dynamic assets allocacation strategy of open fund.This paper also brings forward some useful statistical indexes which describe status of Chinese open fund development and investment style. The basic conclusions of describing statistical analysis are:1.Chinese open funds have the operation of reduce the risk in investment and their performance is better than market basic indexes.2.The holding shares concentrating degree and industry concentrating degree are all relatively high. It means, during the studying period , the Chinese open funds prevalently adopt "concentrating investment" strategy.3.The ratio of market value to book value of the holding shares is generally more than one.It means that during the studying period , the Chinese open funds mainly make investment on shares accepted by the market without emphasis on those shares whose inner value hasn' t been found by the market.4. There is great difference among the velocity of the holding shares in different open fund businesses. It means that Corps of open fund are different at holding term, some adopting the long-term holding strategy on weightily stocks, whose long-term value are pursuited, while some adopting the short-term holding strategy on stocks which can bring great capital gain in the holding term.Then the paper focused on the empirical study on cash proportion of open fund, assets allocation performance and the dynamic assets allocation strategy of open fund. The empirical study in this paper examines 15 pieces of open fund stylebook, whose data is from Dec. 31, 2004 to Dec. 29, 2006. The main conclusions are:1. Both yield index and risk index such as Sharpe Index used to weigh the performance of open funds show that the whole performance of Chinese open funds is better than basic index.2. The analysis to the ability of choosing stocks and choosing exchange time shows that the whole performance of Chinese open funds have the superior choosing stocks ability, but can not foresee the future trend of market. At last, after the summary of the statistics analysis and the empirical analysis, this paper gives some advice on how to improve the assets allocation of the Chinese open funds. These pieces of advice face to two colonies: the open fund Corps and the investors. |