The Correlative Research On The Size And Performance Of Open-End Fund

Since the first open-end fund, Hua An Innovative Investment Fund came up in 2001, the size and numbers of the open-end fund have considerable enlarged along with the maturation of China stock market and dramatically rapid development of Chinese fund industry. by the first quarter of 2007,the size of all the open-end fund shares have got 6720.73 billion. the growth rate of funds'size is 71.79% compared to that in the forth quarter of 2006 ,the increment of stock open-end funds is the largest.In individual development, there is an open-ended fund of the biggest size of more than 400 billion, it's a new record of the world. Therefore, by the study on the correlation of stock open-ended funds'size and performance, the purpose of the dissertation is to give some idea how to raise the rational funds'size and provide some decision-making ground for the authorities to improve the efficiency of securities market and the healthy development of fund industry, and also give advices.The dissertation involves 5 chapters. In the first chapter, a background of the research and the present situation of the latest research development are given, and then the objects, the outline and the methods of the research are provided. In chapter 2, the theory and the history of investment fund are stated. In Chapter 3, Portfolio Investment Model,Capital Assets Pricing Model (CAPM) and APT are used as academic fundamentals. The dissertation makes use of an average AUM (Asset Under Management) of open-end funds as a sort standard of raising fund, in order to sort 40 sample funds to 3 group(large-cap, mid-cap and small-cap).Some international popular evaluating indexes of fund performance are adopted, meantime considering Chinese present actual situation. In fact, 4 indexes are used to fully evaluate the performance of open-end funds. And the data of evaluating indexes are worked out eventually. In chapter 4, using the positive analysis of the data, the difference of the performance of 3 kinds of fund size is studied by distributing of evaluation indexes, Average-returns analysis and regression analysis. And the result is analyzed in the end. In chapter 5, Based on the result of the positive analysis above, the dissertation draws a short conclusion, and several feasible policy suggestions for the management of fund are proposed.