Research On The Operational Mechanism Of China's Principal Guaranteed Fund

Principal guaranteed fund is a kind of fund which will guarantee the primitive investment capital, and may obtain certain extra investment income. Principal guaranteed fund is a common kind of fund in the overseas stock market. In the domestic stock market, the development time of principal guaranteed fund is relatively short. But it has attracted more and more investors and researcher's attention because it will guarantee your principle and has already got fine achievement. The research on principal guaranteed fund focus on the capital's increasing strategy, property disposition and the performance etc. But in these researches, synthetic study and operational mechanism's in-depth analysis on principal guaranteed fund are relatively few. Therefore, this thesis aims to propose the reference and suggestion to the future development of principal guaranteed fund through analysis of the operation mechanism under current domestic economy.The first part of the thesis synthesizes the relative research on principal guaranteed fund, and then introduces the development condition of it in China. When introducing the developing condition, the thesis uses the method of comparative analysis, and elaborates the theoretical bases of the operational efficiency of fund. The third part of the thesis studied the mechanism of the principal guaranteed fund, including its product designing mechanism, principal guaranteed mechanism and risk control mechanism. Afterward, the fourth part of the thesis has conducted empirical study and analysis to our country's inland principal guaranteed fund under current operational mechanism. And then get the result that their average returns has surpassed the comparison datum and id higher then the bank's one-year deposit return ratio. But because of the sample quantity's finiteness and the movement cycle is relatively short; this article conclusion also waits for being confirmed. Finally, the thesis proposed some idea of principal guaranteed fund's future development, such as the application of warrant and stock index futures, the fund's development drive and the questions after the fund's period is over. Principal guaranteed fund is just a fringe kind of fund, but because of international market's turbulent adjustment, it has attracted numerous investors'attraction. Therefore, this thesis's research has enriched the domestic research on principal guaranteed fund, and provided some reference to the fund's managers and investors.