| This article discusses the assets allocation theory in terms of the open-end fund in China's application question.The assets allocation will be referred to the basis investment demand the capital funds to carry on the assignment between the different property category, will be in the modern investment decision most important link, will be decided that the investment security and the rentability most basic factor, widely by every investors, particularly the institutional investor is utilized. Along with China stock market gradual development and mature, the asset allocation's importance appears day by day with the broad application prospect. the asset allocation may divide into the global asset allocation, the stock bond tasset allocation and the profession style assets allocation from the level. Under China present supervisory system, some fund company QDII qualifications examination's passing, enables apart of fund company to be able to carry on the global assets allocation, but majority of fund company still by stock bond asset sallocation and profession style assets sallocation primarily. The assets allocation may divide into the strategic assets allocation and the tactical assets allocation from the category. The former has mainly utilized the classics investment profolio theory, carries on the risk, the income quantification, after optimization, establishes the long-term assets allocation model; The latter has the deviation when the market makes"the trimming"to the long-term disposition, including fixed adjustment machine-made and initiative adjustment mechanism.The paper conducts the empirical study with the Chinese market's data to the asset allocation. The paper takes the Chinese stock and the bond market as an example, selects 2006 to 2007 data is the sample, through in the inspection sector open-end fund net worth rate of increment and the bulk lots returns ratio, each open-end fund holding structure's change as well as each open-end fund holding profession's aspect and so on change comparisons inspects the open-end fund the asset allocation situation, draws some related conclusions as well as to initiates this kind of condition the reason to carry on the analysis.This paper also unifies China stock market own characteristic as well as future development direction, will carry on the property disposition to China institutional investor to put forward the proposal in the future. The research indicates that the Chinese market is a relative seal emerging market, the undulatory property is big, is enhancing gradually with other national capital market relevance, policies and regulations still not very perfect, may supply the investment the financial instruments to be few. Certainly, joins when WTO along with China about the financial opening pledge gradual cash, the Chinese market is approaching and integrates the international money market gradually. The Chinese Stock market the time marches into the value investment time gradually several year ago Zhuang Gu, investor's idea is also tending to maturely. Along with QFII and QDII service's allowing to pass, the safe fund, the bank fund, enterprise annuity's entering the market, the securities trader and the fund behind-the-scenes plotting's supervision, specially stockholder's rights mounted cylinder reform's completion, stock index stock's soon extrusion, the Chinese market in the future will experience the very big change. This will carry on the assets allocation to the Chinese investors to bring the new opportunity and the challenge. Therefore, China institutional investor should pay attention to the international market change, at the right moment carries on the global asset allocation; Emphatically to economic cycle's judgment, take sthe value investment as the foundation, the choice different product and the style, carries on the traditional asset allocation; Simultaneously watches out for the financial derivation appearance, utilizes these new products the suitable disposition to enhance the income or to reduce the risk. |
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