Research On The Investment Style Of Open-ended Mutual Fund In China

Since the execution of "temporary method of administrating security funds " in 1997. 11, our security funds had got rapid development, had obtained the excellent result in short time.Since the 1990's, the competition of fund industry promoted the fund different strategy, and the different strategy had formed the fund investment style.The research on investment style not only satisfies the demand of the income - risk combination for different investor but also stabilize capital marke. Based on such consideration, this article paper makes an empirical analysis on stock ownershipdetail data fund company announced and fund net,summarizes the question of fund style ,then analyzies the reason of question, and puts forward the corresponding countermeasure proposal.Open-end Funds had marked its investment style at the beginning of establishment, the characteristic of the open style fund is free in purse and redeem, which makes open style fund manager facing the pressure of "redeemed the fund" ,Thus, They prefer the short line operation in the investment decision-making process and cut frequently investment profolio which causes the phenomenon more prominent. The domestic related research in OEMF is little.The research to the open style investment fund in this article makes up the insufficiency of domestic literature and makes the fund style research system more perfect.There are many kinds examinating method in the fund investment style , This article use morningstar style box and Sharp income analytic method which are quite mature in the international to examine our country open style fund investment style.This article selected 32 open style investment fund which set up before 2004 in the sample selection aspect. method the paper selected 7 kind of style index as analysis factor in the Sharp income analytic (large value index, large growth index, central disk value index, disk grew index, small dish value index, small dish growth index, center letter national debt index); Meanwhile divides them into three sectors namely 2004,2005 and2006, then analyzing them the statistical characteristic and multiple regression analysis.Empirical results reflected that direction of investment and the investment idea of our country open style fund in 2004, 2005 and 2006. The fund investment idea was "the value investment" in 2004, the fund investment concentrated in the main large blue chips. However, the fund investment has had large transformation in 2005 However,the fund investment has had large transformation in 2005, investment focused on listed companies of high-growth, high-risk, high-yield. Market transferred to mature stage of value discovery in 2006, the growth of the stock determine their investment value, Fund pay attention to sustained growth phrase. Centralism of investment direction and large transformation of the investment idea simultaneously promulgates existent question in our country OEMF style. Finally, the paper analyzes the existing problem and reasons, and puts forward corresponding suggestions.