The Study Of Securities Investment Fund Development And Investment Strategy

The first open-end funds was set on September 21st 2001,we have already had 492 funds so far as June 2009. China's securities investment funds in the securities market will play an increasingly important role. China's development of securities investment funds are also exposed a lot of problems, such as: quality of listed companies is not high, regulatory measures are not perfect, the lack of hedging tools. This paper seeks to recommend the development of China's Securities Investment Funds useful help and research material. On the one hand, by summing up the securities investment funds in the process of global development problems, combined with the development of securities investment funds in China the status quo. From the securities investment fund framework for the establishment and operation start by studying the Securities Investment Fund's risk management and performance assessment methods, revealed the investment risks of securities investment funds. On the other hand, using game theory analysis, case study approach taken when the subject of Bo Fund's investment strategy of the industry to analyze and sum up the hope of securities investment funds investment strategy for the in-depth study to put forward the sound development of investment funds strategy proposals.First, this article describes the meaning of securities investment funds, and development status of China's investment funds, introduce the current problems in investment funds market. Fund as a way to fund a number of non-specific set of investors, asset management together in the current financial market has been well known for the general public, securities investment funds into the money raised by professional fund managers to investment management, asset trusteeship is funds managed by professional people to carry out its way mainly through raising the income certificate issued for many investors, which can be idle social capital and institutional investors in the fund together, its income distribution the way they are funded according to the investors in proportion to distributed. Investment funds in the development process is currently a problem on the one hand is the institutional regulation of funds and legal aspects of the lack of sound, on the other hand is the risk of investment funds, principal-agent problem.In order to micro aspects of the securities investment fund's investment strategy research, we have adopted the analysis of game theory to analyze when the theme of Bo industry fund's investment strategy. Game theory is no longer for the study of economic phenomena in order to study the core of the market price mechanism, but rather to participate in the decision-making between individuals influence and role as the research priorities, analysis of individual decision-making participants choose each other's actions and how to make economic activities to achieve relative equilibrium. Investment Fund's equity investment strategy from the main direction can be divided into two categories, that is recognized as an active investing strategy and passive investment strategies. Active-and passive investments only represent an investment of roughly investment philosophy and approach, and do not represent a specific investment approach and strategy, by which the strategy depends on the fund's investment objectives and risk tolerance, as well as recognition of the validity of the extent of the market. The policy decides the investment fund asset allocation program development, how to select markets and investment styles, as well as how to select individual stocks.Due to the healthy development of securities investment fund market is an important basis for effective management of the macro-analysis of this paper, securities investment fund market formation and operation of the overall framework of this paper introduces the risk of securities investment fund management and performance assessment methods, and in-depth analysis of the securities investment fund market investment risk, through the developed countries, securities investment fund market development experience for reference, summed up China's securities investment fund market is still the issue, and ultimately gives policy recommendations. Fund the company's management emphasis on internal governance, external governance and stakeholder management.The basic framework of internal control is risk management and risk prevention system of composition, mainly including internal control laws, and investment risk management, internal accounting control and internal management control. The legitimacy of internal governance to follow, comprehensive, prudent nature of the principles of independence, in monitoring the Audit Department is responsible directly to the chairman of the circumstances, conducting a routine internal governance. Primarily through fund management auditing, financial management audit, operational audit and other means to ensure that the company's operations, as well as the legalization of employee behavior. Fund the company's external governance through the market mechanism is mainly carried out by the market evaluation of fund managers and investors to constrain investment behavior of fund managers to reduce or avoid moral hazard, but also through mergers or acquisitions to divert the fund management Obviously if the investment behavior of fund managers and decision-making by the market's favor, investment behavior is illustrated by the market recognition, the other hand, if the fund managers for their investment behavior is not a strong self-discipline, and will certainly have been the market's contempt . In addition to internal governance and external governance, through legal, supervisory bodies and other related departments are also bound by the coordination of supervision and operation of the Fund to address the conflict of interest and an important means to prevent the risk of occurrence.Drawing on the experiences of developed countries put forward the Improvement of securities investment fund market response. First of all, the legal basis for consolidating the fund market, build a healthy financial market environment, the harmonization of legislation and sustainable development focused on the institutional model of regulation, clear the regulatory functions of the various agencies coordination, and to take measures to enhance the fund's self-discipline. In addition, the building in the financial markets and foreign capital market to speed up the butt, focusing on the development of the main market areas to form a multi-level pattern of development, attach importance to exchange development, and emphasis on professional training, combined with the actual development of China's securities investment funds with Chinese characteristics, the path of development .