| The history of securities investment fund has a history of 18 years since August 1991 when the Zhuxin Fund has established. Securities investment fund plays an essential role in maintaining the securities market as a key agency investor. Recently securities investment fund has a rapid growth and thus provide investors more and more products. There have been 60 funds management companies in charging of 473 securities investment funds at the end of 2008. Including 31 close-end funds and 442 open-end funds. And made open-end funds become the leading product.Stock fund holds the first place among the type of stock fund, index fund. bond fund and currency fund. By.the end of 2008, the fund's quantities have reached 315. Facing many types of fund, the investors have no idea about how to choose from. The problem is that how the fund that has a good performance keeps the advantage as before. The research of fund performance persistency has a good sense not only in the development of stock market but also the investors. Here mainly uses Regression coefficient. This method of research the examples of 40 kinds of open-end stock fund performance persistency from 2006 to 2008. By analyzing the time of 2006 to 2008, whether the open-end stock fund has the persistency in stock market of up and down phases of unilateral or not.There are five parts in this article. The first part introduces the explanation of the selected topic background of fund achievement persistence, and of the writing significance, the tools and methods of research that are mentioned in this test as well. The second part tells us the research achievements of domestic and foreign scholars in this field in detail. Owing to the short time of the development of China's Fund, we have a late start to the Fund achievement persistence. So our domestic scholars have different views on it. What's more, it is necessary to write this paper:And the third part looks back the history of the development of China's Fund and analyze the current development situation of China's Fund industry. The fourth part researches the classical theory of Fund achievement persistence, including CAPM model, APT model, Jensen Index, and Sharp Index, the calculation of Treynor Index as well. And it describes the selection of sample time and sample Fund and studies the examples. The last part gives the causes of examples, based on the analysis of previous finds. The main cause of fluctuation in China's Fund in large scale consists of the development initial period, absence of short selling, turning over frequently the fund managers, investors lacking of long-term investment's idea and so on.Generally speaking, this paper uses the scroll method merely used in other papers to the precise research of open-end stock fund achievement persistence. And picks out the post-split share reform. It analyzes the example of the right time to the stepping of Stock Market of China. Through the analysis of sample paragraphs, this paper analyzes deeply the problem of whether to exist in open-end stock fund achievement persistence. That expresses the author's innovative. The writer hopes that this article can be used as a useful exploration in research filed of open-end stock fund achievement persistence. |
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