China's Stock Investment In Open-end Fund Yields A Number Of Influencing Factors Research

On September 11^th, 2001, Hua An Fund Management Company set up the first open-ended security investment fund in China afer obtaining the government's approvement. Since then, open-ended fund has experienced a tremendous development. During the past years, both the number and asset scale of open-ended fund have been growing hugely.Based on the fact that stock investment open-ended fund has become an important financing tool in Chinese family, this paper takes it as the research subject to analyse those factors affecting the return rate of stock investment open-ended fund. First, the paper summarizes related actual research results from both abroad and domestic, so to find out factors affecting the return rate of stock investment open-ended fund include selectivity, marketing timing, performance persistence, net asset scale, expense ratio, turnover ratio, and load.Then this paper uses the data of China stock investment open-ended fund to carry out empirical research, and deeply analyses how those factors affect the return rate of open-ended fund. In addition, based on the research results the paper declares an investment selection rule. Finanlly, the effectiveness of my result is proved through a case analysis.The conclusion of this paper can not only provide an applied reference to investors facing the difficulty of selecting stock investment open-ended funds, but also give some hints to fund management companies about how to improve operation management and funds performance.This paper proceeds as follows: The first chapter introduces the background, theme and research framework. The second chapter reviews main related theories and results done by other researchers. The third chapter makes explaination of data, which are the base of this paper. The fourth chapter focuses on analyzing the main factors having effects on the return rate of China stock investment open-ended fund, and finally gives out an investment selection rule. The fifth chapter uses a case to prove the effectiveness of that rule. The sixth chapter makes conlusion and suggestion to both private investors and fund management companies.