The Research Of The Effective Factors To The Open-ended Fund's Performance

Since 2001.9.21, while the first open-ended fund——Hua'an innovation fund was founded, the open-ended funds industry in China had gained a great progress. By 2010, there were 61 fund Management corporations in China. These companies manage more than 600 open-ended funds, whose market capitalization was more than 2.4trillion. In this case, it is very significant to analyze and research the factors which affect the performance of the open-ended fund.Based on previous related performance evaluation theories and open-ended fund for performance appraisal system, we make a kind of empirical research of open-ended fund achievement influence in our country. The proposed model takes the stock type of open-ended fund as the main research object by the investment strategies for the breakthrough point. We use four key-factors of open-ended funds including the proportion of shareholding, the stock holding centralized degree, frequency of transaction and the total assets as the vectors to look into the relationship between the performance and effective factors. Finally, we can find that the proportion of shareholding is the greatest factors which affect the performance of the open-ended fund.In this thesis, we collect sample data of open-ended funds for the linear regression model. Then we do significance test of these equations to gain some conclusion of the model. Then we use the conclusion of the model to explore the degree about those factors affect the fund performance.At last, we made some suggestion about how to improve the lack of persistence of fund's performance which is general phenomenon in fund industry.