| Since the first Trust Fund merging in the 19th century, the United Kingdom, the fund gradually be extended throughout the world. In 1924, the world’s first corporate open-end fund was established in Boston, followed by the fund industry began to flourish together, but each time the economic crisis gave the fund had serious effects. However, the fund industry after a number of serious economic and financial crisis, but time and again to stand up in the fight against later, more and grow. As of the second quarter of 2009, the Global Fund’s assets scale experienced in 2008, after the financial tsunami, some recovery, reaching 21.2 trillion U.S. dollars. Although the third quarter of 2007 than the peak of 26.2 trillion U.S. dollars at the end of a decline, it has gradually recovered to decline, has again demonstrated the vigorous vitality.The emergence of the fund has led to the fund industry’s study also developed, first of all, a large number of scholars to conduct an analysis of fund performance, and gradually join the risk-adjusted performance of research. Then, researchers began looking for affecting the Fund’s performance of internal and external factors. Fund investment styles, fund research endless timing stock selection ability.Late emergence of domestic funds, but the development of fast, with the continuous growth of China’s capital market, regulatory improved gradually, fund companies learn from the advanced model, the fund size will soon expand to become China’s securities market’s major institutional investors. While the 2009 global financial crisis spread to China’s securities market, the Fund subject to certain curb the momentum of development, but the Fund can not stop the trend of development of the industry.With the continuous development of the domestic fund industry grow, bring success, while there are many deficiencies and problems. Mixed market, and many have questioned the management capacity of China’s fund managers, and even that China’s fund managers invest in a bull market indexation, in the bear market to lighten up, the lack of timing stock selection ability. For such an emerging industry, we should have what kind of attitude is a clear understanding of them in depth, or sit on the sidelines with fervor and assurance. Chairman Mao once said:There is no investigation, no right to speak. We should be in-depth investigation, to grasp the status quo development of the industry to understand the problems the fund industry, and actively seek solution for the fund industry in the development of advice and suggestions. In this way, whether we are investors or fund managers, or regulators, will benefit from the fund industry to benefit the healthy development of China.This paper describes the style and performance of domestic and foreign funds to start research, will study the closed and open dwell on the distinction between fund style, fund performance analysis of influencing factors. And different from other literature, this paper focuses on comparison of a series of assumptions, and step by step in the empirical validation of the authenticity of these assumptions. This article contents is as follows:Chapter I Introduction. First introduced the research background, research in our country the significance of fund performance and style, in the right fund performance and style based on the Review of Research, show that the main research contents and methods, concluded with the thesis structure.Chapter II Review of the literature. First, the general situation of Fund Performance Review, and then under the open and closed-end fund’s performance compared with the style of empirical results reviewed.Chapter III dwell in our country’s fund-style theoretical basis of empirical research and methods of research. Theoretical analysis section presents the seven assumptions, a closed-end funds and open-end fund’s investment style, there are significant differences.2, closed-end fund investment styles in order to tape-based and growth oriented.3, open-end fund investment styles in order to balance the main type.4, the management expense ratio of fund returns there is a significant positive impact.5, the fund size on fund returns there is a significant negative impact.6, the flow of funds to the existence of the fund yields a significant negative impact.7, style drift, the extent of the Fund significantly affect the rate of return. Are based on the actual economic phenomena by economic theory to be. Research focused on a variety of styles in the theory of classification and comparison of a statement to clarify the theoretical basis for stylistic analysis, citing all kinds of fund performance calculation method.Chapter IV is China’s fund investment styles of empirical research, this chapter selected Gruber four-factor model, cluster analysis method is a closed and open-end fund classification to distinguish between the Fund’s actual investment style, and performance of the same style of the fund calculated and compared. This chapter is also the style of the two method results were compared, analysis of the pros and cons.Chapter V Fund Performance An Empirical Study of Factors Influencing the first calculate the fund’s style drift index, and different styles of the Fund’s drift index to compare statistical research. Subsequent cross-section regression analysis of the data model, examining the fund size, fund expense ratios, fund style drift, the fund flows impact of volatility on fund performance.Chapter VI Conclusions and policy recommendations. This chapter of the empirical results of the analysis. Clearer actual investment of the Fund carried out a sub-style, the Fund’s actual style and there are some differences in the name of style, but overall good agreement. For performance purposes, the index reflects the performance of the Fund, there is some difference. Factors affecting the performance of the fund, management expense ratio is more pronounced impact on fund performance, while the fund size, cash flow, style drift has no significant effect on performance. |
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