Based On Listed Companies’s Financial Characteristics’s Research On The Open

Since2005, equity division reform has past five years, now has being accomplished already. The boundaries between non-tradable share and tradable will gradually be eliminated as equity division reform playing. The full circulation period is coming; securities investment funds will have more and more investment opportunities. Securities investment funds play a more and more important role in securities business. To October of2010, in the securities investment funds, there have46close-ended funds and702open-ended funds. Open-ended fund play the most important role in securities investment fund, and the equity fund is the most important securities investment fund. See from listed companies’ angle, its financial characteristics must influence open-ended fund holding stocks, and open-ended fund holding stocks can improve corporate governance level, take more single investors and more capital for listed companies, it will also do help to enlarge listed companies’ size. The open-ended equity fund as the biggest open-ended fund has its distinctive characteristics. The research between open-ended equity fund and listed companies is very necessary.The thesis base on the listed companies’ angle, analysis the listed companies’ financial characteristics by model, contain statistical analysis the listed companies’ seven aspects19financial characteristics、industry analysis and financial superiority analysis. And then, basing on the listed companies’ financial characteristics, analysis open-ended equity fund’ holding stocks’ perforations. The conclusion is as follows.Firstly, main holding shares’ listed companies have financial superiority obviously. Its size is expanding year by year、its short debt paying ability is very strong and its debt paying cycle is short. Main holding shares’ listed companies have obvious differences to all listed companies. Such as size、earning ability、assets management ability、progressive ability and income quality.Secondly, size is the most important character to open-ended equity fund holding stocks. Main holding shares’ listed companies’ size is enlarging year by year. The result of the regression model is, the size’ ratio is the biggest and positive. So, the more listed companies’ size is, the more open-ended equity fund’ intention is.Thirdly, earning ability is the second important character to open-ended equity fund holding stocks. The result of the regression model is, ROA is positive to open-ended equity fund holding stocks. Main holding shares ’listed companies’ earning ability is obviously higher than all companies’ average level. So, the more listed companies’ earning ability is, the more open-ended equity fund’ intention is.Lastly, open-ended equity fund’ managers more preference mature companies. From the conservatism principal, to quickly growing companies, open-ended equity fund’ managers is very careful. In the long run, mature companies’ management and operation is more mature, open-ended equity fund’managers are more like to holding mature companies’ stocks.