An Empirical Analysis Of The Effect Of Fund Management Companies Purchasing Behavior

The securities investment fund plays a one of most important roles in the securities market. The healthy development of securities investment fund have an important significance for the securities market. The fund management companies as fund market organizers, acts as the bridge to connect the fund investors and the fund managers, the behavior of the fund management companies could effect the decision of the fund investors and fund managers, however the fund companies self purchase is one of most attention behavior of the fund companies. Analyse the self purchase of fund, research its impact on the fund market,have practical significance.The investment-decision theory, principal-agent theory will be application to analysis the fund self purchase behavior. Under conditions of asymmetric information, build a more realistic fund three double principal-agent model of the fund investors, fund management companies and the fund managers, to analysis the fund self purchase behavior. The result show that:the fund self purchase behavior could increase the effort of the fund managers and the fund management companies, but also the performance of the fund and the fund flow; the effectiveness of the fund self purchase were affected by features of the fund,the features of the market and the features of the fund managers.Base on the model research and the literature research, use the2006-2010quarterly data to test the fund self purchase how to affect the fund performance and the fund flow,and verify the conclusion of the model analysis. The result show that:the fund self purchase could make a good performance for the investors, but could make the investors purchase the fund. The conclusion of this study could provide reference for the fund investors and the fund companies to make the investment decision.