The Empirical Research On Performance Of Open-ended Equity Funds In China

In March27th1998, the first batch of fund in our country has founded—includingKai Yuan Fund and Jin Tai Fund, which was considered as the beginning of the ChineseFund industry’s development, and the fund market is gradually developing and improvingduring the15years. To the March24th2013, we have issued Equity Funds, Bond Funds,Monetary Funds, Principal Guaranteed Fund, QDII (Qualified Domestic InstitutionalInvestors) Funds and Mixed Funds, which amount to1237with the net asset value ofRMB3281.2billion.In this essay, the study object is the performance of open-ended equity mutual funds.My analysis combined with performance evaluation method, attribution and persistence. Iwill use regression analysis method to evaluate the influencing factors of fundperformance, and demonstrate the key factors. Based on these factors, I will rank the176samples of funds. Finally, according to the general performance in2012, using the top20funds to test the reliability of my method; in other words, to test the significant influenceof these factors to the funds’ performance.Structure of the essay: Chapter1: Introduction. I will introduce the study backgroundand the purpose, literature review, the analysis object and methods, and the creation of theessay; Chapter2: Theories. I will introduce the performance evaluation theories from threeaspects, performance evaluation method, performance attribution and persistence; Chapter3&4: Empirical studies. The empirical analysis based on evaluation theories (includingperformance evaluation method, attribution and persistence) and influencing factors offund performance. Chapter5: Conclusions.