The Analysis On Risk Diversification、Performance Evaluation And Influence Factors About Chinese QDⅡ Funds

With the increase of trade surplus, foreign exchange reserve scale has furtherimproved and has the pressure of appreciation. For the effective management offoreign exchange reserves and reducing the appreciation of the RMB, Ourinternational securities investment began to use domestic surplus capital for overseasinvestment, in2006, QDII system as a transitional system arrangement had become animportant channel for domestic residents to invest abroad.At present, our QDII institutional investors including Banks, fund companies,insurance companies and trust investment companies. QDII funds’ companies are thelargest ones. According to the website, by end of June2013, there were84QDIIfunds on the market in our country, which issued a total of89.015billion shares andthe net worth is about61.876billion yuan.This article takes evidence form QDII funds, which have more than1year duration.The total number is16and the evaluation period of samples is from2009to2012.First of all, we quantitative analysis the risk dispersion effect of QDII funds; then weuse three indices to evaluate the performance of QDII funds, by using the parametricmethod and nonparametric method, we have done empirical research on thepersistence of QDII funds’ performance. Finally, by using a multiple regression model,we analyse the factors which affected QDII funds’ performance.The results show that QDII funds’ risk dispersion effect is good; there are only afew of QDII funds can get more than the market benchmark yields, at the same time,in short and medium terms, QDII funds don’t have performance persistence, while inthe long term, they have a certain performance persistence. Fund’ size has positiveeffect to QDII funds’ performance and the scale effect on performance is thediminishing marginal effect, regional concentration and industry concentration bothhave positive effect on funds’ performance.We hope QDII funds could become the important overseas investment tool andprovide new channels for international securities investment in China.