Analysis On The Influence Of The Fund Family Co-ownership On Its Performance

With the development of China’s fund industry, the number and size of the fund companies have also been expanded rapidly, and the influence of fund companies and securities investment funds in the securities investment market is growing. If we can conduct extensive and in-depth research on the investment behavior of the fund, we can provide some research support for the healthy and sound development of the securities market.In this paper, the fund family as the object of study, first introduced the research background and significance, and the domestic and foreign literature to sort out and review. Then, this paper expounds the current situation and the correlation between the common stock ownership and the performance of the fund family, and analyzes the reasons of the mutual shareholding of the fund family. Then, deeply analyzes the principle of the fund family’s joint stock ownership affect its performance. Then through the collation of wind financial information in the data, the performance of fund fund, common shareholders of family members and family were description and analysis, and construct a panel data model, uses the econometrics software Stata and conducts an empirical analysis of influence on its performance in the first quarter of 2010 to 2015 in the second quarter of the fund family joint ownership behavior. Through the panel regression analysis, we get the following conclusions:(1) the empirical test of the whole sample fund, found that the internal joint ownership of the fund family can enhance the overall rate of return of the fund company.(2) the empirical test results show that the mutual shareholding of the fund family can not improve the performance of the fund family after risk adjusted Sharpe ratio. In other words, the fund’s family, through a certain degree of joint ownership in exchange for excess returns behavior is built on the basis of a greater risk.Finally, according to the empirical results, we put forward some suggestions for the fund companies themselves, fund investors, regulatory authorities, third party rating agencies, respectively.