Binary Network Structure Reserch In The Open Partial Shares Fund In Our Country

In recent years, with the implementation of the new fund law, public fund business has been opened to the securities company, the insurance company and private equity funds. Combined with the implementation of registration system for fund products issuing, the fund industry in China is booming. Fund management companies, the number of fund, fund scale have all increased significantly. According to China’s securities investment fund industry association, up to the end of December 2015, the number of mutual fund management company in China is up to 101, the number of public funds is 2722, fund assets amounted to 8.4 trillion yuan and as a share of GDP is 12.41%. It is visible that the influence of fund behavior on Chinese stock market is increasingly enhanced.In the second half of 2014 and 2015, Chinese stock market has experienced the second round of the bull market. Such a typical market is the best test for the fund managers’ investment ability. So, studying fund investment behavior in this period is helpful for finding fund behavior characteristics.Complex network is a way of describing the complex system in the real world. Through the analysis of the topological structure of complex networks, we can understand the characteristics of the real network. Along with our country securities market is becoming more and more mature, the influence of fund behavior between more and more is becoming more complex. For holding the same stock, there is a link between the fund managers, these links constitutes a complex network between fund managers.This paper applied the binary network analysis method of complex networks, and for the first time using partial shares fund in our country as the research object. On the basis of the top 10 heavy warehouse stock information, we can build the fund-stock binary network model. Through the weighted projection, get fund single vertex weighted network and stock single vertex weighted network. The network topology properties of these two networks are analyzed respectively.The study found that, fund single vertex network was sparse in most quarters; this network had small world characteristics and scale-free feature; fund with high strength did not obtain high yield. While the stock single vertex network had a big scale but it was very sparse. With the market fluctuations, fund investment style also changed accordingly, but shares in the center of the network did not appear a big difference.