The Performance Persistence Of China’s Stock Funds Performance

In this paper, we use the model of "Mover-Stayer" researching the Chinese equity funds’persistence in years. Firstly, Fund is first divided into a "mover" and "stayer", namely two types, and found that "mover-stayer" model is more suitable to describe Chinese equity funds’persistence of performance. In further studies, we found that the medium "mover founds" group has the weakest persistent of performance, the best "mover founds" group has a medium persistent, and the poor "mover founds" group has the strongest persistent. In "stayer founds" group, the "stay ratio" decrease gradually with the extension of the study period, which means the persistent of performance decrease gradually with the extension of the study period. Secondly, the paper reviewed the reasons of impacting the equity funds’ performance persistence. Finally, we had the conclusion and pointed out the needs to study next. This paper is organized as follows:The first part described the origin of the funds’ persistence, and made a system description of the fund’s persistence research background and significance. In addition, we reviewed the current situation at home and abroad. Finally, we elaborated the ideas of this paper.The second part made a system description of the evaluation of funds’ performance, and we chose four evaluations as the object of this paper based on the availability of data and indicators, of cause include practicality. In addition, we introduced the related models of researching the funds’ persistence, emphasis introduced the "Mover-Stayer" model and its tests.The third made the empirical analysis of the performance of equity funds’ performance persistence in China. Firstly, we should process the data, excluded the funds of including missing data; Secondly, based on four different evaluation, respectively-depth analysis the funds’performance persistence in different of study period of3-6years; finally, we studied the performance persistence of the funds intensity variation in different study period.The fourth part reviewed the reasons of impacting the equity funds’ performance persistence.The fifth part had the conclusion and pointed out the needs to study next.