| Since the1980s, the financial institutional investors began to enter into the golden age of rapid development, the most direct effect is the changed pattern of the main body of financial markets, the dominant role of traditional banking gradually inclining to institutional investors. On the one hand, the diversity of the shift can expand the function of financial market innovation, improve the operational efficiency of the market; On the other hand, more diversified subject have increased the investment and financing channels, to promote the rapid development of commodity economy entity in our country. At present, our country is in the transitional period of market economic system reform, which to improve the financial market during the reform of the innovation and development, the research on the problems of theory and practice of institutional investors is particularly important. On June1,2004, the securities investment fund in our country began, but it is only to speed up the prosperous development of China’s fund industry which laid the important legal basis, China’s fund industry has also entered a new milestone.A wide range of institutional investors, for the article selects the sunshine private funds as the research object, it is not a public way through collective investment in the face of certain investors to raise funds in the form of a kind of works, its development enrich the investment tools of financial market, and also changed the traditional pattern of financial markets, and the development of financial industry has been changed into the power of the constantly updated ones, so the sunshine private equity’s development situation and the performance of financial market in China has very important significance.As a measure of financial market returns the applicability of the indicators, the fund performance is always the key point of the research and use in all aspects of life, the influencing factors mainly include the followings:market overall average yield, the industry average risk measure, the fund manager’s individual ability including product research and development and the management ability, other systems such as risk factors. Among them, for a fund’s performance indicators, funds management can be selected from the subjective factors refers to the individual ability of fund managers, and academia mainly studies the stock selection ability and timing ability, it is also the key problem in the research in this paper. Stock selection ability of the fund manager refers to the selection and combination of different products on the financial market, management, management ability; Timing ability of fund managers for the operation to the timing and control, the right timing can effectively avoid risk. This paper uses the mathematical model of mature theoretical such as T-M series, H-M model series, the series of C-L model to the sunshine private funds in our country,which is established during January1,2007and June27,2014,it is still in the state of existence of products in stock selection ability and timing ability of their empirical data analysis, and through the sunlight of private equity in China’s financial markets experienced different historical stages and comparing the performance of the market environment, to summarize its regularity and characteristics, and put forward reform proposals on this basis. Its significance lies in the one hand, can let investors know sunshine private equity fund, provide certain theoretical basis for the choice of investment; On the other hand, can let the trust companies, investment advisors, investment managers recognize objective evaluation of the ability to choose a timing adjustment investment direction and investment strategy, as the product performance appraisal index and the standard of the measures of the ability to fund managers. At the same time, we also hope to provide regulators with macroeconomic regulation to control the financial market, especially the sunshine private industry policy recommendations. |
PDF Full Text Request