The Correlative Research And Analysis On The Fund Size And Fund Performance

The rapid development of the securities market and the continuous improvement of the capital market promoted the growth of fund management industry in recent years.The Chinese fund market survived 3952 fund products,the fund share reached 8.91 trillion Yuan,the net asset value amount to 9.14 trillion Yuan after the rapid growth of the two rounds of 2005-2007 and 2012-2015,as of December 31,2016.More and more fund companies tend to issue large funds to highlight its strength,or do its best to get sound fund company's ranking so that a single fund raised nearly 100 billion Yuan which led to such questions:Whether the fund size bigger the fund performance better?Are there any economies of scale in the fund industry?What is the difference between raised funds and private offered funds affected by the fund size?In this paper,I used Turner Index,Sharp Index,Jansen Index,the average weekly net growth rate as a measure of fund performance indicators,and used factor analysis and one-way variance model of China's 437 stock raised fund products and 194 stock Sunshine private equity products in July 2013 to July 2016 July 3 years of the overall performance of a comprehensive and dynamic empirical study.The stock of public offering fund products and stock-type sunshine private equity products in accordance with the size of the size were divided into three categories:large funds,medium-sized funds,small funds.By examining the actual profitability and risk fluctuation level of the sample funds of the three sizes of the raised funds and the private equity products in the evaluation period,we reveal the difference between raised funds and the private equity products affected by the fund size in the sample time.Finally,it is found that the stock publicly offered funds has the scale economy in the evaluation period.The bigger the stock publicly offered fund is,the better the performance of the funds has.On the contrary,the stock private offered funds factor analysis result are very insignificant,it is clear that the private offered funds affected by too many factors so that the stock-type sunshine private offered products'performance is not affected by the scale of the funds.This paper also tried to analyze the reasons for the above empirical results,hoping to provide some reference for the funds research in the new market environment.