| China’s fund industry started since the nineties of last century since the start,after more than 20 years of development,both the market share and the number of investors are growing.More and more people are willing to invest funds into various types of securities investment funds.In the choice of specific fund products,the yield is the first consideration.For fund managers,the higher the rate of return,the more beneficial to themselves.But capital markets are unpredictable,and higher yields often require investors to take greater risks.As the fund managers and investors are principal-agent relationship,there is information asymmetry between the two issues,investors can not play an absolute role in the agent’s investment decisions.In choosing the size of the risk of the portfolio,the fund managers will not only consider the interests of investors,and may even cause moral hazard for their own interests.Based on the possibilities above,domestic and foreign scholars conducted a series of studies,but did not reach a consensus.This paper selects 2005-2015 stock open-ended fund data,the relative performance of the Fund’s ranking and fund managers portfolio risk as the research object,the use of contingency table analysis of empirical tests to study the fund market in China,the existence of Fund managers to make up for the early performance of the Fund’s high-risk investment behavior,and in different market conditions,the size of different funds and different times of the fund,the risk-adjusted behavior of the existence of differences.The results show that:(1)From 2005 to 2015 the overall situation,the winner,flat and the losers of the risk adjustment behavior does exist significant differences,the performance of the risk adjustment ratio and the previous performance is positively correlated,Good performance funds tend to have higher risk-adjusted ratios.(2)When we subdivided the fund performance of different years,we find that the fund’s risk-adjusted behavior presents different annual characteristics.In 2008 and 2011-2015 there is a more significant difference,but in other years there is no significant difference.Especially in the earlier years the fund manager’s investment risk is not significantly different,but over time,after 2011,the difference gradually.(3)According to the characteristics of each year,2005 to 2015 is divided into bull market and bear market,the results found in different market conditions winners and losers behave differently.In the bull market,most of the losers will choose a higher risk-adjusted rate,the bear market is the opposite.(4)In the case of dividing the different establishment time,、the size of the assets and the replacement of the fund manager,the results of regression analysis and hierarchical analysis are not the same.on the one hand,the quantitative and qualitative analysis are different.On the other hand,with the missing part of the inspection data,the panel data is in non-equilibrium.But on the whole,the association table is consistent with most of the conclusions drawn from the regression analysis.Therefore,we put forward a number of policy recommendations. |
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