Research On The Performance Of Chinese Open-End Equity Funds And Its Influencing Factors

In September,2001,"Hua An chuang xin"-China's first open-end securities investment fund was formally established in the Huaan Fund Management Company,which marks the development of China's fund industry from the previous single closed-end funds to the closed,open parallel development of the new situation.Since then,China's open-end funds achieve rapid development,and gradually replace the closed-end funds to become the backbone of China's fund market development.In the context of the open-end securities investment fund has become an important investment tool for the majority of families in China,this paper analyzes the influencing factors of the fund's earnings by the fund that the investors are most concerned with.This paper draws lessons from foreign scholars' research methods and research experience,first combs the different fund performance evaluation indexes,and checks whether there is consistency in the performance ranking of the fund under different performance evaluation indexes.Combined with the current situation of the development of China's open-end securities investment funds and the actual situation of the securities market,the 59 funds,which are established in 2006,still in operation now,are selected as samples.The study time interval is from 2007 to 2016.According to the different contents of the study,monthly income,quarterly earnings or annual income are selected as the research object.The one-year deposit rate is chosen as the risk-free rate of return.According to the investment orientation and performance benchmarks of the example fund,this paper choses “CSI 300 index yield *80%+Zhongzheng National debt index yield *20%” as the market benchmark rate of return.The classical TM model and HM model are used to analyze the seasonal income of the sample fund in the ten years,and whether the sample fund has the ability of stock selecting and the market timing ability.The cross-sectional analysis of parameters was used to analyze whether the sample fund had performance persistence in different time segments(quarterly,annual,triennium,and quintile).The cross-sectional analysis of parameter is also used to analyze the effect of fund expend rate on fund performance.Finally,according to the results of the empirical analysis,we draw a conclusion and put forward some suggestions to fund investors and managers according to the actual situation of China's capital market.