The Research Of Open-end Fund's Investment Behaviors And Its Influencing Factors

In 2001,China's first open-end fund-Hua an innovation had been founded,the number of open-end fund has been 3168 at September 2016.In a short span of 15 years,our country has experienced leap-forward development of open-end fund.At the same time of breakneck expansion,open-end fund of principal-agent relationship and the contradiction between the shareholders' equity,highly homogenized of fund products,fund investment behavior of a flock of sheep effect,feedback effect and the fund managers' turnover tide gradually revealed and becoming increasingly problems in the development of open-end fund.Now,in the face of China's capital market open and the improvement of marketization degree,be vividly portrayed,the era of big asset management business is almost certain,in the fierce market competition,how the fund industry to break the development bottleneck with the innovation system mechanism and the shift investment idea is a need to solve the problem.This paper focuses on the relation between the development of open-end fund and fund investment behavior,use the predecessor research method of the relation between fund investment behavior,the fund performance and stock market for reference,comb to explore the plight at present innovatively from the perspective of fund managers in our country,and whether as a result of the fund manager's investment behavior caused by improper,in order to prompt our country's securities investment fund toward a more diversified,matured in the direction of development.In this article,through the combination of qualitative comparison and quantitative empirical approach,based on the theory of behavioral finance,use integrated method of literature research,case analysis,describe method of statistics,charts,presentations and empirical test to describe the concept of open-end fund and its risk characteristics briefly,and tell the current general situation of the development of open-ended funds in China as well as the difficulties in develop,make a detailed explanation about three kinds of investment behaviors from the aspects such as concept,cause and form which have been widely validated in the development of open-end fund in China and abroad,and combine with the specific fund case analyzing statistically verified one by one.In addition to research the specific investment behavior of funds under various influencing factors,respectively from the perspective of the fund size,the individual team management model,the early stage of the fund relative performance ranking and fund investors' redeemed flow,to analyze the specific investment behavior operation of fund managers.Broadly speaking,this paper from the macroscopic and microscopic angles to comprehensive comparative analysis of the specific investment behavior,it considers that the factors affect open-end fund specific investment behavior's change is mutual.The article is also introducing effect of fund investment behavior as combination of specific investment behavior of funds and each influence factor by empirical test to verify the influence of the fund's specific investment behavior under various influencing factors.Finally it aims at the influence factors and investment behavior which are mentioned above,targeted to put out suggestions in aspects of the fund manager,fund evaluation system,incentive system fund investment scope,investment concept,product innovation and reasonable opinions of asset allocation.I hope these suggestions can provide reference for subsequent investment behavior and regulatory governance.