The Empirical Analysis Of China's Open-end Equity Funds Performance

With the rapid increase of China's currency circulation and the rise of real inflation,people's financial awareness is getting higher and higher.Investment products in the current market,the fund products due to low investment threshold,and the product has a professional management fund manager,favored by the investors.In species diversity of fund products,the equity open-end fund because of its investment targets is of the highest in stocks and shares this stock has the characteristics of high risk could obtain high yield,as some investors investment objectives,therefore,more and more investors to invest in the open-end equity funds of our country.But because the number of funds and the rapid expansion of scale in recent years,the fund product update too fast,there have been many problems,so how to effectively evaluate its performance and establish its corresponding scientific system becomes very urgent and practical problem.By reference to the literature of fund performance evaluation,this paper chose to use the four factors of Carhart model as a research tool,and then according to the research to the rules of choosing the sample,then according to the corresponding rules to collect papers required sample data,the data processing model into the required data sequence;And other data needed for the model is obtained by scientific method sequence;Then using econometric software Eviews8 to multiple linear regression of data sequences,according to the result of regression analysis our country open-end equity funds performance and various influence factors of performance in the role,and the analysis results and the morning-star fund net compared to the evaluation of the corresponding funds,four factors in terms of fund performance evaluation of the reliability of the model,and analyze whether fund manager insisted that the period of claims for product promotion strategy,finally the analysis results are a summary and puts forward related Suggestions.Can be discovered by empirical and equity open-end fund in China in the period of this study on the overall performance is better in the market,most of the individual funds performance is also outstanding.And four factors model can better fitting our country fund market data,the results of the analysis of higher reliability,statistic significant.Alpha indexes have significant funds for sorting and morningstar fund performance ranking similarity is very high,also confirmed the model of fund market in our country has certain applicability.But four factors model also has shortcomings,may be there are other factors that influence the fund performance so to conduct the thorough research to the existing empirical model.