Research On Measurement And Influencing Factors Of Open-end Partial Fund Risk In China

As a kind of portfolio investment which integrates investment,professional management,benefit sharing and risk sharing,this kind of unique advantage makes it possible to continue to grow and develop,and the status and role of securities investment fund in our country are becoming more and more important.According to China Securities Investment Fund Industry Association data show that at the end of 2016,the total number of funds in China reached 3867,of which there are 3564 openend funds(92% of the total),compared with closed-end funds,open-end funds have higher transparency,greater liquidity and more convenient investment,which make it a very rapid development and have occupied an absolute dominant position now.In the open-end funds,in the aspect of asset value function,the partial stock funds more prominent,is a good investment goods for investors,but high income is accompanied by high risk.With the development of China's financial markets,the quality of the risk control of the fund will be a key factor in the development of the fund,but also regulators and investors are concerned about the content.Taking into account the risk characteristics of partial stock funds and their important position in the financial market,the risk of partial stock funds should be highly regarded in the field,China's open partial stock funds risk measurement and its influencing factors Research is also very necessary,which has a certain practical significance for the steady and healthy development of the national economy,the financial market orderly,the investor's asset security maintenance.This paper focuses on the risk measurement and influencing factors of open-end partial stock funds.First of all,we comb the relevant literature at home and abroad comprehensively,on the basis of the defining the securities investment funds,open-end partial stock funds and the risk,and the relevant theory described in this article,and then on the current domestic and foreign risk assessment and the factors influencing the risk of the fund are analyzed theoretically.Through theoretical analysis,this paper argues that the VaR method can be used to measure the risk well.Because the yield series has heteroscedasticity and does not obey the normal distribution,it has the characteristics of spikes and thick tail,and the GARCH model can describe these characteristics well.Therefore,in the empirical study of VaR,GARCH measurement model is used to measure the risk of open partial stock funds in China.In the empirical study of influencing factors,32 funds are selected as the research object,mainly from the three aspects of stock market,fund operation strategy and fund investor structure carries on empirical research.Finally,on the basis of the relevant conclusions,the paper puts forward some concrete countermeasures and suggestions.This paper draws the four conclusions:(1)VaR-GARCH model measuring the risk of open equity funds can intuitively reflect the risk of the fund,easy to understand,and through the observation of the risk,different partial stock funds risk is not the same,and the stock and bond funds compared to it,the risk of partial stock is less than the stock market risk,but greater than the bond fund risk.(2)The risk of China's stock market has a very significant positive impact on the risk of open-end partial stock funds.(3)The operation strategy of the fund will have a significant impact on the risk of the fund,mainly in the fund holdings of the higher concentration,the higher the fund turnover,the greater the risk of the fund.(4)The fund investor structure will also have an impact on the risk of the fund,the greater the proportion of institutional investors,the fund risk will be smaller.According to the conclusions,this paper puts forward the four suggestions:(1)To establish a scientific and reasonable risk rating mechanism;(2)To promote the financial market to deepen the reform and optimize the fund investment environment;(3)To improve the fund manager's own skills and improve the incentive mechanism of fund managers;(4)To optimize the structure of investors and strengthen the education of small and medium investors.