Research On The Performance Evaluation Of China's Open-ended Fund And Its Influencing Factors

Since China's fund industry was established,the open-end fund has been developing rapidly.Although open-ended fund has started late in China,it has developed very rapidly in recent years,and the variety of it is increasing.It has gradually become the mainstream of the fund market.How to evaluate the performance of the open-end fund and the influencing factors of the performance of the fund has become a key issue for domestic scholars.This paper tries to make up for the lack of research samples,short time and incomplete classification,and conduct a more comprehensive and in-depth research on the performance of various open-end funds.At the beginning of the article,we review the relevant literature on the performance of funds at home and abroad.On the basis of the literature,the research ideas of this paper are put forward.We start from the characteristics of the sample fund,and use the three classical indexes(Treynor index,Sharpe index and Jensen index)to study the overall performance of various open-ended funds.Then,the T-M model and the H-M model are used to evaluate the selectivity and timing ability of fund managers.Next,we use the GARCH model to modify the Sharpe index,and get the dynamic risk adjustment index,GS.On the basis of it,the short-term performance and sustainability of the fund are studied.Finally,the dynamic GS index is used as an explained variable to study the influence factors of the performance of the fund.The empirical results show that the fund yield does not obey the normal distribution and has the characteristics of peak and thick tail.On the whole,the yield of the open-end fund in China exceeds the risk free rate and the performance of QDII fund is relatively poor.The correlation between the Treynor index and the Sharpe index is strong,and the decentralized investment strategy does reduce the non systematic risk of the fund.Only fund managers who manage money market funds have shown significant positive selectivity and timing ability,and the performance of the rest of the fund managers is not good.The bond fund has significant sustainability,and most of the money market funds show reversal,and the remaining open-end fund performance is not significant.The factors affecting the performance of different types of funds,the direction of their impact and the degree of the effect are different.We can improve their performance by improving the sensitive factors of different types of funds.To promote the healthy development of the open-end fund,some suggestions are put forward at the end of the paper to fund investors,fund managers and fund supervision departments.