| In 1997,the State Council released a set of prescriptions known as the "Provisional Measures for Managing Securities Investment Funds".The market Chinese raised funds into the closed-end fund development period.With the increase of the closed-end fund management market development and investment demand,issued in the "open-end securities investment fund pilot" after Chinese raised funds gradually from closed-end funds into open-end funds.Since the first open fund has been put into the market,the institutional investors of China's securities investment market have gradually developed.In recent years,the management level of the public fund has been recognized by the market investors,and the total scale of the fund market is growing.Among them,equity funds with relatively high risk and high income are the main ways for investors to gain the income of investment.This paper expects to get the way to choose high-quality funds in many equity funds through the study of the factors that affect the yield of equity funds,and to provide suggestions for fund management companies to develop their own funds.After summarizing the research of historical documents,this paper analyzes the performance of fund returns by using TM and HM models,and tries to explore whether the two models have the same effectiveness.Based on these two models,the fund manager's ability as the direct factors affecting the return of fund,and the fund manager ability is divided into the fund manager's stock picking ability and timing ability,through the analysis of the five year observation period sample fund data,TM model and HM model of homogeneity in the analysis of fund manager ability,put forward in the analysis of future fund returns,can choose one of them as the analysis tool.At the same time,this paper found that the judge only fund managers in the selection of high quality fund effect is not very significant,so the net assets of the fund size,fund cost rate,rate of the fund and the fund before the top ten positions in the proportion of these factors were analyzed,to study the relationship between these factors and the return of fund,the TM and HM model optimization method to obtain a more accurate screening of high-quality fund.Through the above research,this paper draws a conclusion that the fund manager's stock picking ability is an important index that affect the rate of return in the market,investors should choose to have stock selection ability or timing ability,the net assets of the fund on a scale of 1 billion to 5 billion,a high proportion of equity funds and high rate of the fund's top ten positions of the investment options.And the point of view that the fund management company should pay attention to the construction work of the fund manager team is put forward. |
