Research On The Influence Of Stock Market Volatility On The Performance Of Partial Stock Open Funds

With the gradual improvement of the fund market,the scale of the fund is also rising year by year.By March 2018,the number of public funds in our country has reached 5055,and the partial shares of the fund have reached 1341,accounting for more than 26% of the total fund.With the continuous development of the fund industry in China,more and more investors take the fund as its own way of financing,so how to choose the fund to invest has become the most important problem that the investors need to consider.Most investors regard fund performance as the main way of judging their choice of funds.They will exclude funds from poor performance and choose funds with good performance as investment targets.Similarly,fund companies will enhance the fund's ranking by improving fund performance,so as to attract more investors to buy the company's Fund.In order to improve the performance of the fund,the partial share fund is the most direct choice,so it is particularly important to study the influence factors of the performance of the partial share fund.We know that there are many factors affecting the performance of the fund,such as fund share,fund manager capacity,fund scale and so on,and the stock market is an important part of the fund investment.The changes in the performance of the fund will inevitably be influenced by the volatility of the stock market,but the impact of the volatility of the stock market on the performance of the fund will be formed,and further research should be continued.First of all,through the combing of relevant literature at home and abroad,it is found that foreign research on fund related aspects is relatively comprehensive,but because the domestic fund industry is late,scholars are not particularly comprehensive on domestic fund related research,and most of them are focused on the study of open funds.Partial equity or equity funds are the main research objects.Partial equity or equity funds are the main research objects.Moreover,China's fund industry is at a stage of development.Therefore,the results obtained in different periods are different.However,with the gradual improvement of the market,the results of scholars' research on the impact factors of fund performance have gradually become consistent,and the main factors that have been put forward are fund scale,fund share,fund manager ability,market index,market change and so on.Among them,fund size and fund manager capability have been analyzed in detail by many scholars.Although the stock market volatility has an inevitable impact on the performance of the fund,some scholars have proved it through empirical tests,but there are relatively few studies on the specific process of the stock market volatility affecting the performance of the fund.Therefore,it is of great theoretical and practical significance to study how stock market volatility affects fund performance change.Secondly,a brief introduction is made to the theoretical hypothesis related to the volatility of the stock market and the performance of the fund,and the internal mechanism of the mutual influence between the volatility of the stock market and the performance of the fund is deeply excavated through the relevant theoretical hypothesis.Introduces the performance of the fund and the measurement method of the volatility of the stock market,and combs the relationship between different measures to understand the inherent reasons for the existence of the fund performance and the volatility of the stock market.With all the theoretical knowledge,we can know that there is a mutual influence between stock market volatility and fund performance.Not only the change of fund performance will affect the volatility of the stock market,but the volatility of the stock market will also change the performance of the fund.Thus,it can be concluded that the fluctuation of the stock market is the result of the performance of the fund.It also has a certain impact.Then,the empirical method is used to analyze the relationship between the volatility of China's stock market and the impact of the partial share fund performance(hereinafter referred to as the fund performance).The monthly data of the relevant variables from March 2015 to February 2018 are selected as the research objects.Through the collection,sorting and processing of relevant data,the relationship between the volatility of stock market and the performance of the fund is preliminarily checked by EVIEWS 8.0 software to determine whether the volatility of the stock market has a significant impact on the performance of the fund;Introducing intermediary variables and analyzing the impact of the volatility of the stock market on the scale of the fund and the scale of the fund to the performance of the fund,the indirect effect of the volatility of the stock market on the performance of the fund is judged by the same method.After repeated regression analysis,it is concluded that the volatility of stock market in China has a negative impact on fund performance,that is,the larger the stock market volatility,the lower the fund performance.Although the volatility of the stock market has a positive impact on the performance of the fund,the indirect positive effect is not as negative as the effect of the stock market volatility on the performance of the fund.It is only to say that the volatility of the stock market has weakened the volatility of the stock market by the influence of the fund scale,the direct impact of performance.Finally,according to the conclusion of the paper,we put forward relevant countermeasures and suggestions.In order to reduce the impact of the stock market volatility on the fund performance,the paper puts forward four suggestions based on the actual situation.First,the fund company can reduce the investment risk by improving the fund manager's ability,and the able fund managers can better use the market fluctuation to find the appropriate investment opportunities,so as to achieve the purpose of improving the fund performance;Second,in the determination of the scale of the fund,we can not blindly pursue a large scale,of course,it can not be too small.We need to find a proper scale to avoid the inconvenient management of the fund,which leads to the reduction of the performance of the fund and the maximum improvement of the performance of the fund;Third,encourage the development of new fund products that are suitable for mass investment,reduce the investment of individual investors in the stock market,and make the stock market volatility decrease to a certain extent;Fourth,give full play to the role of modern financial technology in the investment process and use modern financial technology to achieve higher fund performance.