Study On The Volatility Of The Yield Of Open-ended Stock Fund In China

The stock fund is the mainstream product of the open-end fund,and the rate of return is lower than stock but is higher than that of other varieties of open-end funds,and it has been popular with the majority of investors.At present,although China's open-end fund market has achieved some development but there still exists a big risk.How to aviod the volatility of financial assets is a problem that investors can not be ignored.Therefore,using financial time series theory and through the use of Eviews 6.0 software,this paper investigates the cumulative net basic statistical description of Xingquan global perspective of equity securities investment fund and consumer industries Yifangda stock securities investment fund and make basic statistical description,thick tailed test,stationary analysis,ARCH effect analysis and GARCH class modeling analysis.The study found that the stock fund return series are stationary time series and their distributions were non-normal distribution,and tail and volatility clustring peak phenomenon exists.Also the residuals have obvious heteroskedasticity and ARCH effect,and the risk is large.The study also found that equity fund returns volatility is asymmetric and there exists the leverage effect.The use of asymmetric GARCH model can more accurately describe the fluctuation characteristics of Chinese open-end fund return series,which helps investors understand the open-end fund investment rate of return volatility,and avoid the investment risk.