Study On The Stock Preference Of Public Fund And Private Fund And Their Impact To The Performance Of Listing Companies

With the growth of domestic capital market and national wealth,the public fund and private fund in China have undergone different development and expansion.Meanwhile,public funds and private funds start late in China,it is inevitable that there are still all kinds of problems existing.As we all known,the behavior and preferences of these securities investment funds are controversial.Especially in the 2017,when the A share market showed a "19" split phenomenon,at the same time,different investment styles of securities investment funds also showed significant polarization.On the one hand,some of the funds represented by SSE 50 gained higher profits.Meanwhile,in 2017,the development of the whole public fund excluding Monetary Fund was basically at a standstill,and the development of private investment fund industry was shrinking.What behind this differentiation is the difference in the preference of investment ownership,due to the differences in investment ideas and investment strategies of different types of securities investment funds.Therefore,with the continuous strengthening of China's capital market supervision and the deleveraging of the financial industry,the incremental funds in the security market are decreasing.The investment preference of market stock funds is more worthy of attention than before.This paper extends from the perspective of institutional investors preference theory to the public fund,private fund investment style and their investment logic,then we design the related index,using logit model to examine the stock characteristics between the public funds and private funds during the study period,find out the theoretical and empirical basis in the fund investment style differences.After the examine the stock preference of public fund and private fund,the paper further makes a study on performance of listed companies contributed by these securities investment fund,we consider from the perspective of both corporate accounting and market performance,to figure out whether there will be a positive impact on the performance of listed companies contributed by public fund and private fund.This paper shows that public fund preferred stocks with good profitability,high degree of information disclosure,active stock price characteristics,while private funds preferred stocks with inactive stock price,less information disclosure,high growth stocks.In addition,public funds also hold stocks with high-price and strong performance in the previous period.From the perspective of stock performance,public funds are poorer while private funds have performed better.Finally,Public funds chase the stocks with outstanding performance and stock price performance.Usually,these stocks have experienced substantial growth,which will lead to the lack of follow-up incentives to continue rising;while the stocks of private equity funds will rise,but its accounting performance will get worse.