The Effect Of Stock Open Fund Performance On Fund Share

China's open-end fund was established in 1990 s,which has developed nearly 20 years,and now has become the leading product completely replaced the closed-end fund.Stock open-end fund is the earliest available products in many open-end funds,also occupy the largest proportion of the total share of the fund market products.Fund management is committed to the research and development of open-end fund,in order to attract the attention of investors,to seize market share.Therefore,domestic scholars choose stock open-end fund as the main research object of the fund industry.In recent years,with the expansion of trading volume and the size of the fund's active,fund managers and investors have gradually realized the importance of balancing the relationship between fund performance and fond scale,many scholars have paid more and more attention to China's fund industry one of the main topics of China open-end fund investment flows-the relationship between the performance of(Flow-Performance-Relationship,FPR)therefore,in this thesis,to conform the needs of the market,this thesis summarize and analyze the influence of open-end fund performance on fund share changes.The foreign research on the FPR problem of the conclusion is consistent,namely which has positive relations of FPR fund,but the domestic scholars understanding of FPR China open-end funds are different Some scholars believe that the growth rate of the share of China's open-end fund and performance growth rate is inversely,investors purchase the outstanding histor:ical performance fund,this is the so-called "Redemption",so in China's open-end fund development in recent years,the special phenomenon does exist?In the 40 quarter of 2012 to 2015 this four years as the research object,selects 304 Common Stock Open-end Fund and partial shares of hybrid open-end fund as a sample,to construct a balanced panel data;the fund performance and fund excess return as explanatory variables,change,while introducing a fund the fund's share of the duration,awkwardness decline as control variables,establish the regression model;multiple regression method for empirical research on the regression model,and use the results of empirical studies on this issue affecting the performance of open-end fund of fund shares are changing.The empirical results show that the two explanatory variables of the fund's performance and the excess return of the fund have a significant impact on the stock market share change,and the latter is more influential than the former.Therefore,the "Redemption" does not exist in the open-end fund market in recent years in our country,our Stock Open-end Fund FPR showed a significant positive correlation,investors choose good fund and discard the bad fund,good fund obtain adequate capital inflows,the total share increased;bad fund suffered continuously the outflow of funds,the total share reduce.Because of the development of China's open-end fund in a short time,and the related research literature is less,so the limitations of the research conclusions of this paper may be incomplete or not thorough,but empirical research this paper selects the time span of several China bearish and bullish stock market,empirical test results are relatively reliable and stable.