Research On The Selectivity And Market-timing,persistence Of Chinese Big Data Funds

With the development of the big data and the capital market becomes more and more mature,Internet starts to enter the stock market.In recent two years,big data funds that integrate the big data resources and traditional funds have been introduced.Therefore,we should pay attention to the current performance of the big data fund and explore the future direction of the big data fund,which is crucial to the long-term development of the fund’s innovative products.Therefore,this paper selects six active managed data funds and eight passive index data funds as research samples,and from 2016 to 2017 as the period,explores the selectivity ability and market-timing ability of big data funds and the continuity of performance.The article first comprehensively combed relevant literature on fund performance at home and abroad,summed up research methods and research results of domestic and foreign scholars;Secondly,this paper summarizes the preparation methods of active management big data funds and passive index big data funds,and elaborates relevant basic theories including quantitative investment and behavioral finance.And then the paper constructs T-M,H-M and H-MFF3,T-MFF3 model to study the selectivity and market-timing ability of index big data funds and active management big data funds,and studies the persistence of Chinese big data funds through the contingency table method with three performance evaluation indicators of average return rate,Sharpe index,and Treynor index.The results of the paper show that: the security selection ability is stronger than market-timing ability of passive index data fund,the market-timing ability is stronger than security selection ability of active managed data fund.The big data fund with both capabilities do not exist.(2)In addition to the average rate of return for performance evaluation,the big data fund has demonstrated continuous performance in the fourth quarter of 2016 through the first quarter of 2017.No other period has sustained performance.At the end of this paper,the author makes corresponding recommendations to investors,fund managers,and market regulators.Fund investors can make investment decisions based on the different advantages of the two big data funds,and they need to keep abreast of the big data funds.Fund managers should further improve their professional capabilities.And the fund company should continuously improve the existing quantitative models of big data funds and improve the fund performance evaluation system.Market regulators should improve the information disclosure system and corresponding laws and regulations of big data funds.