Research On The Cost Of Open-end Stock Funds And Its Influencing Factors

In recent decades,the mutual fund industry has developed rapidly around the world.Mutual funds are also increasingly favored by ordinary investors,and research on funds at home and abroad is also increasingly rich.The study of mutual fund has focused on investment strategies,fund performance evaluation,risk management,and marketing strategies.There are few studies in mutual fund fees and expenses("fee study").The mutual fund's expense ratio is undoubtedly one of the core issues in product design for the fund industry.A reasonable expense ratio setting is equally important for investors and fund management companies.The paper describes the theoretical studies in the fee structure,trends in fees and expenses,the formation mechanism of mutual fund expense ratios,and the influencing factors of mutual fund expense ratios.Chapter 3 introduces the fund fee structure and current expense ratios of China and the United States respectively.In addition,because the American fund industry has a long history of development,it is also the most mature fund market in the world.,the trends in fees and expenses and the reasons for the change in expense ratio are analyzed.Through regression analysis of panel data of 50 stock mutual funds from 2013 to 2017,the conclusion is that there is a significant correlation between fund rate and size,fund performance and turnover.Finally,we draw on the experience of developed countries to make recommendations to China's regulatory authorities,mutual fund industry,and the investors.The main research features of this paper are reflected in two aspects:First,there are lots of qualitative studies in this field in China,and there are fewer quantitative studies.We analyze panel data for 2013 through 2017 because it is more realistic.Secondly,the study in the past is based on different types of funds.However,this paper focuses only on the expense ratio of stock funds.The definition of variables not only refers to past research results but also takes into account the actual situation in China.