Research On Investment System Of DANSHUIQUAN Investment Company

Due to the strict targeted information disclose system implemented by private securities investment funds,the theoretical community didn't acknowledge the investment system of private securities investment funds,especially on the systematic research of investment system of the private securities investment funds.It is difficult to guide the private securities investment funds to construct and adjust its investment system effectively,which brings great restrictions to the development of china' private securities investment funds.Under the background of the rapid development of the private securities investment funds in China,it is of great theoretical and practical significance to study the investment system of private securities investment funds.After the analysis of the characteristics of private securities investment funds in actual operation,the investment system of private securities investment funds is defined as including organizational structure,investment philosophy,investment strategy,risk control and investment style,a general term for the dynamic process which changes with the market.On the basis of defining the investment system of the private securities investment funds,selecting the representative value fund company in China's private securities investment fund industry to explore it's investment system,which named Danshuiquan Investment.It is found that there is a linking mechanism between the five parts of investment system of the Danshuiquan Investment.That is to say,the organizational structure of the Danshuiquan Investment determines its value-based investment philosophy,and then determines its reversed investment strategy,and the construction and adjustment of risk control system,finally presents a positive and stable investment style.By selecting 102 funds of Danshuiquan Investment from January 2010 to December 2017,constructing an unbalanced panel model by using the yield rate of Danshuiquan Investment as the explained index,the volatility of the yield rate,the excess return and the maximum drawdown as the explaining index.It is found that the yield rate of Danshuiquan Investment is better than the yield of CSI 300 index.there is a positive correlation between the excess return rate,the volatility of the yield rate,the maximum drawdown and the yield rate of Danshuiquan Investment.In different bull markets and bear markets,the same factors have different influences on the effectiveness of investment system of Danshuiquan Investment.In sum,the investment system of Danshuiquan Investment is effective in the whole period.However,the discrepancies in different market segments also indicates that there is some space for Danshuiquan Investment to promote its investment system.In terms of the conclusion from the research on the investment system of Danshuiquan Investment,it can give some inspiration to the individual investors,the institutional investors and government regulatory authorities.For the individual investors and the institutional investors,they can refer to the advantages and the disadvantages of the investment system of Danshuiquan Investment to construct a more effective investment system.For the government regulatory authorities,they can classify the private securities investment funds based on their investment system.Carrying on the classified supervision to achieve the more effective supervision on the market of private securities investment funds.