Research On The Investment Style And Excess Return Of My Country's Securities Investment Funds

This paper find that:By the end of 2018,the total size of China's public funds exceeded 13 trillion yuan and the number exceeded 5,000,which has become an important choice for China's public investment,while commercial banks have become the core sales agencies.The industry is full of prospects,but also faces many challenges.Our analysis finds that due to the high volatility of funds,but the low risk preference of investors as a whole,the poor timing ability of investors,and the difficulty of actively adjusting the positions of funds according to market changes,the profitability experience of ultimate fund investors is poor.In order to meet the above challenges of the public offering fund industry and give practical constructive suggestions,this paper mainly puts forward and studies two questions: First,will the investment style of the fund change with the change of the market environment? Second,will the excess return come with the change of the investment style of the fund? This paper will mainly introduce the basic theory from four aspects.In addition to the fund style identification method and behavioral finance theory,there are portfolio theory and fund investment style theory.In the aspect of empirical analysis,this paper chooses the nine-year period from New Year's Day 2008 as the analysis time,chooses the four state-owned banks and China Merchants Bank to issue and trust funds,and the number of funds reaches 106,based on the research method of investment income.This paper builds a model for investment style and excess return,focusing on the relationship between investment style and market style before and after the foundation of the fund,as well as the overall performance of the market.Firstly,the style of fund investment will change with the change of market environment.Second,excess returns do not come with changes in the investment style of the fund.On the basis of the research results,in addition to the investment of fund enterprises and individuals,it is also based on the sales agencies and regulatory agencies,and gives effective suggestions from the above four different perspectives.There are five chapters in this paper.The first chapter is the introduction.It introduces the research prospects and significance of this paper.It also analyses the research situation worldwide,and then puts forward the analysis methods and viewpoints of this paper.The second chapter is the introduction of the fund,which introduces the types of the fund and the achievements and problems in the field of domestic fund investment at this stage.The third chapter is the research method of this paper,which introduces the origin of the model and the actual deduction process in detail.The fourth chapter is the most important part of this paper,which is the result verification part.The fifth chapter is the research.Conclusion and related suggestions.