Research On Performance Persistence And Influencing Factors Of Socially Responsible Investment Fund

The socially responsible fund has gradually gained the attention of our society.It combines economic,social and environmental benefits and meets the needs of sustainable development.However,it started late in China and has not been widely recognized.Therefore,it is of great research significance to study the performance,performance persistence and influencing factors of China's socially responsible investment funds.This paper studies the performance persistence and influencing factors of China's socially responsible investment funds.Firstly,it analyzes the research status at home and abroad and the limitations of research in China.Secondly,it explains the contents of socially responsible investment funds,fund performance,performance persistence,etc.,and explains the development at home and abroad.Then,based on stakeholder theory,sustainable development theory,etc.,this paper analyzed the relationship between fund performance and market benchmarks,whether performance persistence exsits or not,influencing factors of performance persistence and research hypotheses are proposed.After that,the model and test methods were constructed for the three parts.Finally,a total of 47 fund samples were selected for the monthly and quarterly data from July2015 to June 2018,and the data was processed and analyzed.The results show that the performance level of China's socially responsible investment funds is slightly lower than the market benchmark,but the difference is not large,and has a significant positive persistence.The quarterly interval is more significant than the monthly interval.In addition,performance persistence has a positive correlation with fund size and stock selection ability,and has a negative correlation with factors such as concentration of shares.According to this article,several suggestions were proposed to the relevant industry organizations,fund companies and investors of socially responsible investment funds.If the relevant departments continue to promote policy support,the industry organizations improve such fund evaluation systems,and fund companies appropriately expand the fund scale and select funds with strong capabilities.Managers,investors consider investing in funds with better performanceand larger investment scales,stronger fund managers,and concerns about the possible performance reversal of funds with more concentrated stocks.