The Underdevelopment And Its Reason Of Chinese Securities Investment Funds

At present,China is in the crucial period of industry transformation and upgrading,and needs the support of the capital market,in which the institutional investors are playing an increasingly important role.As the mainly institutional investors in the secondary market,the development of securities investment fund is closely related to the construction of the capital market.At first,this paper compares the scale of investment funds of China with the United States,and points out the bad performance of Chinese investment fund is a important reason for its small scale.Then,I take sharpe ratio as the explained variable,stock turnover of fund,shareholding concentration of fund,style of fund,change of fund managers,working year of fund managers and the securities market factors as explanatory variables to establish a regression model,and launch the empirical study on the performance of Chinese investment fund,which is also the core problem of the development of investment fund.The results show that the stock turnover of fund,change of fund managers,working year of fund managers and the securities market factors have a significant impact on the performance of fund,while the other explanatory variables show little influence.Next,according to the results of empirical study,this paper targeted and further analyzes the reason of the bad performance of Chinese securities investment fund,and more reasons beyond the empirical study results are also added.Finally,according to the analysis above,combined with the related experience of America,I proposed some suggestions beneficial to the development of Chinese securities investment fund.