Research On The Influence Factors Of Stock-type And Bond-type Fund Income In China

In recent years,funds have gradually become the first choice of people's financial products.Understanding the effect of various factors on fund returns is the basic prerequisite for investors to obtain returns.Therefore,it is necessary to objectively and scientifically analyze the impact of various factors on fund returns.Through the empirical analysis of the factors affecting stock funds and bond funds,this paper identifies the different effects of each factor on the fund and the significant relationship between them,so as to provide a reference basis for investors to choose and buy funds,and puts forward suggestions for relevant participants to improve fund returns.Firstly,the paper summarizes and combs the theoretical models,methods and achievements of previous domestic and foreign scholars on different factors affecting fund returns,and elaborates the multi-factor capital asset pricing model,principal component analysis,stepwise regression and other econometric methods applied in this paper,which provides theoretical basis for the analysis of the effects of the following factors on the returns of stock and bond funds.Secondly,the paper introduces the development and change of fund in scale,quantity,type and other aspects,the standardization process of relevant laws and regulations,as well as the present situation of fund assets scale in China.Then it introduces the concepts and characteristics of stock fund and bond fund,and makes a comparative analysis on income index and risk management.This paper makes an analysis of the influencing factors of stock-based funds,such as the ability to choose stocks at the right time,the rate,the scale,the market risk and of bond fund,such as personal ability,interest rate,GDP,CPI,M2,and it analyzes the effect of each factor on the fund returns,which lays a foundation for the verification of the practical significance of each factor coefficient in the empirical analysis.Thirdly,the original data of the fund are standardized.The 12 influencing factors of the stock fund are reduced to four factors: income adjustment factor,market fluctuation factor,other fee factor and self-expenditure factor by principal component analysis.Then the income index and each factor are analyzed by regression analysis.The empiricalresults show that only other fee factor has a significant positive correlation with performance.The stepwise regression method is used to eliminate the collinearity factor.Empirical analysis shows that interest rate and CPI have a significant negative effect on the pure bond fund,while the Shanghai-Shenzhen 300 index has a positive correlation with the convertible bond fund and a significant negative correlation with interest rate and GDP.Finally,the two bond fund models are merged into a regression equation in the form of dummy variables,which has comprehensive and extensive general explanatory significance.Finally,this paper brings up corresponding advice for investors,fund companies and market regulators to improve their own ability,in order to improve fund returns in the financial market according to the empirical results.