| In the past decades,China's securities investment fund market has undergone significant changes.In 2000,the total net asset value of the fund market was only 84.562 billion yuan.By the beginning of 2020,the total net asset value had reached 15000.597 billion yuan.The fund has become an irreplaceable investment channel in China's securities market and an important force to promote industrial development and economic growth.In 2008,there were only three equity funds in China,and by the end of 2019,the number increased to 425.Most of the previous studies focused on hybrid funds and money market funds,while the literature on equity funds is relatively scarce.This paper attempts to verify and evaluate the decentralized investment strategy in the investment practice of the domestic financial market Capital or centralized investment strategy can bring better performance to the fund by studying the relationship between stocks concentration and fund performance.Funds are an important participant in the capital market.It is of practical significance to study the relationship between ownership concentration and performance for the development of investment theory and the deepening of investment practice.At present,a large amount of literature has explored the fund's performance from multiple perspectives,such as fund performance evaluation and fund performance attribution,but there are few studies on the relationship between shareholding concentration and fund performance.Considering the difficulty of data acquisition,this paper chooses open-end stock funds as the research sample.In the theoretical research section,first review the current mainstream fund performance evaluation indicators such as Sharpe Ratio and Jensen's ?,the evaluation methods of fund manager's stock selection and timing capabilities,and the relationship between the concentration of portfolios and fund performance,and then elaborate the theoretical basis of decentralized investment strategies and centralized investment strategies.The empirical research part uses the growth rate of the unit's net value to evaluate the performance of the fund as the explanatory variable,uses the Herfindahl-Hirschman index to compile individual stock concentration indicators and industry concentration indicators as explanatory variables,and the fund's net asset value,also turnover rate,and fund establishment age are used as control variables.First,the relationship between the concentration of stock fund holdings and its performance is studied through a multiple regression analysis of full sample panel data.Then,different markets are divided according to the trend of the Shanghai Composite Index.The market interval,through the sub-sample study of the robustness of the conclusions in the context of different market conditions;Finally,the relationship between industry concentration and stock fund performance was further explored by compiling ICI index grouping data.The results show that the stock concentration and industry concentration of stock funds have a significantly positive correlation with fund performance,which supports the correctness of the centralized investment strategy and also verifies the active investment ability of fund managers from the side.At the same time,the net worth scale and the ages of the fund is also a significant positive correlation,which indicates that the rich investment experience of large fund companies and excellent investment research support platforms can have a positive impact on fund performance.On the other hand,the empirical results in different sub-sample intervals of different market conditions also have different conclusions from the full sample regression.This paper analyzes the impact of China's stock open-end fund holdings concentration on its performance from different market backgrounds through theoretical exploration and empirical research.It theoretically analyzes the impact of stock allocation of open-end funds on their performance.In terms of significance,it provides some references for investors to choose funds. |
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