| With the continuous growth of the national economy and the continuous accumulation of residents’ wealth,more and more investment and financial products have attracted the attention of the majority of residents.Among many investment and financial products,funds are favored by investors for their advantages of low threshold and low risk.In fund investment,there are usually fixed investment and one-time total investment.Compared with the two investment methods,fixed investment often receives higher attention.At the same time,due to the different risks brought by different stock market cycles,the returns presented by fixed investment and one-time total investment will also be different.Therefore,through the combination of theoretical analysis and empirical analysis,this paper compares the returns of fixed investment and one-time total investment in stock funds under different stock market cycles,and provides some relevant suggestions for investors according to the research results,It is of great significance in theory and practice.On the basis of theoretical research,this paper first takes the monthly data of Shanghai stock index as the index to measure the stock market trend,uses the nonparametric method to divide the stock market from 2010 to 2020 into bull and bear,and then selects the net value of domestic stock fund products from 2010 to 2020 as the research data,Under the divided bull bear market,this paper makes statistics on the income of stock fund product investment by fixed investment and one-time total investment,and compares and analyzes the income difference and standard deviation between the two investment methods;Then,combined with the risk factors,by selecting the specific model and using the semi variance as the risk factor measurement index for regression analysis,this paper compares and analyzes the difference between the return and risk of the two investment methods.The conclusions are as follows: in the bear market,the income performance of the fixed investment method is better,and the difference of the yield of the two investment methods is positively correlated with the risk coefficient,indicating that the greater the falling risk,the greater the income of the fixed investment method relative to the one-time total investment method,and the risk of obtaining income by the fixed investment method is always lower in both bull market and bear market,It shows that the fixed investment method in the process of fund investment can not only reduce the risk,but also better transform the risk into future income;In the bull market,the return performance of the one-time total investment method is better,but the difference between the two yields is still positively correlated with the negative semi variance coefficient,indicating that the fixed investment method has a better ability to deal with the downward risk in the bull market.Secondly,according to the empirical results of the two investment methods of stock fund,this paper further studies the income difference within the stock fund products(common stock,passive index and enhanced index).The sharp index is selected as the index to measure the internal return of stock funds.Firstly,the sharp indexes of three kinds of stock funds during the investigation period are calculated respectively,and then the t-test is used to test whether there is a significant difference in the internal return of stock funds.The result is that the internal returns of stock fund products are significantly different.The returns of common stock fund are better than those of passive index fund and enhanced index fund,but there is no difference between passive index fund and enhanced index fund.Finally,this paper puts forward some suggestions for investors: when investing in funds,we should pay attention to the choice of investment strategy and timing,carry out continuous fixed investment,and set the profit stop point and invest flexibly in combination with the real-time dynamics of the stock market. |
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