Research On The Refinement Of Stock Fund Styles

Fund companies are important investment institutions in China,and stock funds,as an important branch of them,occupy an important position in the stock market.In order to meet the different needs of fund investors,each foundation adopts differentiated investment strategies to form different investment styles.Studies have shown that the actual investment style of funds deviates greatly from the declared style.This phenomenon has been called fund style drift.The data source of this thesis is the semi-annual report of Chinese stock funds in 2021,and the structure of the text is from empirical to theoretical to empirical.The first part of the empirical study,using K-Means cluster analysis,finds that stock funds have style drift during their existence.On this basis,this thesis proposes a conjecture: the style of stock funds needs to be refined.On the basis of the empirical evidence in the first part,this thesis conducts a theoretical study on the conjecture that the style of stock funds needs to be refined.The necessity of the development of the international market is explained in six aspects,and from the perspective of the stock investment and financing market,the future development is prospected in two aspects: private placement and bankruptcy reorganization.The second part of the empirical study is to verify the conjecture,research using AP cluster analysis and silhouette coefficient,from the test results of the clustering results of the category center point and the silhouette coefficient,stock funds need more classification,which proves that The conjecture of this thesis.This thesis adopts a combination of empirical research and theoretical research to study the phenomenon of stock fund style drift under the framework of financial statistics,focusing on the conjecture that the style of stock funds needs to be refined.The analysis has certain significance for the development of the Chinese fund market.