Research On The Influence Of Shareholding Concentration Of Stock Fund On The Sustainability Of Fund Performance

With the rapid development of China’s economy and the gradual maturity of the capital market,ordinary deposit management has been unable to meet the asset allocation needs of residents.More and more investors focus on the fund market,hoping to obtain more excess and sustainable and stable returns by investing in various funds.On the one hand,investors choose investment funds in order to obtain more income,on the other hand,because individual investors lack the time and energy to trade in the stock market and the professional ability.Investors entrust their funds to the fund investment and research team approved by them to obtain income,and the historical performance of the fund has gradually become the reference object for investors to choose the fund investment and research team.Therefore,whether the persistence of fund performance exists and why its influencing factors are worth discussing.In view of the current hot track fund market,many fund managers are betting on the current situation of allocating fund assets in a single industry,Deeply explore the impact of fund shareholding concentration on its performance sustainability.This paper takes China’s open-end equity funds in 2015-2021 as a sample,first of all,combines the current mainstream fund performance evaluation methods at home and abroad to adopt reasonable evaluation indicators to measure the performance of the sample funds,and tests the persistence of fund performance by using the cross-sectional regression method of parametric method and the contingency table method of nonparametric method,It also compares and summarizes the persistence differences of fund performance under different evaluation indicators and different test methods.After that,this paper uses the logistic model to further study the relationship between the concentration of individual shares held by the fund,the concentration of the industry held by the fund and other factors that may affect the fund’s performance sustainability and the performance sustainability.Other influencing factors mainly include the fund’s age,the size of the fund’s assets,the size of the fund company,the total rate of the fund,the capital flow and the volatility of the net value.The empirical results of this paper show that the performance sustainability of China’s open-end equity funds is relatively significant within one year,and the concentration of the industry of fund holdings is negatively correlated with the performance sustainability,while the concentration of individual shares of fund holdings does not have a significant impact on the performance sustainability.In the study of the impact path of the industry concentration of fund holdings on performance sustainability,it is found that the volatility of fund net value,which measures the total risk of the fund,plays a part of intermediary role.In addition,the empirical results show that factors such as fund asset size,current fund flow and fund company size also have a significant impact on fund performance sustainability.The empirical research under different market conditions found that the performance of fund performance sustainability is different,and the negative impact of industry concentration on fund performance sustainability in bull market will be magnified compared with that in bear market.The conclusions of this study on the sustainability of fund performance from the perspective of shareholding concentration can provide some reference value for investors,fund management companies and regulators.