我国开放式基金的风格趋同性研究

On the Consistence of the Investment Style of Open-ended Mutual Fund in China

目前,开放式基金在我国发展极为迅速,基金种类繁多。因此,研究基金投资风格差异性有利于投资者正确选择投资基金,促进基金公司的竞争和基金业的发展。在对开放式基金的特征和投资目标分析的基础上,我们利用实际数据,从收益分配、净值变动两方面对我国最早发行的三家开放式基金进行了实证分析,发现它们存在着投资风格趋同性。

Openended Mutual Fund (OEMF) is developing in recent two years in China. OEMF plays an important part in enlarging the number of china's securities market investors, in increasing the supply of capital market and in introducing rational investment and stabling securities market. There are lots of evaluations on fund performance, but few researches on fund investment style are found. Hence, the research on OEMF investment style is useful for the investors to select fund correctly and improves the competition and development in mutual fund industry. According to their investment purpose, OEMFs can be classified into three categories: Growth Fund, Income Fund and Balance Fund. In order to study the investment style of OEMF, this paper focuses on two aspects: (1) The consistence of OEMF income distribution. All of the three funds have paid nearly same bonus. (2) The consistence of fund net asset value change. Using statistical methods, the author analyzes the correlation coefficient among the three funds, the correlation coefficient between three funds and market index and the hypothesis test of net value change difference of three OEMFs. We find that there is consistence among the three OEMFs in both income distribution and net value change.There are three reasons for the consistence among the three OEMFs: they are a systematic risk, the control of liquidity risk and the consistence in choosing stock portfolio.If the fund investment styles are consistence, it will limit the development of investment fund industry and is contrary to the thought of supervision agency to develop institutional investor greatly, it will also not be suitable for the long run development of the securities market in China. If the fund companies pursue different styles, they can provide various fund products that will meet with different requirements of the investors. Moreover, it can also meet with the challenge of foreign fund corporation after China enters WTO. Hence, several suggestions are given: (1) to strengthen investment management and market analysis; (2) to push forward hedging financial products that will reduce the shock of systematic risk; (3) to improve the incentive system of fund companies; (4) the stability policy of supervision agency. 