By comparing and analyzing the main characteristics and development laws of fund holders in China and the United States, it is found that the structure of fund holders in China is not reasonable and perfect. Low income, high investment, high cost, low wealth, immature investment concept, few institutional investors and low risk tolerance are the remarkable characteristics of fund holders in China at present. Because the fluctuation of funds, especially liquidity risk, is related to the security and stability of the financial market and even the whole financial system, this paper puts forward some suggestions and countermeasures on how to optimize and improve the structure of fund holders and guide investors' behavior.
[Keywords:] characteristics of securities investment fund holders comparative countermeasures
First, the background and purpose of the topic.
As a financial investment tool, securities investment fund has been widely concerned and developed rapidly in countries and regions at home and abroad since it came out. The American * * * fund established the Massachusetts Investment Trust from 1924, and it has developed for more than 80 years now. From 65438 to 0996, American mutual funds have surpassed the assets of commercial banks and become the largest financial industry in the United States. China standardized securities investment fund originated from 1998, and the development history of standardized fund is only 10 years. In a short period of time, the fund industry and fund market have developed by leaps and bounds. The outstanding performance is that the number of domestic funds and the scale of assets are growing at a high speed. According to the report of Galaxy Securities Fund Research Center, the securities investment fund industry in China has become the fastest growing financial sub-industry in the financial market in recent two years. From 2003 to 2006, the average growth rate of bank savings deposits in China was 15%, the average growth rate of insurance assets was 32%, and the average growth rate of securities investment funds was as high as 65%. At the end of August, 2007, China's securities investment fund industry has surpassed the insurance industry and become the second largest financial industry in China.
Open-end funds always have to face investors' uncertain redemption requirements. If investors lack maturity and rationality and concentrate on redemption under the "herd effect", it will lead to liquidity risk of funds, which in turn will lead to the fund selling heavy stocks one after another, which will aggravate the shrinkage of fund net value and the decline of stock price, and aggravate the panic atmosphere and redemption tide in the market. Therefore, optimizing the structure of fund holders and guiding investors' behavior are not only related to the income level and stability of funds, but also to the security and stability of financial markets and even the financial system.
Second, the comparison of the characteristics of the ticket holder
1. China has a high proportion of individual investors and insufficient investment experience, which easily leads to liquidity risk.
From 2005 to 2007, the proportion of individuals in the structure of fund holders in China increased significantly. Statistics show that in 2005, the proportion of individual investors was only 59%, but in 2007, this proportion has soared to 86%. In partial stock funds, this ratio is as high as 90%. Because most domestic fund investors are individuals, they have low anti-risk ability, lack of investment experience and high intervention cost. Once the market is greatly adjusted, the net value of the fund will shrink sharply or stagnate for a long time, and it is easy to make irrational decisions. Herding behavior usually encourages chasing up and down, which will lead to short-term investment of funds.
2. The proportion of endowment insurance and social security fund among institutional investors in China is low.
Among the institutional investors in the American securities market, the assets of institutional investors such as life insurance and pension insurance are very large, and these investors have a long investment cycle and strong ability to bear short-term risks. About 40% of the funds in the United States are held by pension funds, of which about half are retirement plans initiated by employers and 40 1k retirement plans. 40 1K plan is a special pension system in the United States. Enterprises set up special 40 1K accounts for employees. Employees choose their own portfolio to invest, and the income is included in their personal accounts. How much pension employees can get when they retire depends on the asset appreciation of this account in the investment capital market. However, the scale of institutional investors in China's pension insurance, social security funds and other funds is far lower than that in mature markets such as the United States. In 2006, the proportion of social security fund and enterprise annuity was less than 2%. Institutional investors are mainly insurance companies and other general institutions, and their participation in the capital market, especially holding funds, is very limited.
3. Short holding period, high annual redemption rate and short-term investment behavior.
The holding period of fund holders in China shows obvious "short-term characteristics": in 2004, the redemption rate of partial stock funds in China reached 63%, which is equivalent to an average holding period of 1.6 years. In 2006, the redemption rate of partial stock funds reached 85%, which is equivalent to the average holding period of funds being less than 1.2 years. The holding period of American funds has also been significantly shortened, and the holders have gradually "moved from long-term investment to medium-term investment": the annual redemption rate of American equity funds in the 1950s and 1960s was only about 6%, which is equivalent to a fund holding period of 16 years.
4. The fund product line structure is not rich enough.
In 2006, equity and balanced fund assets accounted for 63% of all funds in the United States, bond fund assets accounted for 65,438+04%, and money market funds accounted for 23%. The composition of American equity funds is relatively rich, including industry funds, international funds or overseas funds, blue-chip funds and high-risk funds. However, China's stock funds and allocation funds account for 95% of the entire fund market and are in an absolute dominant position. Most of the funds purchased by investors are equity funds, and the fund market structure is seriously unbalanced, which needs further optimization.
5. The proportion of fund investment in all household assets has increased.
In the United States of 1980, only one-sixteenth of households invested in the same fund, but after the 1990s, more than one-third of households invested in the same fund. Similarly, the proportion of fund investment in all household assets in China is also increasing. According to the survey conducted by China Securities Industry Association in the fourth quarter of 2007, among the individual fund investors, most of them are "wage earners" with a fixed monthly income of less than 5,000 yuan, accounting for 76%, which shows that this is a low-and middle-income group. Mainly including professional and technical personnel, enterprise and company managers, government organizations and institutions cadres and other working-class personnel.
6. Lack of clear standard preference in fund selection.
In the United States, the average annual rate of return of 20% in a bull market will make the fund handling fee of about 6% be ignored, while in a bear market, low rate of return plus high fund rate will reduce the real rate of return on investment, and investors will pay special attention to the rate cost. When choosing a fund, many investors usually compare the cost of the fund. At present, the assets managed by the top five domestic fund management companies account for more than 34% of the total industry scale, and the top ten companies account for more than 50%. Industry concentration is close to the level of developed markets, and the trend of capital concentration is obvious. This shows that fierce competition in the same industry forces fund management companies to innovate constantly in business, varieties and services, and the company's brand, popularity, past performance and market image will become the key reference standards for investors to choose funds.
7. The overall income of the fund underperformed the broader market, and investors' psychological expectations decreased.
In 2004, only one-seventh of the funds in the United States outperformed the market index, while in 1940, three-quarters of the funds outperformed the market. From 1983 to 2004, the average return rate of American mutual funds was only 79% of the market return rate, which lagged behind the average increase and return rate of stocks. According to the classification of Morningstar Information, in 2006, the arithmetic average annual return of China 138 stock funds was as high as 128. 16%, while the increase of Shanghai and Shenzhen 300 Index was10/0.55% in the same period. Most funds did not outperform the Shanghai and Shenzhen 300 Index, and only those who really gained excess returns for investors.
Third, the countermeasures and suggestions to optimize the structure of fund holders in China
1. Vigorously develop institutional investors such as pension insurance and enterprise annuity, and open up long-term sources of funds.
Vigorously developing fund stability, risk-return tendency and various institutional investors with different investment cycles will help improve the fund governance structure and reduce the probability of centralized redemption of funds. Institutional investors such as pension insurance and enterprise annuity have low risk, long cycle and stable cash flow. Increasing the proportion of its investment funds will contribute to the stable development of the funds.
Since 1990s, American pension market has developed rapidly. At the end of 1990, the total pension assets in the United States were $3 1978 trillion, and at the end of 2002, the total reached 10 150 trillion, 2 155 times that of 1990. Pensions, mutual funds and insurance funds have become the three major institutional investors in the US capital market.
China has a population of 654.38+0.3 billion, and China experienced two population growth peaks in 1960s and 1980s. These two groups of people have a strong demand for professional financial management. According to the World Bank's calculation, by 2030, China's pension fund assets will reach $65,438 +0.8 trillion, making it the third largest enterprise annuity market in the world, with great potential in the future. Establishing a personal pension account investment plan similar to 40 1k in the United States can improve China's pension system and guide investors to invest in funds for a long time, regardless of short-term market fluctuations.
2. Guide institutional investors to moderately increase the investment ratio through preferential tax policies.
The tax protection mechanism is an important part of the protection mechanism for investors' interests in the capital market. In American tax law, it is divided into long-term capital gains and short-term capital gains according to the length of holding securities. The longer the holding period, the lower the tax rate at the time of sale. In this case, fund holders will pay attention to the after-tax returns, and the fund's operating style will last longer. In China's current laws and regulations, the investment income of individual investment in stocks and funds is tax-free, the investment income of institutional investment in stocks and funds is taxable, and the dividends of institutional stocks are taxable.
3. Adjust the fund fee structure to encourage investors to invest for a long time.
By adjusting the subscription and redemption rate structure of the fund, investors can be guided to hold the fund for a long time and the risk of centralized redemption of the fund can be reduced. If the redemption rate design under the time regressive system is adopted, the fund holders will be charged according to the length of holding time, and the longer the holding time, the lower the rate. Furthermore, we can flexibly adjust the various rates of the fund and grade the fund. Classification rates can also be designed according to the types of investors. Institutional investors can be subdivided into insurance funds, social security funds and listed companies, and different charging standards are designed for different types of institutional investors.
4. Promote regular quota and other investment methods.
At present, 63% mutual fund holders in the United States hold * * * mutual funds by setting a deposit plan account. When the market is facing short-term adjustment, investors who adopt fixed-term investment will not redeem their fund shares, but use the same fund to buy more fund shares at a lower price. The popularization of regular investment will improve the stable capital inflow of open-end funds in China, thus greatly reducing the risk of centralized redemption of funds.
5. Design differentiated products and establish a mature investment concept.
According to investors' different preferences for risk and return, it is necessary to provide different new fund varieties for investors with different risk and return preferences. Considering the steady demand in the downturn, we can appropriately increase the proportion of bond funds and money market funds, vigorously develop hedge funds such as capital preservation funds to cope with the stock market adjustment, and form a perfect fund product line. You can also consider innovative ways such as fund splitting, secondary issuance, and introducing fund wealth management accounts.
References:
[1] zhangxin Du Shuming: Can China Securities Investment Fund outperform the market [J]. Financial Research, 2002, (1)
[2] Wu Shinong Wu Yuhui. Research on the Market Behavior of China Securities Investment Fund Holding Heavy Stocks [J]. Economic Research, 2003, (10)
I hope it helps you.