The Influencing Factors of Performance of China’s Stock-type Public Mutual Funds-Based on Fund Characteristics and Market Macro Indicators

DOI

10.2991/978-94-6239-801-6_30How to use a DOI?

Keywords

Equity Fund; Fund Performance; Fund Characteristics; Macro Index; Panel Data Fixed Effect Model

Abstract

Being a significant instrument of resource allocation among the inhabitants, the stocks-based public funds rely on their properties and market circumstances. This paper uses samples in the performance of fund performance using the monthly excess returns of using 35 Chinese equity mutual funds in the years 2018 to 2023. The empirical analysis is based on a panel data fixed effects model to study two major dimensions including fund characteristics (scale and management fees) and macroeconomic variables including market returns and Consumer Price Index (CPI) and Broad Measure of Money supply (M2), to determine the regulators of fund performance. The analysis indicates that the market returns have a strong positive impact on the performance of the funds and the fund size has a weak negative impact on the performance. This proves the partial hypothesis of diseconomies of scale. The statistical significance of the effects of the management fees, CPI and M2, on performance is insignificant. The ending of this paper is a practical example of the reference of investors to select funds and fund companies rationally in order to manage operating issues and enhance the efficiency of fund distribution in the capital markets, as well as theoretical contribution in making capital market resources allocation efficient.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Xinyi Yu
PY  - 2026
DA  - 2026/10/23
TI  - The Influencing Factors of Performance of China’s Stock-type Public Mutual Funds-Based on Fund Characteristics and Market Macro Indicators
BT  - Proceedings of the 2026 2nd International Conference on Financial Innovation and Marketing Management (FIMM 2026)
PB  - Atlantis Press
SP  - 266
EP  - 273
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-801-6_30
DO  - 10.2991/978-94-6239-801-6_30
ID  - Yu2026
ER  -