China's Securities Investment Fund Performance Evaluation Of Empirical Research

The performance evaluation of investment fund is very popular in nowadays security circles of western countries. This job mainly concludes three parts, that is, evaluate and compare the investment performance of different funds, access correctly the return and risk of the funds, and put the performance of investment funds in order according to the assessment. On the basis of performance evaluation, the operation achievements of investment fund managers can be appraised properly and the rewards for the management can be distributed accordingly. Besides, the performance evaluation is a reference standard for the investors to choose investment funds. So the performance evaluation is greatly significant in modem society. In the course of measuring the funds performance, the article employs not only the research technique about absolute performance such as earning-rate indicator of funds, Treynor ratio (TR), Sharp ratio (SR) and Jensen a index which are mature comparatively and used by some scholars domestic and abroad, but also die research technique about relative performance such as Treynor ratio difference (T2 measure), Sharp ratio difference (M2 measure) and Sharp earning difference . Further, the author make an empirical analysis of the performance of the opening funds in China all-round by employing the method of Fama's differentiating performance and models of T-M and H-M which are based on CPAM. According to the research results, the earning rate of opening funds in our country is higher than that of market bench mark combination on the whole. But after risk adjustment, the performance of opening fund is worse than the market combination. At the same time, the abilities of choosing stocks and opportunities are absent in the opening funds in China.