Chinese Mainland And The Open-end Fund Operational Performance Of A Comparative Study

Nowadays Open-fund has become the main fund in the international fund market.The 90 percent of the funds in Taiwan, Hongkong, America and England is opened-fund.The mutual funds in Taiwan began in 1983 which were developed rapidly and had good performance through the development period and the average return was 25.78 percent in 2005. In China,the first open-fund was created in September,2001. There were more than 100 open-funds in Chinese fund market till now.The Chinese open-funds step into the golden years within these short years.But there is a serious problem:poor performance.The open-funds have low attractiveness to investors.How to improve the funds' performance is the important issue in China.In order to offer the rational and feasible advices for Chinese opened-fund the author tries to compare the Taiwan market with the Chinese market in the similar points.Meanwhile the author gives us the specific factors of Chinese open-funds.By reviewing the traditional evaluation theories the paper puts emphasis on Morningstar's evaluation system.Combining the theory study with empirical study, qualitative analysis and quantitive analysis the following papers compare the Taiwan funds performance with the Chinese funds performance and use the comparing and case study methods.The Taiwan funds market is mature market compared with the Chinese market which will give some useful advices for Chinese market by the author's many years experiences in Taiwan and Chinese Market.After using reseaching the late data of the two market and concluding the Taiwan funds experiences the author offers his own advices for developing the Chinese funds.The papers also inspect the conclusion and insure the results' correction.In the Chinese funds evaluation and empirical study, the paper employs the classic Treynor's measure, Sharp's measure, Jensen's measure and M~2 measure and inspects the results. In the Taiwan funds evaluation and empirical study, the paper employs the Information Ratio index including the above three measures because the information ration is effective to distinguish many funds in Taiwan funds market.In the abovecomparison firstly giving the specific factors in the two market can make thecomparible results.The innovation of the paper is as follows:1.About the current ratio system the scholars use the Shanghai and Shenzhen marketratios widely which include Shanghai comprehensive index,Shanghai A share index,Shanghai B share index,Shenzhen A share index and Shenzhen B share index.Butthose indexes have many disadvantages to be a benchmark index.The papers use theGuotai Qunan index to avoid the current indexes' disadvantages.2.1n the Taiwan empirical study, about the Information Index calculation,the authoradopts the big and small classifying methord because the small classifying method isvery helpful to the investors.The auther pays much attention to the results'practicability.3.The amount of samples in the papers is different from other papers.In this paperchoosing the all opened-funds in two markets insures the enough samples.The resultsin this paper will be more persuasion.4.1t offers the rational and operable advices for developing opened-funds in Chinesemarket and the reasons for the results through the comparison with Taiwan market.5.The author innovates the marketing ways of Chinese opened-funds according to the4P rules.The ways not only combine the author's many years experiences in fundmarkert but also study the Taiwan methods.They will be more suitable to Chinesemarket from the author eyes.