Open-end Fund Performance Evaluation Studies

Since the securities investment fund was first come up on March in 1998,it has six years development.Till February 2005,there have been 124 securities investment fund published.Even though the securities investment funds are developing fast,but the research about appraisal of the securities investment fund was only the first stage.Some scholars attempted to do this thing,and some Securities Company also have reports about evaluation of securities investment fund,but there are not any feasible,fair,authorities methods and standards to evaluate of securities fund,and even any reliable evaluation outcomes are never published.The published information is only net value to be often know,the information about assets, liabilities,operation ,portfolio can be known by annual reports and quarterly reports.Published information on funds is defect,all these things make the investors know little about the funds,and even feel it mysterious,the result is to hinder the development of the fund.However,in the foreign countries,the ordinary investors often use funds as the investment tools.The evaluation outcome of securities investment fund is published everyday for the investors.To the fund managers,they must scientifically appraise their performance periodically or non-periodically,through this way,they can make asset of funds stable increase at long term.In a word,the scientific funds evaluation is very important to both the investors and the managers.With the innovation of financial technology, market and regime in each passing day and the decrease of production expense and opportunity cost, investment funds industry of high efficiency is developing rapidly. It has become the main force flourishing and...