A Study Of Security Investment Funds Manager's Behavior Evaluation Based On Funds Performance

From 1998 to 2006, the number and size of the domestic security investment funds has become from zero to more than 90, over 1,700 billion asset size, it has also become more diversified investment style. However, domestic fund industry has never had a comprehensive and effective system to assessing the funds performance. In the United States, the fund rating with bond rating, the rating of common shares constitute a credit rating of the three pillars in the capital market. Therefore, with the rapid development of security investment fund industry in China, and learn from the innovative experience in this field, to create a realistic evaluation system is theoretical and practical urgency.Based on the manager's behavior of the security investment funds, this paper conduct performance evaluation, focusing on theories, models and methods of the study. The study is divided into two main parts: analysis on relationships between funds manager's behavior and funds performance and evaluation.Analysis on relationships between funds manager's behavior and funds performance, starting with Morningstar to represent the performance evaluation method exists the problem of "focuses on results and light process" , aimed at its own special characteristics of the country's capital market in China,learned the three key issues: evaluation method and benchmark, fund performance attribution, fund performance sustainability. It prefers that the Johnson index and weight benchmark is more suitable to Chinese reality;Evaluating the fund managers risk-adjusted ability precisely evaluate the behavior of fund managers; Funds performance persistence is no obvious, "hot hand" phenomenon does not exist in China. Secondly, analyzing the factors affecting the funds performance, it perfers the funds performance is in the results of the fund managers behavior and the market risks.Finally, the integrated use of systerm science, operations science, economy, management science theories and connection with reality methods, builded model of fund managers behavior, builded model of fund managers behavior and performance, as a comprehensive, systematic and fair evaluation of the fund managers behavior, provides a theoretical basis.In the evaluation of fund managers behavior, firstly, from the fund manager's stock funds return rate and the size differences of fund company various stock funds,it analyzes the company's investment performance, and designs the two indexes to study fund manager's operation ability.Secondly, the improvement of operation ability is in the external current phenomenon of the earlier efforts, the efforts is the internal core behavior of fund managers. Using the "second relative efficiency" to evaluates fund managers the level of effort,it wishes to build up the reputation market to fund managers retain a higher potency.Finally, analyzing the social economy environment of the fund managers at present, discussed and studied the condition of the managers achievements appraisal effective movement, from consummated the company structure, the standard market environment, builds good social environment and so on, proposed the corresponding countermeasure and the suggestion in view of existed question.A study of security investment funds performance evaluation based on funds manager's behavior,involves many fields of knowledge, the breadth and depth of its research will further expand.