The Studies On Performance Evaluation And Intrinsic Value Of Open-end Funds

In the products and services point of view,securities investment funds are financial investment products.Nowadays,securities investment funds in our country developing rapidly,particularly species of the open-end funds are doom.However,the research on securities investment funds is still lagging behind,especially about the coordination of value and its market performance.Generalized performance evaluation system of the fund is not only evaluation of operating performance,but also the assessment of its intrinsic value of the fund.Because the securities market in our country is weaker efficient,the fund's market performance tend to deviate from the intrinsic value.So that we need to have a comprehensive analysis of the open-end funds performance driver factors,and to construct a sound evaluation system which measures the market performance of the open-end funds.In addition,it is high theoretical value and practical significance to establish a scientific,comprehensive evaluation system,so that the investors are able to market performance and its intrinsic value.In our research,our country open-end funds are selected as the research object and the fund's investment portfolio as the standpoint.We research the intrinsic value of the sample funds and the market performance of the theoretical analysis and empirical analysis.The theory research is based on three major theories,which are Modern Portfolio Theory,Capital Asset Pricing Theory and the Efficient Market Hypothesis.By constructing,selecting the portfolio and making the portfolio optimized,we study the sources of fund's intrinsic value in order to assess its value and provide a theoretical basis.It's clear that the fund performance is generated by the investment portfolio. Therefore,following the "optimal portfolio→excess returns→fund performance" line of thinking,we will select the assets of non-linear programming theory to test the investment portfolio chosed by the fund manager whether realize optimal.In accordance with the financial valuation of the idea,we use three-stage valuation model.Then we analyze the performance of drivers on the basis of the entropy theory and the right level of analysis combined computing performance evaluation index system level integrated weights,with fuzzy comprehensive evaluation method evaluation.We are committed to research open-end fund's intrinsic value and market performance,in order to predict the future investment and fund information provided by professional competence,which are based on fund performance is the prerequisite for sustainability.Therefore,we apply the current test model into empirical analysis.In our paper,broke the existing most scholars who focus on the performance of fund market research as the core ideas,with emphasis on the intrinsic value of open-end funds and analyse the performance whether deviate from the intrinsic value.The study has found the sample fund's investment portfolio is not optimal,based on this,we adopt non-linear programming method to determine optimal portfolio samples and their weights,to accurately calculate the fund's investment portfolio of theβcoefficient and the necessary rate of return to provide basis.The results have shown that many samples' market performance has deviated from the intrinsic value,mainly because of our country's securities markets are weak efficiency and sound development of the fund industry.The empirical results of open-end fund performance persistence show that equity fund are not very good role in prediction for medium-and long-term performance of future medium-term,medium and long-term and long-term results.The medium-term investors should not judge the performance of the fund at any time in the future performance of the trend.During the test period,it has shown remarkable performance inversion,the funds not only past performance can not predict future performance,and may be just the opposite.