Study On The Performance Evaluation Of The Open-ended Securities Investment Fund

Since China's first canonical listed securities investment fund in March 1999, securities investment fund industry has been developed rapidly in terms of scale, product variety, laws, regulations and regulatory system construction and other aspects, and has become an important group of China's securities market . With the development of investment fund industry, its performance will be general concerned by fund managers, fund management companies, fund investors and scholars. Whether investment funds could reflect the capacity of financial experts and whether they exceed the performance of the market have become the focus of attention. By contrast, theoretical research and practical application of performance evaluation have a late start in china, and the theories and methods of evaluation are borrowed mostly from abroad. In practice, the process often comes directly from foreign evaluation model without taking the domestic reality into account. There are some drawbacks in evaluation methods applied in the breadth, depth and systemic aspects.With the investment fund performance evaluation of existing theories, we have integrated existing multiple statistics, econometrics, non-parametric theory, used a combination of theoretical analysis and empirical analysis methods, and conducted a more comprehensive and systematic analysis and evaluation of the performance of investment funds in China. The paper firstly reviews the classical theory and evaluation methods related to the performance evaluation of the Fund, research results are summarized and the corresponding evaluation is done. On this basis, theoretical elaboration and empirical analysis are made about the investment funds without the risk-adjusted performance, risk-adjusted performance, managers stock picking and timing capabilities, Performance Persistence, performance of a comprehensive quantitative evaluation. The paper compares the fund index yield and the market index yield, and analyses the relationship between the type fund index and market index using cointegration theory, causal theory and equation of state model; we use non-parametric density estimation theory and quantile regression method to calculate the seven kinds of risk-adjusted performance indicators, and use the indicators of the performance of investment fund to analyse it empirically and evaluate the performance and relevance of the results; we use seemingly unrelated parameter estimation method of panel data model to empirically analyse the Investment Fund manager's stock selection and timing ability; Investment Fund Performance Persistence is tested by cross-sectional regression, contingency table analysis, Spearman rank correlation test and runs test method; a comprehensive performance of investment funds is evaluated by the global principal components and global entropy power analysis and correspondence analysis; the factors affecting the performance of investment funds are analysed with the help of hierarchical linear models and principal component analysis method. The empirical results show that open-ended ends income is higher than market returns, but the performance of a specific period of time varies; fund markets have increasingly close relationship with the stock market; Investment funds have a more significant stock-picking ability but the market timing capability is not significant; Funds do not have a significant performance sustainability when they are in a variety of analysis time. Study of this paper is more systematic, extensive and comprehensive, and gives various institutions and investors a reference value.