A Study On The Appraisal Of The Performance Of Securities Investment Fund In China

Since the securities investment fund was first come up on March in 1998, it has fouryears development. Till January 2002, there have been 51 securities investment fundpublished. Now securities investment fund is developing fast. But the research aboutappraisal of the securities investment fund was only at the first stage. Some scholarsattempted to do this thing, and some Securities Company also have reports aboutevaluation of securities investment fund, but there are not any feasible, fair, authoritiesmethods and standards to evaluate of security investment fund, and even any reliableevaluation outcomes are never published. The published information is only net value tobe often known, the information about assets, liabilities, operation, portfolio can beknown 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 itmysterious, the result is to hinder the development of the fund. However, in the foreigncountries, the ordinary investors often use funds as the investment tools. The evaluationoutcome of securities investment fund is published everyday for the investors. To thefund managers, they must scientifically appraise their performance periodically ornon-periodically, through this way, they can make asset of funds stable increase at longterm. In a word, the scientific funds evaluation is very important to both the investorsand the managers.In the basis of the domestic and foreign research, the article completes an intactconclusion and analysis on the appraisal of securities investment fund performance.Some of securities investment fund is evaluated by fund rate of return, Treynor Index,Jensen Index and Sharpe Index in this article. There is any conclusion accordinganalyzing evaluation of performance in the article.The article consists of five chapters; the contents of each chapter are as follows:Chapter 1: Elaborates the backgrounds of the topic and the cause why picks up thetopic, introduces the structure and research methods of the article, then briefly reviewsthe domestic and foreign documents on the evaluation of performance.Chapter 2: Analyzes the development of the securities investment fund in China.First, makes a brief conclusion on Fund Management Company in China. Second,according to three different classification patterns, the author makes a whole analysisabout the types of our country's funds. Moreover, the author researches the investmentstyle of our country's funds and the change tendency on the basis these classifications:Growth Fund, Balanced Fund, and Index Fund.Charpter3: The author sets forth the theories and methods on evaluation ofperformance of securities investment fund. First, points out the two basis indexes: therate of return, P. Second, defines the connotation on appraisal of performance ofsecurities investment fund, the performance appraisal is to appraise the fund managers,in the course of evaluating must get rid of the influence factors, these factors mainlyinclude: the common market rate of return, the market risk of securities, the managerluck, thus the performance of funds is true. Third, the author analyzes the method onrate of return, method on risk-adjusted rate of return, multifactor models, market timingmodel, and point out applicable range and defect on methods of above all.Charpter4: First, the author puts forward the methods and principles of the fundsevaluation, and chooses ten funds to analyze, evaluation periods includes from June2000 to February 2002. The ways to be chosen are methods on rate of return andrisk-adjusted rate of return. Thinking ration and accurate, the selective benchmark is notmarket index, considering investment of 20% bonds, the author revises market index,and makes it turn to market portfolio benchmark. Considering overall, the author alsochooses GuoTaiJunAn index, and revises it to mak...