| The thesis is based on the modern investment portfolio theory of Markowitz (who was awarded the Nobel Prize in 1990) and the CAPM of William Shape (who was awarded the Nobel Prize in 1990).First ,it introduces briefly the nature and feature of securities investment in China and the development situations at home and abroad ;reveals the necessity and reality of developing securities investment funds and the performance evaluation research.Next,it systematically expounds the major approach of investment fund performance evaluation and two representative performance evaluation systems in foreign countries;introduces about the representative approach in China,and especially points out the insufficient investment fund research narrow investigation,one-side evaluation and lacking analysis on investment portfolio of investment fund.Then,it expounds the risks in the performance evaluation and the measuring method;puts forward that the basis idea is to compare in contrast. After getting the standard difference and beta index of after risks,it gets three measuring figures:Shape Performance Index,Treyner Performance Index and Jesen Performance Index through establishing the after feature line model,and compared them.Finally,combining with the present situation of investment fund in China,using the investment fund performance evaluation research at home and abroad as the reference,adopting indexes such Shape,Treyner,Jesen,stock net selection rate and c value ,,it evaluates the performance of investment funds in China in four aspectsxomprehensive performance measurement of investment funds.stock selection capacity.market opportunity seizing capability and investment portfolio;and mares a case analysis on the ten representative funds in China. Thus the basic framework of securities investment funds performance evaluation is delineated.At the end,it points out the limitation and innovation,and prospects for the establishment of securities investment fund evaluation system in China.
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