Construction And Demonstration Analysis Of Investment Fund Performance Appraisal System

Investment Fund Performance Appraisal is one of the popular topics in present securities market. Constructing a good fund performance appraisal system has become an urgent need for Chinese securities market due to the fund scale's quickly expanding and the diversifying fund kinds. Now there are not so many fund performance appraisal organizations and methods to meet the needs, although some of them have shaped their unique features.On the basis of summarizing overseas and domestic fund performance appraisal methods, this thesis tries to develop a fund performance appraisal system with choosing some new appraisal items and methods according to the Chinese fund status. In appraisal items choosing, we divide the items into three categories: profits, risk adjustment, and fluidness. Detailed appraisal items are also set up to mirror the funds achievement comprehensively. In appraisal method choosing, we adopt Universality Analysis and the common used Data Envelopment Analysis (DEA) together, i.e., analyze the score of the numbered items first, then use DEA and the analyzing software EMS to calculate the funds' relative validity and get a rank of fund comprehensive achievement, trying to reflect the funds items and performance objectively. The innovation point of the thesis lies in the expandability of the' system, i.e., the system provides the basic appraisal method, into which limitless appraisal items can beadded to adjust the system according to the change of market and people's recognizing to fund performance. In addition, the items in the thesis are chosen by the principle of objectivity and comprehensiveness. At the ending, the thesis gives several suggestions to Chinese fund development based on the sample analysis to funds.