Study Of The Investment Funds In The Development Of The Finance--An Empirical Analysis Of The Performance Of The Chinese Investment Funds

The investment funds and its performance has arrested the the public concerns and the scientific fields recently.As a new investment method and system, the investment funds is of benefit to reducing the transaction costs and improving the investment,so that it can get a better expected performance by specialist s control and portfolio selection.However,its real performance is affected by many facts including the managers' ability to investment manage ,the system and the finance market condition,etc.Especially,if the finance market and the profolio funds market are not sound,its expected performance will be restricted owing to the manager's poor ability and the insider control which can not well overcome the "Adverse selection and Moral hazard" leading to a bad stimulating system and the bad finance market condition.Based on the comprehensive remark on the studies of the performance,the paper impersonally answers the applicability of them in China and works over the net value index validity.Then the thesis makes a qualitatitive analysis and quantitative analysis with empirical study and draws a conclusion that Chinese investment funds had a worse performance.In addition ,the paper does a multi-fact regression analysis of the performance and finds that the performance recked its stock's concentricity,investment manner,funds size and market place to heavens.And the paper studies the causes that the investment funds'performance didn't do well in China including deficiency of the funds handlers' art,irrationality of inspirit mechanism for "insider control" and shortcoming of exterior environment by reason of malformation of money market and profolio funds market.Finally,the paper gives some policy suggestions to make Chinese investment funds do well according to the paper's analysis that we should cultivate a full-blown paper market with sufficient fair competition and construct a effective inspirit mechanism with a watch system and macro condition of assurance for market order.Otherwise,the text reviews the analysis methods used in it and the conclusion briefly,and has a primary thought over the follow-up study of the performance .