Market Timing Ability Of Securities Investment Fund

With the several-decade years' rapid growth, fund industry has become another backbone of the finance system, following bank industry, security industry and insurance industry. And all kinds of funds pay a more and more important role in the investment field. In China, with the issuing of "Security Investment Fund Act" in Oct 28th, 2003, the fund industry has step into a rapid and health development stage. Accordingly, how to evaluate the funds' performance becomes an urgent and indispensable problem. And the market timing ability of fund is one of key indicators of funds' performance. Basing on this point, this article gives a positive study on the market timing ability of Chinese close-ended funds.This article has been divided into five parts. The first and second parts give a view of the function and the operation as well as the development of securities investment fund. In the third part, the author defines the conception of market timing ability of securities investment fund, and dissertate its research models and correlative conclusions at home and abroad. The forth part is the keystone of this dissertation. The author picks fifteen close-ended funds as the study sample to take a positive analysis with the help of the funds' market timing ability models. Consequently, there are no enough signs to show that these funds have strong market timing ability, but their market timing ability can be separated into four levers. The last part designs several corresponding strategies for the healthy development of Chinese fund industry.