| Already the course of more than six years has finished leaving in the production and development in our country of security investment fund, Especially in recent years, with the establishment of more and more investment funds, theory circle and discussion of the security investment fund of real affair circle are very warm, the study on fund is more and more extensive with deepening too. Rise and development with the trade of security investment fund, How to use and draws lessons from the fund achievements of the western countries and appraise the system and carry on objective and overall appraisal to the security investment fund of our country rationally, become an important problem put in front of the theory worker and real worker in our country. For this reason, this text draws lessons from the foreign fund achievement appraising theory mainly, Especially puts the emphasis in the empirical research of the evaluation system of our county's funds performance, summarizes out six important conclusions( see the fourth part), and is studying innovation in following several facts: (l)Have established the overall target of a appraisal fund achievement and gone on the real example to analyse with the mathematics model, Having solved the inconsistency problem of appraising the result of many kinds of indexes ; (2)The risk to the fund has been studied at many levels, has expounded the main source of the risk of the fund in appraising time ; (3)Chose and carried on the empirical research to the stability of the achievement of the fund during three pieces of appraisal, Draw achievement can not lasting conclusions of our country funds.The full text divides into four parts altogether, main content is the following:The first part For the introduction, the position function of introducing the security investment fund of our country, has expounded the achievement necessity of appraising the system of investment funds of setting up , And the document appraised to domestic outside about the achievement of the fund has carried on the survey.The second part Appraise the method and research to sum up to the achievement of the fund, have recommended adjusting the index and appraise the fund security to chosen and choose the relevant models of ability with the market opportunity in commonly used risk especially, It forms the theoretical foundation of the whole page thesis.The third part have carried on the analysis of real example to the achievement of security investment fund of our country. Include three following respects mainly: (l)Itregards 20 new funds listed sample before December of 1999 as it chooses to be at February 28, 2003 in will it be March 3 2000 for while appraising, Choose ability and security to choose ability to carry on the analysis of real example to overall performance, market opportunity of the fund; (2)Have set up one and appraise the index and practibility of observing it synthetically; (3)Have chosen 10 new funds that Shanghai Stock Exchange is listed as the sample,from January 2000 to July 2003, and given real example analyse to the stabilities of achievement of fund.The fourth part is main conclusion and policy and suggestion. The main conclusion that the positive research of this text is: (l)The fund achievement of our country is wasted overall and low, is not so good as the market; (2)The comprehensive achievement of the fund is not superior to the passive investment tactics ; (3)The proportion in the total risk of each fund of market risk of the fund is very small while appraising, Non- systematic risk proportion is very great; (4)The sequencing dependence that four kinds of risks adjust the index and appraises to the achievement of security investment fund is very high; (5)The overall target set up is effectual; (6)There is not enough evidence that indicate that Chinese security investment funds have choosing ability in the market opportunity, only a few funds has choosing ability in the security. (7)The achievement in the past of the fund can not represent market manifestation in the future...
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