A Research On The Efficience Of Index Investment In China

Index Investment is a passive invest strategy.Index fund,the executor of index investment,has existed for several years.Because of the particular advantages,index funds prevailed over not only the index that they tracked but also most of the mutual fund in USA,the country that index investment had grown up. In this article,I start this thesis with the theories,characteristics and the invest strategy of index fund.Then evaluate 33 funds,including the three index funds:XingHe fund,JingFu fund,PuFeng fund,by using the classic methods:Sharpe index,Treynor index,Jensen index.The result shows that the index funds hadn't anticipative achievement.And the abilities of selecting securities and market opportunities are not strong.The analyse of the relativity of funds' yield and the indexes they tracted shows the relativity is not strong and the index investment disabled.