An Empirical Test For Performance By Mutual Fund

We believe that Mutual Funds will come a major financial product in the future because of its high development , although it has only two years history in China. In this papers we measure the performance of Chinese 12 Stocks mutual funds by using: the return-ratio index , Sharpe Performance index , Treynor performance index, Jensen Performance index and risk-adjusted performance indexes .We also employ Fama .Component of investment performance to measure the manager's security selection ability. The empirical evidence of 2003 indicates that the risk-adjusted performance is better than the market benchmark and the managers exhibit certain ability in selection of stocks. It also shows that performance of Mutual Fund is sustained in the sample period. There's little evidence that the change of Fund's size has on the performance of Mutual Fund. What we obtained from all kinds of the empirical evaluation through various approach generally consist.