The Research On Evaluation System Of Opened Security Fund Of China

Since the day of October 8, 2000 when the experimental method of opened security fund is issued, opened security fund of China is taking its stage. There are much difference between opened security fund and closed security fund, although common characters exist as the same investment tool---common fund or security fund. This demands that it's necessary to differentiate them when evaluating them.Objective, precise and indifferent evaluation on the performance of security fund can form a solid outer restriction and simulation and provide the reference about operation situation of different kinds of funds for invertors. The evaluation also can provide the regulation institution with the information it wants and it is helpful to stipulate policies about the innovation and regulation of security fund.It is complex to evaluate security fund because it revolve rate of return, risk, the stock option ability and timing ability of fund manager, liquidity, the constitution of fund management corporation and so on. This demands an evaluation system of opened security fund In our country there are some practices of evaluating of security fund. Because of the short history of our security fund, the evaluation working is mainly about the closed security fund and that evaluation is not systematic. As though opened security fund is including in their evaluation it is wrong to simply combine them when evaluating. Another shortcoming is their evaluation is only limited to calculation of the return of security fund and that calculation is just the empirical analysis of some evaluation index of security fund of China. It's not comprehensive and systematic. This situation does not match with the degree of our opened security fund----despite their short history they are maturing and up to a high level. The situation of opened security fund is from the support of policy and investors. Then another question frequently asked in reality is investors want a benchmark for judgment of many security funds. They lack expertise and urgently hope that there is a institution of evaluation. From the reality the opened security fund is the main form of security fund and accordingly the evaluation of security fund is mainly focused that of opened security fund. The evaluation of our opened security fund is in a low level after contrast. With the demand of other object such regulation institution and Management Corporation to the evaluation of opened security fund it is necessary to evaluate our opened security fund and build a evaluation system.Innovation: this paper first point and fully analyzes the problem the risk of opened security fund of China and then concludes that as other investment tools security fund may bring loss to the investors because of many factors influencing the performance of security fund. Besides, if taking the shortcomings of our security market into consideration, the risk of our security fund is much larger than that of other countries; bring about the definition of evaluation system of security fund and the construction of it; fully list the evaluation index of security fund and analyze the shortcomings and virtues; further this paper build a evaluation system of security fund of China after referring the way of evaluation system of western countries and the method of some famous institutions.The following researching way is used in this paper: the combination of theory and practice, the combination of qualitative analysis and quantitative analysis, the combination of western advanced evaluation method and the reality of security market of China.There are fore big parts in the paper. The first part is the summary of opened security fund and evaluation of security fund, which is the base of evaluation system of security fund. In this part the contents include: the classification of security fund, the difference of two kinds of security fund----opened security fund and closed security fund, the cost and return of opened security fund, the risk of opened security fund and the construction and the importanc...