The Theory Summarization And Demonstration Research Based On Domestic Viewpoint About The Open-ended Funds' Performance Evaluation

The security investment fund is a kind of financial instrument, which is set upaccording to the trust principle, investing on a kind of set investment way in thefinancing for others by the professional mechanism. It regards all kinds of financialinstruments of security market as the main investment target. Also it is a kind ofinnovation of the system of financial investment. The security funds of our countrycame into being with the development of the security market. Funds Kai'yuan andJin'tai were set up in March, 1998 and it was the symbol that security funds cameinto the important development period. Since then the security funds of our countryhave become larger and the varieties of them more and more various. They becomevery important institutional investors and influence our country's finance andeconomy. The research of fund performance evaluation is important to accelerate thedevelopment of funds. It is significant to found a mature system of fundsperformance evaluation for the investors, funds management companies and themarket monitor. For the investors they can avoid losses which are caused by falseinformation and make correct invest choices; for the funds management companythey can find the shortcomings of the invest plans and enhance their management; forthe monitor of market it can constitute or improve its policies. Compared with rapiddevelopment funds market the evaluation about fund performance is greatly lagged.And now though there are many pertinent articles and research about fundperformance, new measure methods are few. At the same time these researches aimat idiographic measure and haven't formed a system. With the rapid development ofsecurity funds, the research of funds performance can hardly fit the development. Soto found a scientific and mature evaluation system not only has theory value but alsois very significant to the development of our country's security funds. The article is attempting to find a method of evaluation of funds performanceappropriate for China securities market. The dissertation will analyze in depth andprobe in the dimensions of performance evaluation, and appraise the current situationof the development and management level of Chinese fund industry objectively. Soto advance the research of fund performance evaluation of our country, set up the 3fund performance evaluation system for all kinds of investment organization, providethe reference for other researchers, offer investment decision information toinvestor ,etc. It focus on three problems such as how to measure fund performance,how on earth it will be the fund performance, and if the funds have constantperformance or not. A Simple introduction of research contents and logic train of thought are asfollows: 1) How to appraise the performance of the fund? 2) How on earth is theperformance of the fund? Is the performance of the fund constant? 3) What are thepractice backgrounds and theory backgrounds of above-mentioned research? Fromthe innovative respect, the dissertation carries on the empirical research with theeconometrics method, using theory and analytical method through the full text. Thekernel study is to evaluate the security investment fund performance, and to analyzeits different attributes on evaluation of the fund performance. The full text takes thefund data from China's securities market as a basis all the time, respecting the fact,keeping the objectivity and seriousness. There is the following promotion and breakthrough in studying thought, model and improved method etc. 1) On the researchapproach, this paper has carried on experience research to probes into the question interms of real example. There is the description statistics of the variable to be countedand analytical statistics , so it can offer the effective evidence for conclusion. 2) Itintroduces TM,HM,CL model to calculate the risk-adjusted excess e...