A Research On Multi-layered System Of Fund Evaluation

Under the guideline of "accelerating the development of institutional investors at an unusual speed", mutual funds have emerged as one category of the most important institutional investors in Chinese securities market during the six years since their debut. As more and more new funds are being established, fund evaluation draws a lot of attentions.Fund evaluation has both theoretical and practical concerns. In China there are so many different points about how to establish and manage fund evaluation institutions and how to regulate the development of the industry. This dissertation tries to give an other explain from the view of the Institutional Economics. In fact, it is one kind of automatic institutional innovation follow a new opportunity to gain profits. Then the paper discuss those questions above.In western countries, A lot of studies have been done and many measurement methods based on the CAPM have been put forward. And then other researchers such as Treynor,Shape and Jensen gave some other single-factor indexes. After that, fund performance measurement has been developed from single-factor models to multi—factor models, from methods with benchmarks to those without benchmarks. In China some researchers has done many studies on both theoretical and practical concerns. The paper discussed applicability of several models in Chinese securities market too.There are a lot of difference between domestic fund evaluation system and the foreign system. Our evaluation systems are always too simple to satisfy the investor's demands. We should build a kind of multi-layered fund evaluation system which should include not only fund return measurement but also fund manager evaluation especially fund corporation evaluation which is depend on several index.The paper is composed of five chapters. The chapter 1 is a summarize about fund evaluation. The chapter 2 is a review about some performance evaluation theories. In the chapter 3,the paper compare some domestic measurement institutions and their evaluation system with the western's. In the chapter 4, the paper discusses how to build multi-layered fund evaluation system. The chapter 5 is a practical analyze. At last, the paper gives several conclusions.