A Study On The Fund Performance Evaluation And Its Relationship With Security Markets During Weak Market Period

With the rapid development of capital markets in our country, the security-investment funds are playing a more and more important role on security markets. But accompanied with the rapid development of the securities investment funds in scale the continuously weak security markets and the bad fund performance is also existed. It can provide fund manager, investor and supervisor with abundant information that can be used for decision, scientifically and rationally measuring the security-investment funds' performances and the relationship between their earning power, investment and the security markets. These problems are studied in this paper as follows:Firstly, the paper introduces the foreign general development history of investment funds and domestic current situation. This chapter also briefly looks back the same studies of foreign and native scholars in the field and introduces the researching content and methods of this paper.Then, the relevant theories of fund performance evaluation are presented, including traditional evaluation methods and modern system taking risk into account.Thirdly, the paper chooses three risk-adjusted indexes, T-M model and H-M model, evaluating the achievement of domestic investment fund in the period after 2001 and the managers' ability to select stock and time. It is concluded that our funds performance can surpass the benchmark wholly but indistinctively, and fund managers have small selecting-stock, butnon-timing ability.Finally, this paper study the mutual influence between weak security markets and the securities investment funds, prove that the tend of the security markets has a main influence to the fund performance, at the same time our the securities investment funds have already made active influence on the big board. The further development of investment funds is beneficial to Chinese security markets in the long run .