The Study Of Evaluating China's Securities Investment Fund Performance

Evaluating fund performance is the base in the research on fund. Although people have made much study of theory and demonstration in many western countries, especially in U.S.A., the research on this problem is still elementary in China now. Generally speaking, there are two objectives on evaluating fund performance: evaluating specialty capability and investment level of fund manager, giving reference for investment in the future. The premise of both objectives is the durative of fund performance. The research on the durative of fund performance, which decides whether evaluating fund performance is necessary and significant to a certain extent, is an important part in the system of evaluating fund performance. Although the result of the demonstration research is that the whole securities investment fund in China does not have durative, some funds do have better durative.Lots of methods are used to evaluate fund performance in this thesis. Firstly, the net value increase of the fund and profit in China are reviewed, and the result is the performance of the whole fund excels the average level in the market, but the differences between the funds are significant. Then, further analysis is developed, after adjusting the risk of net value profit, based on the Johnson index, we find that the performance of all funds are lower than the combination level in the market. At the same time, the demonstration research shows that the funds indicate negative trend of choosing time and poor ability of choosing securities.One of the great differences between the open funds and close funds is the redemption mechanism of the open funds, which often results in liquidity risk. The liquidity risk is the most important problem of the open funds, but people do not pay much attention to the liquidity risk now. We need to understand and manage the liquidity risk effectively in order to promote the...