Research On Evaluation And Durative Of Performance For Closed-investment Fund By Fund Managerial Corporation

Since securities committee of State Department promulgated a statute — "Temporary managerial order for investment funds" in 1997, closed —investment funds and managerial corporation have developed rapidly in China. By the end of 2004, seventeen fund managerial corporation and forty—five closed—investment funds had been founded. The development of funds is in favor of stabilizing of securities market, abating of investment risk and providing more investment choice. It is a significant matter for investors to choose the good object among the fund managerial corporation and closed funds. The researchers have developed more investigation about it. Based on the previous experiences and the ways, author finds a new way to get more rational conclusion.In allusion to the actual operation way of managerial corporation, the article adopted the outcome of the fund managerial corporation by two aspects firstly. The article takes into account the problem of the preemptive ration merchandise of new stock, the choice of benchmark and specimen sufficiently. Considering the samples, we adopted the M~2 Measure to the evaluation of performance and chosen the sequential X~2 test and the coefficient of determination test to the durative of performance.By the mass of data and figures, the conclusion indicates: the performance of all fund managerial corporations is better than the benchmark; the performance of the whole fund managerial corporation presents durative; the single corporation doesn' t present the durative generally, but some corporation exist the durative in some conditions.