A Study On Performance Measurement Of Chinese Mutual Funds

The mutual funds are being established at 1997, and develop quickly after that. It took great effect to reform the structure of investor in the financial market of our country, and is important to stable development of the stock market.After several years' development, mutual funds have emerged as one category of the most important institutional investors in Chinese securities market. As more and more funds are established, funds performance measurement draws a lot of attentions. This dissertation analyses the condition of mutual funds and the condition of funds performance measurement in our country. The paper consults the experience of foreign country, then reviews and summarizes the theories and method in this field systematically. At the end, the paper takes demonstration research of the mutual funds.Firstly, the paper introduces the conception of mutual funds and the principle of mutual funds operation, then combines the development course of foreign country, analyses some phenomenon that are found in our country, points out the problem and make some suggestion.The third chapter and forth chapter of this dissertation mainly introduce the development course of funds performance measurement and the model of measurement. The method always makes progress, it only care for the yield of funds in early time, but now it also care for risk adjustment. The funds performance measurement is as important as the funds investment itself. The paper mostly introduces the yield without considering risk factor and the Markowits Model which has considered risk factor. Based on that, the paper lists several models about the measurement method. The fifth chapter is the empirical analysis, it choice ten sample funds, then analyses with pure returns method and three indexes of single factor model, it also analyses stock selection and market timing ability of funds.In the end of this dissertation is the conclusion of empirical analysis. The conclusion shows, the funds' performance as a whole is satisfied in last year. It also shows some index of the single factor isn't suitable to analyzing the funds' performance of our country in nowadays.