Theoretical And Empirical Research On China's Open-fund Performance Evaluation

My research focuses on three problems as follows: (1)From the aspect of the open-fund design, we know that the open-fund has its immanent advantage compared to the close-fund in the aspetcts of incentvtive and commitment mechanism , mobility and so on. Do the open-funds really performance as well as they have claimed? (2)How should we evaluate the open-funds' performance accurately and completely? (3)What problems are there in the run of the open-funds?How should we sovle the problems?The author firstly introduces the theory bases of the fund performance evaluation, then the author discusses the methods of performance evaluation stemmed from the theory bases. Finally the author evaluates the China's open-funds performance with the theories and methods the article has discussed .The main contents are as follows:The introduction discusses the purpose and significance of my research. The author then restricts the China's open-funds performance to be the objective of the research and gives the framework of the thesis.Chapter 2 discusses the open-fund's conception, classification, features and risks .In this section, the author puts the emphasis on the open-fund's mechanism advantages and its immanent risk. We can know the open-fund as a whole.Chapter 3 is the theory bases of the fund performance evaluation. The author dwells on the Efficient Market Hypothesis (EMH), Portfolio Theory, Capital Assets Price Model (CAPM).Then the author discusses the immanent relation of the theory bases and the fund performance evaluation .The author analysisis the necessity of the fund performance evaluation ,how to select the benchmark, the main factors the evaluation involved and the theory bases of the evaluation methods.Chapter 4 researches the specific methods of the fund performance evaluation. Aiming for the main contents of the fund performance evaluation, the article discusses the net value yield and risk-adjusted index, the fund manager synthetic investment talent, the security selection and the market timing selection. The author introduces the multi-factors evaluation models finally.Chapter 5 carries out empirical research on China's open-fund performance.This section uses the econometrics methods to evaluate China's open-fund performance .This article brings forward relevant advice finally.