Research On Performance Evaluation Of Chinese Investment Funds Based On Data Envelopment Analysis

As one important partial of the funds development, performance invaluation of investment funds is a theoretic and practical research topic. There are lots of researches on this aspect overseas. But this is still in primary stage in our country.Our country mutual funds develop fast, urgently anticipates one comprehensive and effective funds achievement appraisal system which suits Chinese fund development.This article first expounds the background and the theoretical and realistic meaning of this study, introduces the research content and the framework and the technical route of this article, and summarizes the literature to the research results of domestic and foreign investment funds achievement appraisal, summarizes the current domestic research insufficiency.Then unifies the reality of our country stock market, in view of the tradition assessment method existence limitation, the data envelope analysis (DEA) is introduced into fund achievement appraisal, establishes a DEA appraisal model, this model uses the input/output appraises the fund achievement. Uses the input index for the opening share net worth, the week returns ratio standard, the expense ratio and the cycling rate, delivers the output index then for net assets returns ratio and property net worth rate of increment.In this foundation, the real diagnosis analysis to our country's 40 investment funds demonstrates that most of investment iunds don't have efficiency when the market largely falls; And discusses the reason and improvement way of inefficient funds through the efficiency analysis and the differential variable analysis; Finally, puts forward the correlation proposal for the investor, the supervising and managing department as well as the funds superintendent.