Empirical Study On Performance Evaluation Of Closed-end Fund In China

From Jintai fund was set up in March, 1998, Chinese fund industry began to develop. During eight years' development of Chinese security fund industry, under the increasing standardizing and supporting of administration authorities, the funds' scale is increasing expanding, the products are increasingly innovating, the regulation is being progressively perfected and thus Chinese fund industry is developing rapidly. As an investing instrument with the longest history and being accepted by investors, closed-funds are quite necessary. And yet, investors don't know how to choose one and urgently need an objective and referential significance. Otherwise, as an investing instrument, closed-end funds are always concerned in its performance persistence by investors. If investors find performance persistence of some closed-end funds is existed, they will confer the fund's capability of making profit based on its' performance at past time. Therefore, in order to overcome the limitation of past research using DEA, this paper evaluates performance of Chinese close-end funds from two aspects. One is the evaluation of historical performance; the other is study on performance persistence.The main body of this paper is composed of four chapters except the foreword remarks.Chapter 2 summarizes exiting studies on security investment fund performance evaluation. It includes the research on historical performance and performance persistence in china and foreign countries.Chapter 3 roundly and systemic reviews the method of fund performance evaluation and analyzes the limitation and superiority. After that, this paper decides to choose the DEA (Data Envelopment Analysis) and Contingency Table as empirical method.Chapter 4 advances a integrate fund performance evaluation system and evaluates Chinese closed-end fund in two parts mentioned above.Firstly, this paper evaluates performance of Chinese close-end fund by using DEA (Data Envelopment Analysis). This paper gets a rank of different Chinese closed-end funds according to DEA and gives an example to explain non-efficient funds how to...