Empirical Research On The Securities Investment Fund's Investment Behavior And Performance Evaluation

The study of securities investment fund's behavior and performance is a hot topic, since the very beginning of the fund. The capital asset pricing model (CAPM), as the representative of the models is continuously optimized. At an early stage of development of China's fund industry it is indispensable to make a comprehensive evaluation from many aspects.This paper is based on previous results, select the representatives of the Chinese stock market changes in a cycle of 1 January 2008-31 December 2010, according to NAV and the information of semi-annual/annual report, to resolve the following issues:First, check the consistency between fund behavior and fund contracts by examining the percentage of stock and bond;Second, check the matching degree of risk and return, whether the investment behavior and investment strategies is same or not;Finally, analysis of fund performance by the classic models and the latest data; make comparison between the classic index; use the Spearman rank test to test the consistency between the classic indicators rankings.