The Research On Evaluation System Of Securities Investment Funds Of China

Evaluation methods of funds include qualitative analysis and quantitative analysis. Index can be categorized as descriptive index and comparative ones. Based on referring to relatively mature evaluation methods of securities investment funds at home and abroad, with combination to current situation and characteristics of Chinese fund market, this paper selects index that correlate closely with funds performance, constructs a securities investment funds performance evaluation system, which fits well with actual practice of Chinese securities market. It can make evaluation results more apparent and objective when used to evaluate performance of Chinese securities investment funds comprehensively.From three aspects of fund performance, that is risk premium, performance attribution and performance persistence, this paper selects 11 evaluating index, which include Sharpe index, Treynor index, Jenson index and so on. It makes this evaluation system can represent funds'performance information completely, afterwards main component analysis is carried out to predigest evaluation outcome to obtain final evaluation result. In the empirical analysis of 17 Chinese open funds where the performance evaluation system is applied, this paper ranks them according to their integrated scores. Based on main factors that affect funds performance we have found, finally, this paper gives several suggestions pertinently.